[Call to Order]
[00:00:03]
GO HERE.THEN WE'LL COME TO WEST COVINA CITY COUNCIL MEETING TODAY IS JULY SEVERS.
COHEN IS SEVEN OH THREE AND OUR MEETING SESSION AND TONIGHT, OKAY.
OUR INVOCATION WILL BE LED BY REVEREND NOBUKO
AS WE GATHER HERE THIS EVENING WITH OUR ELECTED OFFICIALS AND THE RESIDENTS OF THE WORST PANDEMIC IN A HUNDRED YEARS, THERE'S REFLECT AND WITH OUR HEARTS AND THE MIND IN DEEP GRATITUDE AND APPRECIATION EXPRESS OUR SIMPLE THANKFULNESS TO ALL ESSENTIAL WORKERS.
FIRST RESPONDERS, DOCTORS, AND NURSES, WHOSE EFFORTS ARE CRITICAL TO KEEPING OUR COMMUNITY FUNCTIONING, MAKING SURE THAT EVERYONE IS SAFE, HEALTHY, AND WE HAVE ACCESS TO ESSENTIAL GOODS, MADE A CITY COUNCIL MEMBERS TO EMBARK ON SUCH AN IMPORTANT TASK OF NOT ONLY GOVERN AND PROTECTING THE CITIZENS OF THE CITY, BUT ENSURING OUR STUDENTS ALIVE HARMONY AND THEIR PURSUIT OF HAPPINESS.
THE PRACTICE OF LIVING IN HARMONY AND HAPPINESS WITH OTHERS IS BASED ON A CLEAR UNDERSTANDING OF LIFE, WHICH IS ONENESS.
MAYBE REALIZE THIS ONE IS ALL LIFE.
AND I INSTILL DOING ENHANCE OUR REALIZATION OF INTERDEPENDENCY OF ALL EXISTENCES AND ACCEPT OUR ALL CITIZENS AND ELECTED OFFICERS OF THE CITY.
WITH A SENSE OF GRATITUDE AND APPRECIATION MADE A PROCEEDING HERE TODAY.
LIBYA
ONE CAN ONLY MANIFEST A PROFOUND SENSE OF RESPONSIBILITY FOR OUR FELLOW HUMAN BEINGS AND OUR ENVIRONMENT MAKE TODAY'S PROCEEDING BE PRODUCTIVE, AND THE DECISIONS MADE TODAY SERVE THIS COMMUNITY AND ITS PEOPLE IN THE BEST WAY POSSIBLE.
PATIENT PRIDE AND PUT YOUR HAND OVER YOUR HEARTBEAT.
JOIN ME IN THE PLEDGE OF ALLEGIANCE.
I SAY IT'S IN AMERICA FOR WHICH IT STANDS ONE NATION UNDER GOD.
AND ASSISTANT CITY CLERK, PLEASE.
COUNCILMAN
I WILL SAY TO YOUR ATTORNEY, DO YOU HAVE ANYTHING WE PUT UP ON THE CLOSED SESSION? YES.
MR. MAYOR, WITH REGARD TO ITEM NUMBER THREE, PUBLIC EMPLOYMENT ON A VOTE OF FIVE TO ZERO, THE CITY COUNCIL APPROVED THE EMPLOYEE'S REQUEST.
THE FIRST ONE IS A PROCLAMATION.
WE ARE GOING TO POSTPONED IT TO A NEXT MEETING AT JUDGES, US SUCIO PEREZ.
SHE HAS SOMETHING TO DO TONIGHT, SO WE HAVE TO POSTPONE THAT FOR THE NEXT MEETING.
[Donations - Adopt a Senior Program]
THEN THE NEXT ONE, WE WILL GO TO THE DONATION WE GOT IN THE ADOPT A SENIOR PROGRAM.WE HAVE A DONOR HERE, I THINK.
AND THE, HOW ABOUT THE CEO ASSOCIATION? ARE THEY COMING HERE YET? IS ANYBODY IN THE BACK? SUPPOSEDLY WE HAVE A THREE GROUP, BUT LET ME READ THIS THING.
QUICKLY THE CTO WEST COVINA IS DEDICATED TO CONTINUE SERVING OUR SENIOR RESIDENT IN NEED, WHICH ARE CURRENTLY ON OUR SENIOR EMERGENCY MEAL PROGRAM.
SINCE THE SAVE A HOME OLDER, OVER 30,000 MEALS HAS BEEN PROVIDED TWO HOURS.
FOR OUR SENIOR RESIDENT, BECAUSE OKAY.
IN APRIL, IN MAY, I SPENT ABOUT THREE WEEKS.
AND, UH, UH, WITH ALL THIS HOUR OF STAFF ON THE COMMUNITIES.
SENIOR CENTER AND BASICALLY FROM MONDAY AND THURSDAY AND THE FIRST
[00:05:01]
DAY PROVIDE THAT THEY DELIVER.MEANING THEY PROVIDE FOR THEM TO PICK IT UP AND THEY TELL THEM COUNTY SAY, WE WANT THEM OKAY.
WE WANT IT DELIVERED TO THEIR HOME.
FROM 180 MAILED, WE PROVIDE 480 RESIDENTS.
THEN WE UP TO 550 PER DAY OF OUR SENIOR RESIDENT, YOU CAN SEE A TREMENDOUS OF REVENUE WE HAVE TO OFFER, BUT I WANT TO THANK ALL THE SENIOR CENTER STAFF FOR LESS THREE MONTHS TIER TODAY, CONTINUOUSLY.
PROVIDE THE VERY NEEDED SERVICE, BUT IN JULY.
DUE TO BUDGET ISSUE, THE COUNTY AND THE CITY ALL HAD THE BUDGET ISSUE.
SO WE ASK FOR OUR CT AND ANY OLD FIVE YEAR RESIDENT TO ADAPT OUR SENIOR MEAL PROGRAM TO HELP OUT AND RIGHT AWAY, WE HAVE A THREE GROUP.
AND THAT THEY'RE WILLING TO STEP UP AND TO HELP.
AND I THINK THEY HAVE THE ONE, TWO, MAYBE TRAFFIC.
I DIDN'T SEE THEM OVER HERE, BUT WE HAVE A OKAY.
MELISSA, WOULD YOU PLEASE COME UP? UH, LISA, SORRY.
UH, MELISSA, MELISSA, MELISSA, MELISSA, MELISSA, MELISSA MITCHIE.
I REMEMBER YOUR LAST NAME, BUT, BUT THANK YOU SO MUCH.
DID YOU PUT IN THE CHECK? NO MONEY, THEN YOU HAVE TO GO HOME.
I WANT, I WANT TO SEE THE CHECK, THE CHECK IN THE MAIL.
CAN YOU BELIEVE HER? THE CHECK IN THE MAIL, BUT OKAY.
AND THERE WERE TWO PERSON WITH CHECK.
I KNOW THEY PREPARE THE CHECK.
AND THEY'RE COMING, BUT HOPEFULLY I CAN COME IN, BUT WHEN HE SAID COME, OKAY.
SO, BUT THANK YOU SO MUCH AND WHY, OKAY.
YOU ALL THE DONATE, HOW MUCH GO AHEAD.
WE'RE ACTUALLY DOING IT TO ALL 500 SENIORS FOR ONE FULL WEEK.
I THINK THAT AMOUNTS TO $12,500, $12,500.
THANK YOU FOR ALLOWING US TO BE PART OF THIS INITIATIVE.
I THINK THIS IS, WE REALLY APPRECIATE YOUR LOVE.
AND YOU ARE A SUPPORT FOR OUR SENIOR BECAUSE SOMETHING IS VERY IMPORTANT THAT I WIN IN MYSELF.
HOW IMPORTANT THIS MAY HAVE TO THEM BECAUSE OKAY.
DELIVER TO THEIR HOME AND KNOCK ON THEIR DOOR AND MAKE SURE THEY ARE WELLBEING AND PLUS PROVIDE, OKAY.
SO WE, WE LOOKING FOR THE HELP, BUT THANK YOU SO MUCH FOR YOUR HELP.
DO WE HAVE A CERTIFICATE FOR HER? AND DON'T FORGET.
SO WE SHOULD HAVE THOSE THREE.
BUT WE'LL GIVE YOU CERTIFICATE THIS.
PRESENT 120,000 OLD POPULATION.
I WANTED TO THANKS SO MUCH FOR YOUR SPONSORSHIP FOR OUR SENIOR MEAL PROGRAMS SO WE CAN CONTINUE TO SPONSOR.
AND TO HELP THESE 550 SENIOR IN OUR CTE.
CAN WE PLEASE, ARE YOU CLOSE TO THEM?
UH, ANOTHER TWO GROUPS NOW COMING.
NOW I KNOW IT'S YOU WITH YOUR MASS.
UH, SO THIS, ANOTHER OF A GROUP AND ANOTHER PERSON IS COMING, UH, UH, S UH, UH, SOPHIA ON THE WAY.
UH, THIS IS A FUN CHINESE AMERICAN CEO ORGANIZATION.
AND YOU HEARD ABOUT, WE NEED TO HAVE, UH, THIS SPONSORSHIP AND YOU WILLING TO, WITH THE ORGANIZATION, THERE IS NONPROFIT
[00:10:01]
ORGANIZATION.YOU'RE GOING TO SPONSOR HOW MUCH, UH, UH, YES, UH, CHINESE AMERICA ORGANIZATION IS A GROUP OF ENTREPRENEURS, UH, ORIGINALLY FROM CHINA, BUT 20, 30 YEARS AGO, UH, WE, UH, OUR STUDENTS, UH, AND THE SCHOLARS CAME HERE, UM, TO, TO TRY TO PUSH YOU ARM AMERICAN DREAM.
AND, UH, NOW WE ARE, UM, KIND OF A SET OF DOWN HERE.
UM, UH, ALMOST ALL OF US ARE AMERICAN CITY THIS NOW.
AND, UH, WE'RE TRYING TO GIVE IT BACK TO THE COMMUNITY.
BUT, BUT, BUT THANK YOU SO MUCH.
I WILL,
AND THEN WHEN YOU GOT THIS DREAM AND YOU'RE WILLING TO GIVE BACK TO THE COMMUNITY AND THE WAY PRESENT A HUNDRED THOUSAND TWENTIES, OKAY.
120,000 POPULATION OF WEST COVINA, AND PLUS THE 550 OF OUR SENIOR, I WANT TO THANK YOU SO MUCH FOR YOUR SPONSORSHIP AND YOUR LOVE FOR OUR CITY, BUT THANK YOU SO MUCH CHECK.
UH, CAN YOU, CAN WE SEE THE CHECKLIST? MAKE SURE THIS IS, IT CAN CACHE IT LOOK OKAY.
ON THE CT, I KIND OF WANT TO THANK YOU AGAIN FOR YOUR LOVE AND YOUR DONATION, THAT SPONSORSHIP TO TOLEDO, PLEASE.
NOW WE MOVE INTO, SO ANOTHER DONUT IS NOT HERE, ALTHOUGH I'M GOING TO, I'M GOING TO MOVE ON.
SHE GOING TO LOSE HER GLOBAL YOUR TIME.
[Yuriko Chavez - Senior at Edgewood High School - Poet of the Year, National English Honors Society]
WE ARE GOING TO SOMETHING AT THE PRI OF WEST COVINA.CAN YOU BELIEVE IT? AND IT'S SO WE ARE SO PROUD TO HAVE THIS YOUNGSTER, AND THAT IS OUR FUTURE AND, YOU KNOW, UH, ENTIRE NATION, THE ONLY, OKAY.
LET'S SEE, LIKE A POET AND THE WEST COVINA, EDGEWOOD, SR IS ONE OF THE POET OF THE YEAR.
CAN YOU BELIEVE IT? THANK YOU SO MUCH.
YOU WAKE UP CHAVEZ IS OUR WEST COVINA DAUGHTER.
AND SHE IS OUTSTANDING AND AGILE HIGH SCHOOL AND SHE, I CANNOT BELIEVE IT.
THERE'S WEST COVINA ON THE MAP THAT YOU ARE OUTSTANDING, YOU KNOW, I, I, IN THE FINE.
SO MY MAJOR, SO I CANNOT BELIEVE, OKAY.
IT'S SUCH AN OUTSTANDING ACHIEVEMENT.
SO I WANT TO CONTINUE TO ENCOURAGE YOU, CHASE YOUR DREAM.
AND, UH, YOUR OUTSTANDING ACHIEVEMENT.
I THINK ALL PRINCIPAL IS OVER HERE TOO.
SO, SO YOU WANT TO COME UP AND EDGEWOOD PRINCIPAL.
HEY, I HAVE TO READ A SCRIPT AND I HAVE TO MEMORIZE EVERYTHING.
BUT, BUT YOU REALLY WANT TO SAY SOMETHING? YES.
I'D ACTUALLY LIKE TO READ A POEM IF THAT'S OKAY.
SO THE TITLE IS CALLED SUNSET.
MY COUSINS AND I ARE SWAPPING STORIES AND EVERYONE'S BREATH SMELLS LIKE PEPPERMINT, WHICH MEANS IT'S CHRISTMAS EVE.
AND WE'RE AT THE ABDOMEN LINDA'S HOUSE WHERE LAUGHTER SPILLS ON EVERYONE, SWEATERS AND INSIDE SMELLS OF COFFEE.
AND
AND TELL ME,
IT HANGS IN THE AIR LONG ENOUGH TO HOLD ME.
MELINDA IS THE KIND OF WOMAN WHO TALKS LIKE THE BREEZE, A GENTLE SORT OF STRENGTH, ALWAYS MOVING WITH SUCH GRACE, OFFERING UP HER, RIPE HIS SMILE JUST FOR YOU.
I DRIVE TO THE POST OFFICE ONCE A MONTH.
AND ON THIS DAY I'M ALONE, WHICH MEANS THAT I MISSED THE CALL AND I WON'T FIND OUT UNTIL I GET HOME ON THIS DRIVE HOME.
I GET TO CATCH THE SUNSET SWEET SOFTNESS, LIKE THE WAY IT FEELS WHEN YOU SLIP INTO HER SHOULDER, I DON'T NEED
[00:15:01]
TO TELL YOU WHY COULDN'T GO TO THE FUNERAL OR WHY WAS THE ONLY CAR ON THAT STREET? JUST KNOW THAT I WASN'T ALONE WHEN I FOUND OUT SO THAT I COULD BE HELD EVEN WHEN HER VOICE WAS LONG GONE.I THINK THIS IS SOMETHING YOU CAN CONTINUE TO PURSUE AND YOU TALENTED HOW WALKER I WANT TO THANK.
AND I WANT TO THANK THE PRINCIPAL PRINCIPAL AND SAY SOMETHING.
I WANT TO ALSO MENTION THAT YOU RICO WAS VERY INVOLVED IN SCHOOL, AS WELL AS OUR, UH, STAFF ON FOR YOUR BOOK.
SHE GRADUATED WITH A 4.59 AND WILL BE YES.
SHE'S OUR INTERNATIONAL DIPLOMA STUDENT AS WELL.
AND SHE'LL BE STUDYING CHICANO STUDIES AT THE UNIVERSITY OF CALIFORNIA, SANTA BARBARA.
THEY ALMOST WENT OVER THERE, BUT SHE DIDN'T GO.
I SAID, MAN, I THINK SANTA BARBARA, MUCH BETTER.
MY DAUGHTER'S GOING TO KILL ME.
BUT, BUT, BUT THERE IS SUCH A BEAUTIFUL SCHOOL.
AND LIBERAL FOR YOU TO CREATE.
SO I WISH YOU THE BEST, BUT THANK YOU SO MUCH.
AND THE CONGRATULATION AND HERE.
WE HAVE A CERTIFICATE FOR YOU TOO.
SO THANK YOU SO MUCH FOR YOUR OUTSTANDING ACHIEVEMENTS.
WE'RE CHASING YOU UP TO COLLEGE AND THE FUTURE, YOUR BUSINESS.
WHY DO YOU WANT TO BE IN THE FUTURE? JEALOUS.
WE HAVE A SENATOR THAT YOU CAN PROVIDE US MICROPHONE.
ANYWAYS, MY NAME IS CAMERON GRIFFIN.
I'M FROM THE OFFICE OF STATE, SENATOR LINGLING CHANG.
AND IN REGARDS TO YOUR ACCOMPLISHMENTS IN BECOMING NATIONAL POET OF THE YEAR AS WANTING TO PRESENT THE CERTIFICATE TO YOU FROM THE 29TH DISTRICT OF THE STATE OF CALIFORNIA.
AND CAN YOU PICTURE TIME? THANK YOU SO MUCH, SENATOR LYNNIE.
AND THEN DO WE HAVE MORE? YES.
SEE, SAY YOU ARE VERY IMPORTANT PERSON.
YOU'RE THE HIGHLIGHT OF TONIGHT? I'M JUST A SIDESHOW.
IN OUR DISTRICT, HER NAME IS A BLANKET RUBIO WHO OFFERS A TOWEL IS SHE'S A OUTSTANDING VARIOUS SUPPORT HOURS WEST COVINA CITY.
AND SHE WANTED ME TO PRESENT A BEAUTIFUL CERTIFICATE FOR YOUR ACHIEVEMENT.
THAT'S HOW I THINK IT'S THE 10 FLOATS.
YOU DON'T MIND HAVING A MICROPHONE ON MY HAND.
YOU WANT ME TO HOLD?
[00:20:01]
SENATOR.SUSAN RUBIO BE AT THE ASSISTANT.
AND THEY SAID SO-CALLED FAMILY POLITICS.
AND ME TO PRESENT THIS MAGNIFICENT CERTIFICATE FOR YOU AGAIN FOR YOUR OUTSTANDING ACHIEVEMENT AND THAT WE ARE VERY PROUD OF YOU NOT ONLY WERE PRESENT WEST COVINA AND WERE PRESENT YOUR DISTRICT TOO, BUT CONGRATULATIONS, AND THANK YOU SO MUCH.
I JUST WANT HIM TO COME OF TEACH SUPERVISOR, YOU KNOW, WE HAVE STATE SENATORS.
OFF OF COUNTY COUNTY, OUR COUNTY SUPERVISOR, THEN AT THE HILL.
AND DOES SHE WANT ME TO PRESENT? OKAY.
A MAGNIFICENT CERTIFICATE OF FATHERHOOD FOR ALL A SUPERVISOR COME TO LA.
TELL ME, TOLD ME THAT WOULD BE SUZANNE MOVIL AND THE BLANCA RUBIO.
AND NOW WE HAVE TO FIT A CHEN 10 HOUR SOUTH SIDE ASSEMBLY, MAN.
HE IS VERY PROUD TO PRESENT AT THIS CERTIFICATE.
WHEN YOU LOOK, I CAN HAVE A BETTER BUDGET.
I THINK YOU WOULD KEEP THIS ONE.
YOU WANT TO COME UP WITH US? DO YOU WANT ME TO TAKE A PICTURE WITH US? COME ON.
[ORAL COMMUNICATIONS - Five (5) minutes per speaker]
GOING TO MOVE ON TO OUR OVER-COMMUNICATION.I KNOW THIS MOLLY HAD SOME CONFUSION THAT WE GOT IN THE EMAIL OR THE PHONE POINT, THIS THING, BUT AGAIN, OKAY.
WE CLARIFY AND BECAUSE IT'S STEEL PANDEMIC, WE WANT TO MAKE SURE, OKAY.
IF THEY CANNOT COME TO THE CITY COUNCIL, WE ENCOURAGE THEM TO STAY HOME.
IF YOU DON'T WANT TO TALK TO US, ADDRESS TO US, PLEASE
[00:25:01]
JUST PHONE IN OR SEND AN EMAIL TO US.SO WE WILL STILL DO LIKE BEFORE.
WE CAN STARTING WITH OUR SPEAKER.
HOW MANY SPEAKER WE HAVE AND HOW MANY EMAIL WE HAVE AND HOW MANY 14 MAYOR? WE HAVE NINE SPEAKERS.
WE HAVE FIVE EMAILS AND WE HAVE ZERO COLLIN.
AND LET'S START OUR FIRST SPEAKER, PLEASE.
OUR FIRST SPEAKER IS B ROBINSON
I WAS LOOKING AT THE STAFF REPORT ON AGENDA ITEM 21.
IT HAS YOUR GOALS AND OBJECTIVES.
UH, NONE OF THE GOALS AND OBJECTIVES THAT YOU, UH, STATE ARE ACHIEVED BY, UH, A RESOLUTION 20, 20, 72 AND 30, UH, PFA.
UM, UH, IT, IT, IT DOES, IT DOES NONE OF THE, THE, UH, GOALS AND OBJECTIVES.
IT'S A, IT'S A MAGICIAN'S TRICK.
AND, UH, THE, UH, THE INFORMATION IS, IS FULL OF VAGUENESS AND GENERALITY AND NONDISCLOSURE.
UH, I WAS ON THE METROPOLITAN WATER DISTRICT BOARD AND WHEN THEY WERE, UH, UH, INTRODUCING A BOND ISSUE TO THE, TO THE BOARD, UH, THEY PROVIDED MASSIVE, UH, UH, DISCLOSURE AND DETAILS.
AND YOUR LAW FARM, NOT NORTON ROSE, FULBRIGHT, UH, AND DISCLOSURE COUNSEL, YOUR BOND COUNSEL, UH, IT'S, IT'S PURPORT PERFORMING SERVICES VERY POORLY, UH, UNDER THE RESOLUTION, UH, THE, THE, UH, THERE'S NO ANALYSIS, OR IF THE ANALYSIS EXISTS, IT'S NOT DISCLOSED TO THE PUBLIC, BUT WHAT, WHAT, WHAT WE SEE, UH, IS AN ADEQUATE, UH, THE AGENDA ITEM 21, UH, PROPOSED AS A REVENUE LEASE BONDS, UH, NEEDS TO BE EXAMINED CAREFULLY BY WEST COVINA VOTERS.
OTHERWISE ANY ACTION TONIGHT OR IN THE COMING WEEKS BY COUNCIL COULD BECOME AN ERROR OF HISTORIC PROPORTIONS.
WHAT RESPONSIBILITIES DOES THE, UH, SPONSORING, UH, PFA AUTHORITY HAVE, UH, TO CALIFORNIA AND TO THE NATIONS FINANCIAL MARKETS, THE LEASEBACK SHELL GAME IS A MECHANISM DESIGN TO AVOID SAFEGUARDS AND FIDUCIARY RESPONSIBILITIES THAT WOULD NORMALLY PROTECT BOND HOLDERS.
IF THE BONDS WERE ISSUED BY WEST COVINA DIRECT, WE AS A CALIFORNIA GENERAL LAW CITY COULD NOT SHIRT SHIRK, UH, FIDUCIARY OBLIGATIONS, BUT, UH, UH, THE LAWS WOULD APPLY.
UH, SO, SO WHAT IS THIS, UH, UH, THIS, THIS MIRROR, THIS PLAN, MERELY EXCHANGES, UH, DEAD INSTRUMENTS IN OUR LEASE BACK SHELL GAME FOR OTHER DEBTS, YOU'RE EXCHANGING DEBT FOR DEBT, AND IT DOESN'T REDUCE ANY FUTURE LIABILITIES.
WHAT HAPPENS, WHAT HAPPENED BETWEEN FEBRUARY 4TH, 2020 AND JULY 7TH TONIGHT, UH, TO CAUSE YOU TO RESEND RESOLUTION 20, 2008 AND SUBSTITUTE THESE TWO NAMED RESOLUTIONS, UH, Y UH, UH, DID YOU, UH, PASS THIS, USE THIS, UH, SUBSTITUTE FINANCIAL SCHEME? UH, THAT'S, THAT'S THIS BEING INTRODUCED TONIGHT, UH, REVENUE RELEASE BONDS ARE, UH, ARE THESE BONDS, UH, UH, UH, UH, JUNK BONDS? I MEAN, ARE THEY READY TO TRIPLE B OR, UH, WHAT IS MOODY'S AND STANDARD AND POOR, UH, SAY ABOUT THESE RATINGS OF THE PROPOSED BONDS, UH, THE BONDS AND THE FEES AND THE CONVENTIONS, UH, WHICH AMOUNT TO 1.1 MILLION, UH, THE PEOPLE THAT YOU'RE PAYING TO DO THIS ARE NOT DOING THE JOB.
AND I'M CONCERNED ABOUT THE CITY'S ABILITY TO PAY THE BONDS BACK WITH AN UNCERTAIN REVENUE STREAM AND, UM, YOU KNOW, MORTGAGING CITY HALL AND USING THE CITY STREETS AS COLLATERAL IS ABSURD.
IF THAT'S, WHAT'S PROPOSED HERE UNDER THE, THE SITE LEASE AGREEMENT,
[00:30:01]
WHAT OTHER CITIES BESIDES PACIFICA REDONDO BEACH AND EL CENTRO HAVE, UH, HAVE APPLIED, UH, THIS SCHEME OF USING CITY STREETS AS COLLATERAL, UH, COULD AZUSA AVENUE SOMEDAY BECOME A TOLL ROAD IF THE CITY DEFAULTED ON THE LOAN, UH, THESE LOAN LEASE BONDS, UH, WILL NEED TO GO BEFORE WEST COVINA VOTERS.THIS IS AN ERROR ERROR OF POTENTIALLY HISTORIC SIGNIFICANCE.
AS I SAID, UH, ONE OF THE PAVERS MENTIONS A 5.8%, UH, INTEREST RATE, WHICH IS LOWER THAN SEVEN, BUT NOT GREAT.
AND, UH, 1.1 MILLION IN COMMISSIONS AND FEES, UM, PAYING OFF OF LOAN TO FUND UNFUNDED MANDATES WITH ANOTHER LOAN, WHICH IS ALSO AN UN FUNDED OUT MAN, UH, MANDATE IS A KENDALL, UH, PAN OFF A MAXED OUT CREDIT CARD WITH ANOTHER MAXED OUT CREDIT CARD.
UH, UH, I THINK THIS, UH, ARRANGEMENT WOULD BE BETTER IF IT WERE A TERM OF FOUR, PERHAPS FIVE YEARS INSTEAD OF 25 YEARS.
OUR NEXT SPEAKER IS JERRY PATCHES FOLLOWED BY JIM GRIFFIN.
CAN YOU HEAR ME THROUGH THE MATH? OKAY.
UM, I'M READING WHAT THERESA HASSAD WROTE.
I SHARE HER SENTIMENTS AND SO DO OTHER RESIDENTS, UH, THERESA WAS UNABLE TO COME TONIGHT AND SHE'S WRITING AS A FOLLOWUP TO AN ITEM MENTIONED AT THE LAST COUNCIL MEETING, CHANGING THE CITY'S OUT, POTENTIALLY CHANGING THE ANIMAL CONTROL FROM INLAND VALLEY HUMANE SOCIETY BACK TO LA COUNTY BALDWIN PARK.
COUNCIL MEMBER SHUMAKER HAD MENTIONED THAT THE INLAND VALLEY WAS RAISING THEIR FEES.
AND THEREFORE THE COUNCIL IS LOOKING AT CHANGING TO LA COUNTY.
SHE W WE WOULD LIKE TO REMIND THE COUNCIL OF WHAT TRANSPIRED LAST YEAR AT THIS TIME, WHEN THE COUNCIL DECIDED TO MAKE THE CHANGE, THEN LYNN VALLEY, THE CONTRACT WITHIN THE VALLEY AS A TWO YEAR CONTRACT FOR 179 MILLION WITH POSSIBLE REVENUES FROM LICENSURE FEES OF 400 TO 500,000, WHICH COULD BRING THE COST DOWN.
THE COST FOR LA COUNTY WAS 188 MILLION AND WAS SCHEDULED TO INCREASE.
ALSO, THE COUNTY WAS UNDER INVESTIGATION FOR NOT PROVIDING THE CONTRACTED SERVICES.
THIS INFORMATION IS FROM AN ARTICLE PUBLISHED IN THE LA TRIBUNE, DATED MAY 11, 2019.
THE CITY OF WEST COMINA SENT A FLYER TO ALL RESIDENTS INFORMING US OF THE CHANGE TO INLAND VALLEY.
AND IN THE FLYER, IT STATED WE WOULD AUTOMATICALLY BE SENT INFORMATION ABOUT PENCE LICENSE RENEWAL THAT NEVER HAPPENED BECAUSE LA COUNTY NEVER SENT THE RECORDS TO INLAND VALLEY.
AND I ALSO EXPERIENCED THAT, UM, BECAUSE WHEN YOU GO TO RENEW YOUR LICENSE AT INLAND VALLEY, THEY HAD NO INFORMATION ON OUR DOGS BECAUSE LA COUNTY DIDN'T SEND THEM THE RECORDS.
SO WE HAD TO PROVIDE THE INFORMATION WE'RE RESPONSIBLE PET OWNERS.
MOST OF OUR NEIGHBORS ARE, MANY OF THEM HAVE NOT.
AND OBVIOUSLY THAT AFFECTS REVENUES FROM LICENSURE FEES.
INLAND VALLEY RECENTLY SENT OUT A NOTICE TO RESONANCE THAT THEY WOULD BE GOING HOUSE TO HOUSE, TO COLLECT FEES, TO CHECK, TO SEE IF THEY'VE LICENSED THEIR FEES.
THEY'RE MAKING AN EFFORT TO LICENSING COLLECT FEES.
DIDN'T SEND THEM THE PREVIOUS RECORDS.
OUR CONTRACT IS FOR TWO YEARS, PLEASE GIVE HIM AND VITALLY THE TIME TO COMPLETE THE COLLECTION OF DATA AND FEES.
MANY RESIDENTS REALLY ARE HAPPY WITH THEM.
UM, LASTLY, IF THERE'S A REASON FOR RETURNING TO COUNTY SERVICES TO LOWER COSTS, WE AS RESIDENTS HAVE A RIGHT TO KNOW EXACTLY WHAT THE COUNTY WILL CHARGE AND WHAT INLAND VALLEY WILL CHARGE.
WELL, WEST COVINA WILL BE CHARGED FOR BREAKING A TWO YEAR CONTRACT.
IF THAT HAPPENS, WE'D LIKE TO KNOW WHAT SERVICES ARE BEING OFFERED BY BOTH SHELTERS AS MENTIONED ABOVE LA COUNTY WAS UNDER INVESTIGATION FOR NOT PROVIDING SERVICES.
WHAT WERE THE RESULTS OF THAT INVESTIGATION? WE NEED TO KNOW.
AND BY THE WAY, WHEN WE WERE WITHIN WITH LA COUNTY,
[00:35:01]
I DONATED A LOT OF STUFF TO LA COUNTY.BUT INLAND VALLEY IS A WONDERFUL SHELTER.
AND THOSE OF US THAT HAVE PETS REALLY WANT TO SEE IT A LEVEL PLAYING FIELD.
AND WHEN COUNTY DIDN'T GIVE HIM THE RECORDS, IT'S NOT FAIR.
JIM GREENWICH FOLLOWED BY CHRIS MELLON.
LAST NIGHT I SENT THE CITY COUNCIL AN EMAIL THAT EMBODIED SOME OF THE THINGS THAT I'M GOING TO SAY TONIGHT ABOUT AGENDA ITEM 21 ON THE, UH, PENSION OBLIGATION BONDS.
UH, AS I'VE SAID BEFORE, I'VE HAD A TALENT, UH, MY ENTIRE LIFE, WHICH IS TO LOOK AT A BOOK THROUGH A FULL OF NUMBERS AND TELL YOU WHICH ONE IS WRONG.
AND THAT ACTION, THERE IS A NUMBER THAT IS VERY WRONG.
IT IS THE, UH, IT'S SETTING THE LIMIT OF HOW MUCH INTEREST THE CITY WILL PAY TO 5.8%, UH, ON THESE PENSION OBLIGATION BONDS.
UH, I BELIEVE THAT WILL BE A SERIOUS MISTAKE AND EVEN WORSE MISTAKE.
THEN THE MISTAKE I TALKED ABOUT WHEN THE CITY COUNCIL GRANTED, UH, EXCESSIVE PAY, INCREASES THE, UH, TO SAY IT A DIFFERENT WAY, UH, IT'LL COST THE CITY AN EXTRA THREE POINT $7 MILLION A YEAR IN INTEREST ALONE.
UH, STARTING NEXT YEAR, I AM RECOMMENDING THAT THE CITY COUNCIL AMEND THE ACTION TO CHANGE THE INTEREST RATE TO 4.2%.
WHY DID, UH, I RECOMMEND 4.2% BECAUSE IN ANOTHER SECTION OF THE DOCUMENT, IT STAYS THAT THAT'S WHAT THE CITY EXPECTS TO PAY ON THESE SPOTS.
I HAVE PERSONALLY A GREAT DEAL OF DIFFICULTY RECONCILING THE FACT THAT IN ONE PLACE IN THE DOCUMENT, IT SAYS THAT THE CITY IS GOING TO PAY 4.2% IN ANOTHER PLACE THAT SAYS IT WANTS THE MAXIMUM RATE ACCEPTABLE RATE TO BE 5.8% IN THE BOND WORLD.
THAT'S AN UNBELIEVABLE DIFFERENCE IN NUMBERS.
ANYBODY THAT KNOWS ANYTHING ABOUT PROFESSIONAL INVESTING KNOWS THAT THEY GET EXCITED ABOUT SOMETHING CALLED BASIS POINTS.
HOW IN THE WORLD COULD THE CITY BE TALKING ABOUT A DISCREPANCY, UH, THAT AMOUNTS TO 1.7%.
AND, UH, WHAT I RECOMMENDED IS THAT THE CITY CHANGED IT TO 4.2, THE COUNCIL, I'M SORRY, NOT THE CITY.
THEY COUNT CITY COUNCIL, THE LIMIT.
UH, TODAY I HAD A EMAIL AND A DISCUSSION WITH THE CITY MANAGER ABOUT THIS ISSUE.
AND HE STATED IN THAT, THAT, UH, THERE HAS BEEN SOME REEXAMINATION OF THE NUMBERS AND HE WOULD, UH, SUGGEST AT THIS 0.5 0.0%, THAT'S MUCH BETTER THAN 5.8%, BUT IT'S STILL A ONE POINT $8 MILLION HIT ON INTEREST PAYMENTS NEXT YEAR.
AND HOW MANY LAYOFFS IS 1.8 MILLION? YOU DON'T HAVE THIS KIND OF MONEY LAYING AROUND.
UH, THE, UH, SO I'M STILL, AND WE HAD A DISCUSSION, IT BENT BACK AND FORTH.
IT'S KIND OF LIKE IN THE NEGOTIATION, BUT, UH, THE NUMBER OF 4.5%.
AND I COULD SEE HAVING A LITTLE BIT OF ROOM, UH, ON THE NEGOTIATION.
BUT MY POINT IS THAT THE CITY COUNCIL SHOULDN'T BE ADOPTING THIS KIND OF LIMIT.
UH, I DON'T KNOW HOW MANY OF YOU HAD PERSONAL EXPERIENCE WITH NEGOTIATIONS, BUT I'VE, I'VE BEEN A PROFESSIONAL NEGOTIATOR, NEGOTIATOR.
I SPENT A FAIR PORTION OF MY LIFE DOING THAT.
YOU NEVER REVEAL WHAT YOU'RE WILLING TO SETTLE FOR IN A NEGOTIATION.
YOU START OUT AT A GOOD, A NUMBER THAT YOU THINK IS A GOOD NUMBER.
YOU DON'T SAY, UH, I'M AN I'LL SETTLE FOR 5%.
WHEN IN FACT WHAT YOU REALLY WANT IS 4.2.
WHAT YOU SAY IS 4.2 IN THE NEGOTIATE.
I'M TALKING ABOUT HOW YOU NEGOTIATE.
UH, AND, UH, IF THINGS ARE GOOD, YOU WILL GET THE 4.2.
BUT IF YOU SAY FIVE, YOU WON'T GET 4.2 AND YOU'LL GET FIVE.
CAUSE THEY KNOW WHERE YOU'RE GOING TO GO BEFORE YOU START.
SO, UH, I, I THINK YOU GOT THE GIST OF WHAT I'M TRYING TO SAY.
I, I DON'T THINK THIS IS WALL STRUCTURE.
UH, NOW IT'S FIGHT QUITE POSSIBLE BECAUSE ONE OF THE THINGS THAT CITY MANNERS JUST SAID, WE MIGHT NOT BE ABLE TO SELL THE BONDS AT 4.2.
THAT'S WHY I WAS SAYING, WELL, MAYBE 4.5, UH,
[00:40:01]
CAUSE THAT THE AMOUNT OF MONEY THERE ISN'T NEARLY AS BAD.MAYBE THEY WON'T AT THAT POINT, YOU COME BACK TO THE CITY COUNCIL AND SAY, WE NEED A HIGHER LIMIT.
THAT'S THE WAY I WOULD APPROACH THIS.
I WOULDN'T REVEAL MY CARS BEFORE WE START THE NEGOTIATIONS.
I, UH, UM, IN ESSENCE, THAT'S WHAT I'M SUGGESTING TO THE COUNCIL.
I KNOW THE CITY MANAGER WILL HAVE HIS OWN POINT OF VIEW ON THIS SUBJECT.
CAUSE WE ALREADY TALKED ABOUT THIS.
UH, BUT UH, I JUST DON'T THINK THAT NUMBER IS RIGHT AND THAT AS ONE OF THE OTHER SPEAKERS, SO THERE ARE OTHER PROBLEMS WITH THE DOCUMENT.
I'M NOT GOING TO GO INTO ANY OF THAT.
UH, I'M GOING TO TALK ABOUT WHAT I THINK IS THE MOST IMPORTANT THING.
CHRIS MILLER FOLLOWED BY YUSEF VERAFIN COUNCIL MAYOR.
FIRST OFF, I'D LIKE TO TALK ABOUT PUBLIC COMMENT.
NORMALCY SHOULD BE EVERY VOICE VOICE BE HEARD AND WE ALL HEAR THEIR VOICE.
IT ALLOWS PEOPLE THAT CAN THAT WORK LATE HOURS OR CAN'T LEAVE.
CAN'T LEAVE THEIR KIDS TO BE PART OF, UM, OUR CIVIC LIFE'S LIFE AND FOR US TO OTHERS TO HEAR THEIR VIEWPOINT.
YOU KNOW, I'M APPRECIATIVE OF JERRY POSTING, OTHER PEOPLE'S COMMENTS ON, UH, WEST COVINA FORUM, UM, AGENDA ITEM THREE.
MOST RESIDENTS DON'T WANT TO SEE MORE MIXED USE HOUSING OR MORE DENSER HOUSING.
UM, IT CHANGES OUR CITY FLAT OUT ITEM 17.
IT'S A PITY WHAT THE CITY HAS DONE IN THE LAST EIGHT YEARS TO OUR TREES.
YOU KNOW, WHEN I FIRST MOVED INTO WEST COVINA, THERE WAS NO DOUBT SEEING THE CITY, YOU KNOW, THAT WERE TREE CITY USA WAS NO DOUBT.
NOW MOST OF OUR TREES ARE DEAD GONE CHOPPED UP.
YOU KNOW, VINCENT USED TO BE LINED WITH TREES FROM THE 10 FREEWAY UP TO COVINA.
NOW I THINK WE MAY HAVE ONE OR TWO LEFT.
UM, THEN NEXT ITEM IS, I'D LIKE TO HEAR, I KNOW WHEN CHIEF BELL FIRST CAME IN, I APPROACHED HIM ON CCWS.
I THINK MORE AND MORE PEOPLE ARE SEEING WHAT'S HAPPENING WITH OUR COUNTY JAILS AND STATE JAILS THAT ARE BEING EMPTIED OUT.
THERE'S A LOT OF, UH, WOMEN THAT HAVE FEAR OF RAPISTS AND OTHER THINGS, YOU KNOW, WE'RE SEEING A LOT MORE INVASIONS.
SO, YOU KNOW, I'D LIKE TO GET THE CHIEF'S POSITION ON, IS HE ACCEPTING APPLICATIONS FOR CCW OR, YOU KNOW, IS HE STILL CONSIDERING? AND THEN FINALLY, YOU KNOW, WE HAVE 22 AGENDA ITEMS TONIGHT AND I BET WE'LL BE DONE BY 10 30.
GONE ARE THE DAYS OF, YOU KNOW, CONVERSATION OF DISCUSSION ABOUT ITEMS AND BACK AND FORTH.
ALSO OUR IS GONE IS POSITIONS OF THE CITY COUNCIL ON COUNTY AND STATE MEASURES SUCH AS SB 29 TO, YOU KNOW, I SAW A POST TODAY SAYING THAT'S NOT WHAT IT SAYS.
IT IS THAT ACTUALLY, UM, GOES AGAINST HOMEOWNERS AND HOUSE INSURANCE, WHICH I'LL HAVE TO READ INTO, I DON'T KNOW, BUT IT'D BE NICE TO SEE THE COUNCIL HAVING A POSITION ON DIFFERENT ITEMS GOING, YOU KNOW, TO THE STATE, SENATE AND OTHER, UH, AREAS.
YUSEF ERIC FINN FOLLOWED BY BRIAN TABOO.
HI, UH, HELLO CITY COUNCIL MEMBERS, UH, CITY MANAGER.
VERAFIN A LIFELONG RESIDENT HERE IN WEST COVINA AND A RESIDENT SPECIFICALLY IN DISTRICT THREE.
UH, I'D LIKE TO START BY SAYING THANK YOU TO MAYOR WU FOR REVERSING THE DECISION TO RESCIND RESIDENTS FROM BEING ABLE TO PHONE IN THEIR PUBLIC COMMENTS AND ENSURING THAT ALL EMAILED COMMENTS WILL BE READ ALOUD FOR ALL OF YOU AND FOR ALL THE RESIDENTS LISTENING IN TO BE ABLE TO HEAR, UH, WE ARE LIVING IN AN UNPRECEDENTED TIME WE'RE LIMITED SEATING AND FACE COVERINGS RULE OUR PUBLIC SPACES.
SO THE OTHER OPTIONS FOR SENDING IN PUBLIC COMMENTS ARE NECESSARY FOR THOSE WHO DON'T HAVE THE PRIVILEGE TO ATTEND THE MEETINGS IN PERSON TO VOICE THEIR CONCERNS.
UH, NOW PERSONALLY, I STARTED MY JOURNEY PAYING ATTENTION TO LOCAL GOVERNMENT BECAUSE OF THE TERRIBLE TRAGEDY OF GEORGE FLOYD.
WHO'S MURDERED IN BROAD DAYLIGHT, MINNEAPOLIS BY MINNEAPOLIS PD.
NOW, THANKFULLY WE'RE FORTUNATE ENOUGH TO SAY THAT AS A CITY, THAT WE DON'T HAVE OUR OWN NATIONAL TRAGEDY, BUT THAT DOESN'T MEAN THAT WE WERE PRONE TO SUCH INCIDENTS.
I WANTED TO UNDERSTAND HOW WCD CPD PLAYS A ROLE SPECIFICALLY FINANCIALLY IN THE CITY CONCERNING THE BUDGET, AT LEAST.
AND IT TURNS OUT THEY PLAY SIGNIFICANT ROLE IN THE CITY.
THEY ARE A MAJOR STAKEHOLDER IN OUR GENERAL FUND, AGAIN, 47% OF IT, BUT YOU
[00:45:01]
HAD ALREADY ORGANIZED YOU AND I ALREADY UNDERSTAND THIS.THE SGV TRIBUNE RECENTLY PUBLISHED AN EDITORIAL TITLED SENSIBLE REFORM IDEA, ASK THE POLICE TO DO LESS.
NOW I CAN'T BEAR TO UNDERSTAND HOW DIFFICULT BEING IN LAW ENFORCEMENT MAY BE.
AND I RESPECT THOSE THAT UNDERSTAND THE RISKS AND STILL PURSUE SUCH A CAREER.
AND FIRST AND FOREMOST, I DO WANT TO ACKNOWLEDGE THE STRIFE THAT OUR LAW ENFORCEMENT OFFICIALS MAY GO THROUGH EVERY DAY ON THE JOB.
BUT WITH THAT SAID, I ENVISIONED THAT OUR CITY COULD BE EVEN SAFER.
IF WE BEGIN TO REEVALUATE WHO GETS WHAT CALLS AND WHERE THE SUV TRIBUNE REPORTED THAT IT MAY BE EASIER TO SEND TRAIN SOCIAL WORKERS, TO DEAL WITH A MINOR INCIDENT THAN IT IS TO RETRAIN EVERY POLICE OFFICER INTO BEING A DEFACTO SOCIAL WORKER, INSTEAD OF THE POLICE HANDLING EVERY ISSUE, EVEN NONVIOLENT ISSUES, LET'S EASE THEIR BURDEN AND PASS THE STUDI ALONG TO SOCIAL WORKERS, BEHAVIORAL HEALTH RESPONDERS, OR HOMELESSNESS EXPERTS.
I CAN ENVISION THAT WE COULD LIVE IN A CITY THAT ATTACKS AN ISSUE LIKE HOMELESSNESS OR MENTAL HEALTH WITH THE RIGHT RESOURCES THAT WORKS TO END THE ISSUES AT HAND, INSTEAD OF PROLONGING AN EFFORT THAT DOESN'T SEEM TO WORK THIS HOWEVER IS NOT POSSIBLE WITHOUT LEADERS LIKE YOU, THAT CAN TAKE THIS INITIATIVE AND RUN WITH IT.
IT IS NOT POSSIBLE WITHOUT THE SUPPORT OF OUR POLICE DEPARTMENT WHO WORKED TIRELESSLY TIRELESSLY EVERY DAY AND NIGHT.
IT IS JUST NOT POSSIBLE TO REEVALUATE ANYTHING WITHOUT YOU GUYS LET'S TREAT OUR MOST VULNERABLE RESIDENTS, NOT AS CRIMINALS, BUT AS FELLOW HUMAN BEINGS.
UH, THANK YOU TO DARRIO COUNCILMAN DARRIO, WHO ADDRESSED OUR EMAILS AND THE WEEKLY ARREST, SOCIAL MEDIA BOATS, AND AT THE LAST MEETING, AND I'M LOOKING FORWARD TO THE POLICE DEPARTMENT UPDATE ITEM 22 OF TODAY'S AGENDA.
UH, LET'S TALK, UH, LET'S WORK TOGETHER.
I CAN ENSURE YOU THAT BEHIND ME ARE A BUNCH OF YOUNG AND HEALTHY ABLE-BODIED RESIDENTS THAT CAN BE PUT TO WORK, TO HELP THOSE DEEPLY AFFECTED BY THIS COVID EPIDEMIC.
YOU CITY COUNCIL MEMBERS ARE NOT ALONE IN EVERY ISSUE.
WE CAN COME UP WITH SOLUTIONS TOGETHER, IF YOU SO PLEASE AND COUNSEL THEM AND LOPEZ V AUTO, THE WC FILM FESTIVAL IS SICK AND I HOPE MORE THINGS LIKE THAT NATURE.
CAN YOU PUT ON BY THE CITY? THANK YOU SO MUCH.
BRIAN, TO HABITAT BY PETER DEANN.
UH, MY NAME IS BRIAN TABATA BY OR THOUGHT ABOUT THAT.
I E UH, HOWEVER YOU'D LIKE TO PRONOUNCE IT.
UM, AFTER THIS HOLIDAY WEEKEND, UH, FILLED WITH SO MUCH HISTORY, UH, I BELIEVE IT'S IMPORTANT THAT WE ACKNOWLEDGE THAT THE LAND WE INHABIT TODAY WAS THE STOLEN HOME OF THE GABRIELINO TONGVA PEOPLE, THE ORIGINAL STEWARDS OF THIS LAND, THIS LAND, THE LAND THAT SURROUNDS US AS MUCH MORE THAN WHAT IS IN FRONT OF OUR EYES.
UH, THIS LINE REFLECTS A TRAUMA TRAUMA, WHETHER IT IS THE TRAUMA CAUSED BY THE PANDEMIC, THE TRAUMA OF GEORGE FLOYD, THE TRAUMA OF CHILD SEPARATION, OR THE ORIGINAL TRAUMA OF INDIGENOUS GENOCIDE.
WE AS A PEOPLE HAVE INFLICTED AND SUFFERED MUCH TRAUMA.
AND YET OUR TRAUMA HAS NEVER BEEN HEALED, NEVER BEEN RECONCILED AS PROFESSOR EDDIE GLAUDE JR.
WHITE AMERICANS TURN AWAY FROM THE DIFFICULTIES OF GENUINE CHANGE.
OFTEN EMBRACING A NOSTALGIC APPEAL FOR SIMPLER DAYS WHEN BLACK PEOPLE KNEW THEIR PLACE.
AND WEREN'T IN THE STREETS PROTESTING IN ORDER TO JUSTIFY THEIR REFUSAL TO GIVE UP THE LIE, THE REFUSAL TO HEAL THE REFUSAL AT RECONCILIATION.
SPEAKING TO THIS COUNCIL ABOUT POLICING HAS OFTEN BEEN A LONELY EXPERIENCE.
THE FIRST TIME I SPOKE CHIEF VAL SAID AS MUCH, HE POINTED OUT HOW POPULAR A POLICY, UH, WHEN I WAS FIGHTING TO CHANGE WAS WITH THE RESIDENTS OF MY COMMUNITY.
BUT NOW I NO LONGER STAND HERE AS A SOLITARY VOICE.
UH, THIS PAST WEEK, AS YUSEF MENTIONED, UH, THE EDITORIAL BOARD OF THE SAN GABRIEL VALLEY TRIBUNE WROTE A PIECE ENTITLED SENSIBLE REFORM, ASK THE POLICE TO DO LESS.
THEY WROTE, WE'RE ASKING COPS TO DO TOO MUCH IN THIS COUNTRY.
DALLAS POLICE, CHIEF DAVID BROWN SAID FOUR YEARS AGO HERE IN DALLAS, WE GET A LOOSE DOG PROBLEM.
LET'S HAVE THE COPS CHASE LOOSE DOGS, SCHOOLS FAIL.
POLICING WAS NEVER MEANT TO SOLVE ALL THESE PROBLEMS, NOT EVEN THE PROBLEMS OF FIREWORKS.
FORTUNATELY, MORE LOCALITIES REALIZE IT MIGHT BE TIME, NOT ONLY TO CONSIDER BETTER POLICE STRATEGIES, BUT NON POLICE STRATEGIES AS WELL.
SAN FRANCISCO OFFICIALS HAVE APPROVED A PLAN TO USE TRAINED UNARMED SOCIAL WORK PROFESSIONALS TO RESPOND TO ROUTINE CALLS INVOLVING HOMELESS PEOPLE, DISPUTES
[00:50:01]
BETWEEN NEIGHBORS AND SCHOOL DISCIPLINE ISSUES.IT HAS THE POLICE CHIEFS BACKING CITIES, INCLUDING OAKLAND SACRAMENTO AND LOS ANGELES ARE CONSIDERING SIMILAR MODELS.
30 YEARS AGO, EUGENE OREGON, A COLLEGE TOWN OF 172,000 PEOPLE BEGAN STAFFING AN OLD VAN WITH UNARMED MEDICS AND COUNSELORS TO RESPOND TO SUICIDE THREATS, DRUG ADDICTION, AND HOMELESS ISSUES, PROBLEMS FOR WHICH THERE WAS NO EASY FIXES.
AND THAT IN THE HANDS OF POLICE HAVE OFTEN TURNED VIOLENT.
THE CITY HAS EXPANDED THIS PROGRAM BY MOST ESTIMATES.
THERE IS A GROUP OF MOTIVATED COMMUNITY RESIDENTS WORKING TO CHANGE WEST COVINA, WORKING TO DIVEST FROM SYSTEMS THAT WERE BUILT TO PUNISH, BUILT TO CAUSE TRAUMA AND INVEST IN THE HEALING OF OUR MOST VULNERABLE POPULATIONS.
WE AS RESIDENTS OF WEST COVINA, HAVE AN OPPORTUNITY TO REINVENT BUILD SYSTEMS OF CARE SYSTEMS OF BELIEF IN THE GOODNESS OF EACH OTHER.
I'LL END BY QUOTING THE TRIBUNE.
THERE'S NO SIMPLE FIX TO THE NATIONS POLICING PROBLEMS, BUT CREATING ALTERNATIVE RESPONSES TO NONVIOLENT INCIDENTS IN A HUMANE COST-EFFECTIVE, IT'S A NONCONTROVERSIAL WAY TO START.
THANK YOU FOR THE AUDIO FOR THE LAST TIME.
AND, UH, I HOPE THAT WE CAN, UH, COME, COME AT THIS WITH POSITIVITY.
UH, I HAVE A VERY OPTIMISTIC OUTLOOK AT WHAT WE CAN DO AS A COMMUNITY.
PETER DEANN FOLLOWED BY STEVE BENNETT.
UM, I'VE BEEN UP HERE A COUPLE OF TIMES IN THE PAST FEW MEETINGS AND WE HAVE ALL BEEN RESEARCHING A LOT INTO OUR CITY AND CITY POLITICS.
UM, AND EVEN THOUGH IT'S HARD TO COME TO CONCLUSIONS WITHOUT LIKE CONCRETE DATA OR ALL THE INFORMATION, AND WE HAVE ALWAYS COME BACK TO THE SAME QUESTION THAT WE HAVE FOR OUR CITY GOVERNMENT.
UM, THE QUESTION IS TO BE QUITE HONEST, WHAT WERE YOU THINKING? UM, FOR EXAMPLE, UM, WHAT WERE YOU THINKING WHEN YOU MADE A BUDGET THAT ALLOCATED 47% OF OUR GENERAL FUND INTO THE POLICE, OR WHEN YOU MADE BUDGET WORKSHOPS WHERE WE WERE TOLD THAT THE BUDGET WAS ALREADY PASSED, UM, OR WHEN YOU CREATED A SURVEY WHERE THE MAJORITY OF PEOPLE, UM, SAID THAT POLICE SERVICES WHERE THERE AT LEAST PRIORITY AND THE RESULTS WERE NEVER RELEASED.
UM, AND FINALLY THE MOST RECENT OFFENSE, UM, THE MOST RECENT THING THAT THE RESIDENTS HAVE TAKEN OFFENSIVE IS WHERE YOU ATTEMPTED TO TAKE AWAY TWO IMPORTANT MEANS OF COMMUNICATION THROUGH CITY COUNCIL.
EVEN THOUGH WE ARE IN THE MIDDLE OF A PANDEMIC, UM, WHAT YOU BACKTRACKED ON IN ONE DAY, UM, EVERY DAY, YOU KNOW, WHILE WE TRY TO PIECE TOGETHER THE ANSWER AND WE'RE FRUSTRATED AND WE ALL COME TO BELIEVE THAT YOU MIGHT BE THINKING THAT OUR VOICE DOESN'T MATTER.
UM, I LOVE WEST COVINA AND I'M PROUD TO BE A RESIDENT OF WEST COVINA.
UM, BUT IN ORDER TO LOVE IT, I FEEL LIKE I HAVE TO POINT OUT WHERE IT FAILS AS A CITY.
UM, I RESPECT EVERYONE UP HERE ENOUGH TO KNOW THAT YOUR JOB IS HARD.
UM, BUT I ALSO RESPECT YOU GUYS ENOUGH TO KNOW THAT YOU SIGN UP FOR THIS.
UM, AND WE VOTED YOU IN THE SEATS.
SO, UM, I'M HERE TRYING TO SPEAK ON BEHALF OF THE WOMAN THAT WORKS 12 HOUR NIGHT SHIFTS AT HOSPITALS AND CANNOT ATTEND MEETINGS BECAUSE OF COVID-19 SCARES.
UM, I'M SPEAKING ON BEHALF OF YOUNG INDIVIDUALS LIKE US WHO CANNOT ATTEND HERE FOR TRANSPORTATION OR FAMILY REASONS.
UM, AND I'M SPEAKING FOR THE RESIDENTS OF WEST COVINA, UH, THAT HAVE BEEN SILENCED IN THE PAST FEW WEEKS.
I APPRECIATE YOU ALL FOR LISTENING.
UM, BUT WE ALL KNOW IT'S TIME FOR CHANGE BECAUSE POLICE BRUTALITY AND RACISM.
IT EXISTS, EVEN THOUGH WE HAVE NOT SEEN A TON OF IT IN WEST COVINA.
UM, WE DO NOT HAVE TO PERSONALLY EXPERIENCE AN ISSUE IN ORDER TO FIX IT AND REALIZE THAT IT'S REAL AND HOPE THAT IT NEVER HAPPENS TO US.
UM, IT IS NOT ENOUGH TO JUST BE A GOOD CITY.
I THINK WE NEED TO BE A FAIR, EMPATHETIC AND PROACTIVE CITY.
UM, AND IT'S TIME FOR WEST COMMUNITY TO LEAD AND CHANGE.
AND WE WILL NOT STOP UNTIL WE EITHER ALL WORK TOGETHER TO DO IT, OR WE'RE ALL LIKE PEOPLE THAT WANT TO, UM, TOGETHER.
I BELIEVE WE CAN WORK TO FIX OUR INTERNAL ISSUES AND WE NEED EVERYONE'S HELP TO DO THIS, ESPECIALLY YOURS TO TRULY MAKE WEST COVINA A BETTER PLACE.
SO THANK YOU GUYS FOR LISTENING.
STEVE BENNET FOLLOWED BY COLEEN ROSATI.
[00:55:03]
FIRST OF ALL, I SAID, I'M GOING TO THANK HIM EVERY TIME HE'S HERE AND I'M GONNA THANK HIM AGAIN.THANK YOU FOR DOING WHAT YOU'RE DOING, BUT IT'S NOT EASY.
UH, STEVE BENNETT, WESTERN RESIDENT, GOOD EVENING, COUNCIL STAFF, HOPEFULLY YOU GUYS HAD A HAPPY AND SAFE 4TH OF JULY.
UM, I'M GOING TO COMMENT ON A COUPLE OF THINGS.
I'M GOING TO KIND OF A BRIDGE MY COMMENTS A LITTLE BIT BECAUSE OF SOME THINGS OTHER PEOPLE HAVE SAID.
UH, FIRST OF ALL, IN THE UNITED STATES, WE HAVE A RIGHT TO PETITION, UH, AND GUARANTEED BY THE FIRST AMENDMENT BY THE UNITED STATES CONSTITUTION, WHICH SPECIFICALLY PROHIBITS THE GOVERNMENT FROM ABRIDGING, THE RIGHT OF THE PEOPLE TO PEACEABLY REDRESS OF GRIEVANCES.
HOWEVER, IF YOU READ THE COUNCIL'S AGENDA PACKET, IT DID SPECIFICALLY STATE AND I WILL READ IT OUT LOUD.
THE CITY CLERK, UH, THE CITY CLERK WILL NOT READ THE, UH, THE COMMENTS OUT LOUD DURING THE COUNCIL MEETING.
THAT IS A DIRECT CONTRAST TO EVERY COUNCIL AGENDA PACKET PREVIOUSLY DURING THIS COVID THING WHERE IT SAID THE CITY CLERK WOULD READ EMAILS GIVEN TO THE CITY COUNCIL.
NOW I LIKED SOME OF THE OTHER PEOPLE HAVE SAID, I'M GLAD TO SEE THAT THE COUNCIL DECIDED TO DO THAT.
I'M CURIOUS IF IT WAS THE COUNSELOR, THE CITY STAFF, UM, I'M TROUBLED BY THAT BECAUSE IT WAS A SUDDEN CHANGE, RIGHT AFTER WE HAD A MEETING WHERE NUMEROUS RESIDENTS SPOKE AGAINST YOUR GUYS'S DESIRE, THE CITY STAFF'S DESIRE TO CHANGE THE LA COUNTY FIRE.
IN FACT, UM, YOU KNOW, ONE OF THE THINGS THAT CAME OUT IN THAT MEETING WAS A FIRE CAPTAIN FOR WEST, UM, WHO BROUGHT UP ALL KINDS OF ISSUES THAT ARE POSSIBLY BEING DONE QUESTIONABLY IN THE CITY.
UM, AND, AND SO I, I WONDER IF SOME OF THAT DECISION TO NOT ALLOW THOSE READ OUT LOUD LETTERS WAS A DECISION TO STIFLE AND TO PREVENT RESIDENTS FROM PRODUCING THEIR OPINIONS.
UM, YOU KNOW, THERE'S, THERE'S A LOT OF THINGS THAT I FIGHT FOR.
AND YOU GUYS KNOW ME THAT DURING MEASURE WC, WHEN THERE WAS AN ADDITION TO NOT HAVING REBUTTAL ARGUMENTS, ONE OF THE THINGS I CAME UP HERE AND FOUGHT FOR WAS FIRST AMENDMENT REBUTTAL RIGHTS TO HAVE THE ABILITY TO SPEAK.
I VALUE THAT, RIGHT? I HOPE YOU GUYS, DON'T TRY TO, UH, GET RID OF, UM, THE ABILITY TO EMAIL, ESPECIALLY DURING A GLOBAL PANDEMIC.
THERE ARE RESIDENTS THAT WOULD BE VERY DISENFRANCHISED FROM THAT.
SO, UM, THAT'S MY FIRST COMMENT.
UH, I'M ALSO GOING TO TALK A LITTLE BIT ABOUT THE, UM, I FORGET THE ITEM NUMBERS, BUT THERE'S A SLEW OF THEM.
ALL OF THE PUBLIC EMPLOYEES, BARGAINING AGREEMENTS ARE UP FOR, I GUESS YOU CAN SAY RENEGOTIATION OR TEMPORARY RENEGOTIATION.
UM, YOU GUYS KNOW YOU GUYS VOTED 12% PAY RAISES FOR POLICE AND FIRE LAST YEAR, AND NOW WE CAN'T AFFORD IT.
UM, WE TOLD YOU, YOU COULDN'T AFFORD IT.
AND THE POLICE DEPARTMENT STOOD UP AND CLAPPED IN THE RESIDENTS' FACES WHEN THAT HAPPENED.
NOW THEY'RE NOT EVEN WILLING TO MEET WITH YOU.
THEY'RE NOT EVEN WILLING TO MEET WITH THE CITY MANAGER AND CONFER IN A REASONABLE WAY.
UM, AND THE FIRE DEPARTMENT WHO APPARENTLY DID MEET IS ONLY WILLING TO GIVE BACK ABOUT 700,000 FOR A SHORT TIME, UM, TO DO THAT.
WE WE'RE IN THIS PROBLEM BECAUSE OF DECISIONS LIKE THOSE.
WE ARE IN THIS PROBLEM BECAUSE OF THAT, IF THOSE TWO DEPARTMENTS ARE NOT WILLING TO RESCIND THOSE EMO USE, UM, I DON'T UNDERSTAND HOW YOU CAN GO TO THE OTHER EMPLOYEE BARGAINING GROUPS AND ASK THEM TO GIVE UP MONEY.
YOU GAVE 12% OF THE POLICE AND FIRE, AND NOW THEY'RE WILLING TO GIVE BACK A LITTLE AND WE'RE GOING TO FORCE POLICE IN CERTAIN AREAS TO GIVE BACK.
BUT NOW YOU'RE ASKING THE OTHER SEVEN BARGAINING GROUPS TO GIVE A LITTLE MONEY.
NOW THE MANAGEMENT GROUPS, THEY PROBABLY MAKE OKAY, MONEY.
MAYBE WE CAN ASK THEM TO GIVE A LITTLE BIT MORE, BUT YOU'VE GOT SOME PEOPLE IN THE CITY WHO DON'T AND WE'RE ASKING THEM TO GIVE UP SOMETHING THEY NEVER GOT BECAUSE SOMEBODY ELSE GOT, IT'S NOT RIGHT.
THIS IS THE ISSUE THAT WE HAVE AS RESIDENTS SPEND OUR MONEY, SPEND THE TAXPAYER'S MONEY IS APPROPRIATELY, OKAY.
IF YOU'VE GOT THE POWER UNDER A FINANCIAL FISCAL RESPONSIBILITY, EMERGENCY, WHATEVER, WE'RE CALLING THIS SHAM, THEN LET'S GO TO THEM AND GET THOSE GONE.
BECAUSE THAT'S THE ANSWER YOU GUYS APPROVE.
THOSE 12% RAISES AND WE CAN'T AFFORD IT.
TWO POINT $4 MILLION THAT THE FIRE DEPARTMENTS ONLY GIVEN BACK 700,000 AND WE'RE EXPECTING 400,000 FROM ALL OF THE OTHER DEPARTMENTS IN THAT GUYS, WE CAN'T ASK OUR EMPLOYEES THAT ARE, ARE, ARE STAFFERS AND PEOPLE THAT ARE NOT IN MANAGEMENT AND NOT POLICE OFFICERS AND FIREFIGHTERS TO GIVE UP MONEY THAT THEY ARE ENTITLED TO WHEN GUYS GAVE MONEY TO SOMEBODY ELSE.
AND THEY'RE NOT GIVING IT BACK.
MEMBERS OF THE COUNCIL, CITY STAFF AND WEST COVINA RESIDENTS, COLLEEN ROSATI, ELECTED CITY TREASURER.
I'M HERE TONIGHT TO TALK BRIEFLY ABOUT AGENDA ITEM, NUMBER ONE CONSIDERATION OF INVESTMENT REPORT FOR THE MONTH ENDING APRIL 30TH, 2020 FIRST AND FOREMOST, I'D LIKE TO ADDRESS THE REPORT THAT YOU HAVE BEFORE YOU TONIGHT.
[01:00:01]
REVIEWED BY ME ON WEDNESDAY, JANUARY, I'M SORRY, JANUARY, JULY 1ST, 2020, PRIOR TO THE PACKETS GOING OUT ON THURSDAY, THE 2ND OF JULY, UM, I DID SPEND AN EXTENDED PERIOD OF TIME REVIEWING THE CURRENT INVESTMENT PORTFOLIO, AS WELL AS GOING BACK TO 2017 AND VIEWING SOME OF THOSE AS WELL.SO I'M NOT SURE WHY YOU DIDN'T GET THE SIGNED REPORT IN YOUR AGENDA PACKET, BUT IF YOU'D LIKE A COPY, I'D BE MORE THAN HAPPY TO PROVIDE IT FOR YOU.
HAVING SAID THAT I'D LIKE TO REMIND THE COUNCIL AND MEMBERS OF THE COMMUNITY, THAT ORDINANCE TWO, TWO, NINE, EIGHT DASH ONE DATED 10, FOUR 16 WAS PUT INTO PLACE FOR THE CITY TREASURER TO GIVE UPDATED MONTHLY INVESTMENT REPORTS.
AND WHILE I PERSONALLY DO NOT PREPARE THE REPORTS, I DO SPEND A LOT OF TIME REVIEWING THEM.
THE REPORT BEFORE YOU TONIGHT IS FOR THE MONTH ENDING.
AS I STATED, APRIL 30TH, 2020, CALIFORNIA GOVERNMENT CODE SECTION FIVE, THREE SIX, FOUR SIX REQUIRES THAT ALL CITIES REPORT DETAILED INFORMATION ON SECURITIES INVESTMENTS AND MONIES OF THE CITIES AND TO REPORT THE MARKET VALUE OF INVESTMENT HELD.
I'D LIKE TO TAKE A MOMENT TO HIGHLIGHT A FEW KEY POINTS ON THIS REPORT.
THIS REPORT REFLECTS THE CITY AND THE SUCCESSOR AGENCIES CASH AND INVESTMENT FOR THE MONTH ENDING APRIL 30TH, 2020.
PLEASE NOTE THAT THE CITY'S GENERAL FUND REFLECTS FOUR POINT $1 MILLION.
THE CITY SURPLUS FUNDS ARE DEPOSIT IN THREE DIFFERENT TYPES OF ACCOUNTS.
THE FIRST CURRENTLY LOS ANGELES COUNTY INVESTMENT POOL, OR LACE-UP AS OF THE 30TH OF APRIL, HAD A BALANCE OF 11,283,000 EARNING A RATE OF FOUR, I'M SORRY, 1.4 THE SECOND INVESTMENT ACCOUNT WAS THE LOCAL AGENCY INVESTMENT FUND OR LIFE SHOWING A MARKET VALUE OF 55,776,000.
AND LASTLY, THE CITY'S INVESTMENT ACCOUNT WITH CHANDLER ASSET MANAGEMENT, AS I'VE MENTIONED BEFORE IN THE PAST, WE HAVE DECIDED TO NOT REINVEST AS THE FUNDS MATURE, AVOIDING BEING LOCKED INTO LOW PAYING INTEREST RATES WITH SET MATURITIES.
INSTEAD WE'VE CHOSEN TO KEEP THE FUNDS LIQUID WHILE STILL EARNING THE HIGHEST RATE OF INTEREST POSSIBLE.
THE CURRENT PORTFOLIO CHANDLER HAS BEEN REDUCED FROM $35 MILLION, WHICH WAS INVESTED IN THE SUMMER OF 2016.
THE CURRENT PORTFOLIO REFLECTS $335,000.
THE REMAINING FUNDS ARE DUE TO MATURE LATE SUMMER, EARLY FALL OF 2021.
AND BY REDUCING THIS INVESTMENT BALANCE, WE ARE SAVING THE ADMINISTRATION FEE THAT WE'VE BEEN PAYING CHANDLER.
MOST OF THE MATURING BALANCE FROM CHAN YELLERS IS REFLECTED AND WILL BECOME, OH, I'M SORRY.
MOST OF THE MATURING BALANCES FROM CHANDLER ARE REFLECTED IN THE ACCOUNT BALANCES FOR LAFE.
AND LACE-UP PLEASE NOTE THAT THE TOTAL CASH AND INVESTMENT REFLECTED IS 77,670,000 BONDS AND REVENUE MARKET VALUE IS 6 MILLION, SIX HUNDRED AND FIFTY NINE THOUSAND SIX MILLION.
AND 119,000 ARE AIRMARK FOR SUCCESSOR AGENCY AND CANNOT BE USED FOR GENERAL FUND MONEY.
WHEN YOU LOOK AT THE BOTTOM LINE AS OF APRIL 30TH, 2020, THE TOTAL INVESTMENT PORTFOLIO, INCLUDING THE SUCCESSOR AGENCY IS $84,333,000.
IN CLOSING, YOU MAY HAVE NOTICED THAT THE FINANCE DIRECTOR IN THE PAST HAS MADE A NOTATION, THAT THERE ARE SIGNIFICANT FUNDS TO MEET THE CITY'S BUDGETED EXPENSES OVER THE NEXT SIX MONTHS IN THIS REPORT.
THAT IS THE CONCLUSION OF MY REPORT.
IF YOU HAVE ANY QUESTIONS, I'D BE MORE THAN HAPPY TO ANSWER THEM.
THAT'S THE, WE DON'T HAVE ANY MORE SPEAKER CARDS, BUT I HAVE FIVE EMAILS TO READ.
OUR FIRST EMAIL IS FROM BRIAN JOKES.
THESE ARE THE COMMENTS OF BRIAN.
JOB'S A 31 YEAR OLD, A 31 YEAR RESIDENT OF WEST COVINA COMMENTS FOR THE CITY COUNCIL MEETING, JULY 7TH, 2020, OUR CITY, OUR STATE AND OUR COUNTRY ARE IN THE MIDST OF A PANDEMIC WITH OUT PRECEDENT.
IN OUR LIFETIMES, THE PANDEMIC IS ACCELERATING SICKENING AND TAKING MORE LIVES EVERY DAY.
ACCORDINGLY THE LOS ANGELES COUNTY DEPARTMENT OF PUBLIC HEALTH HAS RECOMMENDED THE RESIDENTS OF LA COUNTY AVOID ALL NON-ESSENTIAL PUBLIC GATHERINGS.
NEVERTHELESS NEWS BROKE THIS WEEKEND THAT THE CITY OF WEST COVINA REMOVED THE OPTION TO PHONE INTO A CITY COUNCIL MEETING DURING THE PUBLIC COMMENT PERIOD, THE CITY ALSO REMOVED THE OPTION TO HAVE PUBLIC COMMENTS EMAILED IN AND READ OUT LOUD DURING THE PUBLIC COMMENT PERIOD, YOU HEARD THAT CORRECTLY DURING AN ACCELERATED PANDEMIC, THE CITY OF WEST COVINA HAS LEFT ITS RESIDENTS WITH ONLY ONE OPTION TO BE HEARD DURING A CITY COUNCIL MEETING, YOU MUST PHYSICALLY ATTEND A CITY COUNCIL MEETING
[01:05:01]
RISKING YOUR HEALTH AND THE LIFE OF THOSE OF YOUR LOVED ONES.THE ACCOUNTABILITY FOR THIS CHANGE IS CLEAR CITY COUNCIL AGENDAS AND MEETINGS PREPARATION ARE PERFORMED BY THE MAYOR AND THE CITY MANAGER, MAYOR TONY WU AND CITY MANAGER.
DAVID CARMONEY MADE THIS CHANGE.
THAT MAY BE THE RESULT OF THE LAST CITY COUNCIL MEETING AND A MEETING OVER 30 EMAILS WERE READ OUT LOUD.
MOST OF THOSE CRITICIZED MAYOR WU AND CITY MANAGER CARMONEY FREEDOM OF SPEECH IS FUNDAMENTAL TO THE AMERICAN DEMOCRACY.
IT IS THE VERY FIRST AMENDMENT OF THE US CONSTITUTION.
THAT INCLUDES THE RIGHT TO CRITICIZE OUR ELECTED REPRESENTATIVES AND CLOSING HUGE THINGS TO COUNCIL MEMBER, JESSICA SHOEMAKER.
IF THIS EMAIL IS BEING HEARD IN TONIGHT'S COUNCIL MEETING, IT IS BECAUSE OF HER.
WHEN NEWS BROKE, WHEN NEWS ABOUT THIS BROKE THIS WEEKEND ON SOCIAL MEDIA, SHE JUMPED IN IMMEDIATELY.
SHE RECOGNIZED THE SERIOUS IMPLICATIONS OF WHAT MAYOR WU AND CITY MANAGER CARMONEY HAD DONE.
THANK YOU, MS. SHOEMAKER, THIS IS MY THANKS.
AND THAT OF THE OTHER RESIDENTS THAT WE ARE ASKING THAT ARE ASKING WE NOT HAVE TO RISK OUR LIVES TO BE HEARD AT A WEST COVINA CITY COUNCIL MEETING.
OUR NEXT, UH, EMAILED COMMENTS ARE FROM TERESA KOZAD.
I AM WRITING AS A FOLLOWUP TO AN ITEM MENTIONED IN THE LAST COUNCIL MEETING, CHANGING THE CITY CONTRACT FOR ANIMAL CONTROL FROM INLAND VALLEY HUMANE SOCIETY BACK TO LA COUNTY BALDWIN PARK COUNCIL MEMBER SHUMAKER MENTIONED VHS WAS RAISING THEIR FEES AND THEREFORE THE COUNCIL IS LOOKING AT CHANGING BACK TO LA COUNTY.
I WOULD LIKE TO REMIND THE COUNCIL OF WHAT TRANSPIRED LAST YEAR AT THIS TIME, WHEN THE COUNCIL DECIDED TO MAKE THE CHANGE TO IVH S THE CONTRACT WITH INLAND VALLEY HUMANE SOCIETY AS A TWO YEAR CONTRACT FOR 1.7, 9 MILLION WITH POSSIBLE REVENUES FROM LICENSE LICENSURE FEES OF 400,000 TO 500,000, WHICH COULD BRING THE COST DOWN.
THE COST PER LA COUNTY WAS 1.8, 8 MILLION AND WAS SCHEDULED TO INCREASE.
ALSO, THE COUNTY WAS UNDER INVESTIGATION FOR NOT PROVIDING THE CONTRACTED SERVICES.
THIS INFORMATION IS FROM AN ARTICLE PUBLISHED IN THE TRIBUNE DATED MARCH 11TH, 2019, THE CITY OF WEST COVINA, SINCE A FLYER TO ALL RESIDENTS INFORMING US OF THE CHANGE TO INLAND VALLEY HUMANE SOCIETY.
AND IN THE FLYER, IT STATED WE WOULD AUTOMATICALLY BE SENT INFORMATION ABOUT PET LICENSE RENEWAL THAT NEVER HAPPENS BECAUSE LA COUNTY NEVER SENT THE RECORDS TO INLAND VALLEY HUMANE SOCIETY.
I KNOW THAT BECAUSE I TRIED TO RENEW MY LICENSE AT INLAND VALLEY HUMANE SOCIETY, AND IT WAS TOLD THEY DIDN'T HAVE ANY INFO FROM THE COUNTY.
THEREFORE I NEEDED TO SUBMIT A SUBMIT NEW INFORMATION ON MY DOG.
I KNOW MOST OF MY NEIGHBORS HAVE NOT.
RELICENSED THEIR PETS, OBVIOUSLY THAT AFFECTS REVENUES FROM LICENSURE FEES AND LYNN VALLEY HUMANE SOCIETY RECENTLY SENT OUT A NOTICE TO RESIDENTS THAT THEY WOULD BE GOING HOUSE TO HOUSE TO CHECK, TO SEE IF RESIDENTS HAVE LICENSED THEIR PETS AND LYNN VALLEY HUMANE SOCIETY IS MAKING AN EFFORT TO LICENSE AND COLLECT FEES.
IT IS NOT THEIR FAULT THAT LA COUNTY HAS NOT SEEN THEM SEEN ALL OF THE PREVIOUS RECORDS.
OUR CONTRACT IS FOR TWO YEARS, YOU NEED TO GIVE AND THEN VALLEY HUMANE SOCIETY, TIME TO COMPLETE THE COLLECTION OF DATA AND FEES.
FINALLY, IF THE REASON FOR RETURNING COUNTY SERVICES IS DUE TO LOWER COSTS, WE AS RESIDENTS HAVE A RIGHT TO KNOW EXACTLY WHAT THE COUNTY WILL CHARGE AND WHAT INLAND VALLEY HUMANE SOCIETY WILL CHARGE.
WELL, WEST COVINA BE CHARGED FOR BREAKING A TWO YEAR CONTRACT.
I WOULD ALSO LIKE TO KNOW WHAT SERVICES ARE BEING OFFERED BY BOTH SHELTERS AS MENTIONED ABOVE LA COUNTY WAS UNDER INVESTIGATION FOR NOT PROVIDING SERVICES.
WHAT WERE THE RESULTS OF THAT INVESTIGATION? WE NEED TO KNOW OUR NEXT EMAIL MAYOR IS FOUR FROM ELSIE MESMAN.
MAYBE SOME OF THE COUNCIL MEMBERS DON'T HAVE AN ISSUE WITH THE CORONA VIRUS, BUT SOME OF US DO TO DEPRIVE US OF OUR FREEDOM OF SPEECH IS UNCALLED FOR, I GUESS THE TRUTH HURTS.
THE 66 PAGE CITY COUNCIL AGENDA FOR JULY 7TH WAS NOT DONE IN HOUSE.
I AM LOOKING FORWARD TO THE STATE AUDIT TO BE COMPLETED SO WE WILL KNOW HOW WELL OUR FINANCES ARE BEING MANAGED.
OUR FINANCE DIRECTOR FLEW INTO THE WRONG CITY FOR HER TO SAY, WE DON'T HAVE A UTILITY TAX OR ANY OTHER TAX IS NOT HER JOB.
THE RESIDENTS PAID $36,000 ON JUNE 23RD, 2020 FOR A CONVERSION COST SURVEY FOR THE FIRE DEPARTMENT.
WHY IS IT RESIDENTS HAVE NOT HEARD OF THE PROS AND CONS OF THIS SURVEY? THIS LACK OF TRANSPARENCY DOES NOT WORK IN WEST COVINA, MR. CARMONEY AND MR. BOOM, MR. WU, YOU CAN BABYSIT TWO COUNCIL MEMBERS, BUT YOU WILL NOT BABYSIT THE RESIDENTS.
I RETAIN IT FOR THE ATTORNEY WAS INCREASED FROM $13,500 PER MONTH TO 30,000 PER MONTH LISTED AS LEGAL FEES.
THE TOTAL FROM MAY, 2020 WAS 45,000.
THEN THE ENGINEERING DEPARTMENT WAS FARMED OUT ALSO FOR APRIL.
NO WONDER OUR CITY HAS NO MONEY AND IS ANYBODY CHECKING
[01:10:01]
WHAT THEY ARE DOING AND WHAT THEY ARE CHARGING BY THE WAY, THE CITY HAD MONEY FOR 12% RAISE FOR THE POLICE AND THE 12% FOR FIRE AND OUR FINANCE DIRECTOR ALSO RECEIVED A RAISE.NOW THE CITY FILED A CLAIM WITH LA SUPERIOR COURT IN LA 40 BOND.
THE CITY COUNCIL AND CITY MANAGER ARE SELLING OUR CITY OUT.
WE WON'T EVEN OWN OUR STREETS ANYMORE.
OUR NEXT SPEAKER, UH, VIA EMAIL MAYOR IS ANGIE GILLINGHAM.
AS A RESIDENT OF THIS CITY, COUNT ME IN I'M BEING CONFUSED WAS ALL OF JUNE'S CALENDAR EVENTS, TOWN HALL, MEETING, SPECIAL FINANCE AND AUDIT MEETING BUDGET, MEETING ALI RUSE.
PLEASE ALLOW ME TO GIVE YOU A TIMELINE OF EVENTS THAT LED TO MY CONFUSION ON MAY 27TH, I ATTENDED A ZOOM MEETING FOR ONE OF THE LOCAL CLUBS.
I WANTED TO HEAR THE GUEST SPEAKER CITY MANAGER CARMONEY HE BEGAN WITH, WE ARE IN A VERY DIFFICULT TIME CRISIS IN OUR CITY.
HE'S GOT EVERYONE'S ATTENTION WITH THAT LINE.
HE WENT ON TO PAINT A DIRE PICTURE OF THE STATE OF THIS STATE OF THE CITY, STARTING WITH 30 FIRE DEPARTMENT PERSONNEL NEEDING TO BE LAID OFF PD AS WELL.
NO NUMBER WAS PROVIDED CLOSURE OF TWO FIRE STATIONS, NUMBER ONE AND THREE, NO MORE STREET SWEEPING, ET CETERA, ALL BEING RELATED TO COAT TO THE COVERT PANDEMIC AND THE LOSS OF REVENUE.
I THEN TURNED TUNED INTO THE NEXT COUNCIL MEETING ON JUNE 2ND AND HEARD NOTHING FROM THE CITY MANAGER ON WHAT HE SHARED WITH THE CLUB.
ON FIVE 27, I EMAILED AND CALLED HIS OFFICE ON SIX THREE.
HE RETURNED THE CALL THAT DAY.
I ASKED WHY HE HAD NOT PROVIDED TO THE PUBLIC, WHAT HE SHARED WITH THE CLUB.
HE TRIED REDIRECTING ME TO THAT EVENING'S BUDGET MEETING AND TO LISTEN TO MR. GOODRICH, EXPLAIN WHAT BAR BROWNING OUT MEANS.
HE DIRECTED ME TO GRITCH WHO HE HAS NOT LISTENED TO OVER A YEAR OR SO ON CUTTING COSTS.
I PRESSED HIM TO ANSWER, BUT HE DID NOT THEN CAME THE JUNE 23RD CITY COUNCIL MEETING AND LISTENED TO THE ASSISTANT CITY CLERK.
READ AN EMAIL FROM ME, FIRE CAPTAIN WITH OUR CITY, INFORMING US THE RESIDENTS OF THE DEAL.
THIS COUNCIL AGREED TO IN LATE 2019 INVOLVING A SETTLEMENT WITH THE FIRE DEPARTMENT TO LOOKING AT CAMP, GOING TO COUNTY MORE WAS AGREED TO IF THE TAX MEASURE WAS SUCCESSFUL, SUCH AS RAISES, ET CETERA, ET CETERA.
I THINK HIM FOR COMING FORWARD WITH THIS INFORMATION, THE APPOINTED COUNSEL WOMAN WENT ON TO STEPS, SUBSISTENT THAT THE SETTLEMENT MADE IN LATE 2019 STATED BY THE FIRE CAPTAIN TO GO TO COUNTY HAS NOTHING TO DO WITH THE FINANCIAL CRISIS.
BASED ON THIS HUGE CORRECTION CLARIFICATION, YOU WILL UNDERSTAND WHY IT IS DIFFICULT FOR THE RESIDENTS TO SUPPORT THIS COUNCIL AND YOUR CITY MANAGER.
WHAT OTHER INFORMATION WILL WE WILL WE DISCOVER AGREED TO BY THIS COUNCIL BEHIND CLOSED DOORS, HOW DISINGENUOUS I WILL END WITH A RECENT QUOTE FROM THE LA TIMES, IF THE PEOPLE LEAD, THE LEADERS WILL FOLLOW.
THAT IS WHAT HAPPENED IN MARCH, 2020 ON THE ELECTION TO INCREASE OUR TAXES.
OUR NEXT ONE IS FROM KIN FEN NUNO.
I AM A 12 YEAR RESIDENT OF WEST COVINA.
I WANT TO COMMENT ON THE PROPOSED BOND ISSUE.
THE CITY COUNCIL HAS SAID THAT THE CITY IS EXPERIENCING A BUDGET DEFICIT BECAUSE OF LOST REVENUE DUE TO THE COVID VIRUS.
THIS THE CITY NEEDS TO LOOK AT OTHER SOURCES OF REVENUE TO MAKE UP THIS DEFICIT.
I DO NOT AGREE WITH THIS CONCEPT BECAUSE THE CITY HAD SEVERE PROBLEMS WITH DEFICIT SPENDING LONG BEFORE THE COVID VIRUS WAS EVEN PERSISTS, PRESENT AS A KNOWN FACT THAT THE COUNCIL HAS BEEN SPENT HAS HAD A SPENDING PROBLEM FOR A LONG TIME.
AND TO BLAME, LACK OF FUNDS ON THE VIRUS IS NOT TRUE.
AND FRANKLY OFFENSIVE, THE COUNCIL GAVE THE FIREFIGHTERS AND POLICE A 12% RAISE WHEN THE CITY WAS STRUGGLING FINANCIALLY, THEY THEN WANTED TO GIVE THE FIREFIGHTERS AND POLICE AND ADDITIONAL SALARY INCREASE AND WAS HOPING THAT THE PROPOSED CITY TAX INITIATIVE WOULD PASS SO THAT THIS INCREASE COULD BE GIVEN.
HOWEVER, THAT TAX INITIATIVE WAS DEFEATED BY THE TAXPAYERS BY ALMOST 80 TO 20%, THAT WAS OBVIOUS TO MANY OF US THAT THE RESIDENTS DID NOT WANT MORE TAXES.
NOW THE CITY COUNCIL IS CONSIDERING BONDS TO RAISE MONEY.
THIS AGAIN MEANS THAT WE, THE TAXPAYERS ARE GOING TO BE RESPONSIBLE TO PAY THESE.
I FEEL WE NEED TO SERIOUSLY REVIEW OUR WANTS VERSUS OUR NEEDS.
THERE HAVE BEEN MANY TIMES THAT WE, AS RESIDENTS HAVE HAD TO REVIEW OUR PERSONAL FINANCIAL BUDGETS AND HAD TO GIVE UP THINGS THAT WE COULD NOT AFFORD.
WE HAVE HAD TO WAIT TO MAKE A BIG PURCHASE BECAUSE WE DIDN'T HAVE THE MONEY.
HOWEVER, OUR CITY COUNCIL DOESN'T SEEM TO BE ABLE TO DO THIS.
THEY DON'T SEEM TO BE ABLE TO LIVE WITHIN THEIR OWN BUDGET.
WHEN I PURCHASED MY HOUSE 12 YEARS AGO, MY PROPERTY TAX WAS ABOUT $4,200 PER YEAR.
IT IS NOW ABOUT 6,400 PER YEAR.
I AM PERSONALLY TIRED OF MY TAXES, CONTINUING TO RISE AT THE TIME THAT THE COUNCIL WANTS MORE AND MORE MONEY.
[01:15:01]
THIS NEEDS TO STOP.I ASKED THE COUNCIL TO STOP LOOKING FOR QUICK FIXES TO BALANCE THEIR BUDGET.
PLEASE CONSIDER THAT THE AVERAGE HOUSEHOLD EARNS ABOUT 70,000 PER YEAR.
PLEASE STOP ASKING THE RESIDENTS TO MAKE FINANCIAL SACRIFICES WHEN THE COUNCIL IS UNWILLING TO DO SO.
IS IT THE SHOW? IS IT OKAY? AND HOW ABOUT THE RESIDENT? UH, ANYONE WANT TO ADDRESS COUNCIL? SAY WHY YOU'RE HERE.
YOU WANT TO COME TO SAY SOMETHING? YOU ALWAYS TALK SOMETHING YOU WANT TO CUT THE DRESS TO US ONCE.
WHY NOT? WE'LL COME BACK TO SEE YOU FOR A LONG TIME.
NO, I WOULD LIKE TO ADDRESS CALL ME.
NO, I JUST HAVE A BIG DEAL WITH GOING TO LA COUNTY FIRE.
I HAVE A REALLY BIG DEAL BECAUSE WHEN I SEE THE STAFF MEMBERS COMING ON LINE AND, AND MAKING STATEMENTS, IT REALLY PISSES ME OFF.
AND WE HAD A HOUSE FIRE A COUPLE MONTHS AGO.
MY KIDS SET THE CAMPER ON FIRE, PART OF THE HOUSE, PART OF THE NEIGHBOR'S HOUSE.
AND I LIVE ACROSS THE STREET FROM FIRE STATION THREE.
IF THEY HADN'T GOTTEN THERE FAST, MY HOUSE WOULD HAVE GONE UP AND MY NEIGHBOR'S HOUSE TOO.
SO I'M REALLY, REALLY CONCERNED.
I ALSO HAVE A HUSBAND WHO'S DYING AND WE CALL SERVICES QUITE OFTEN.
I'LL MAKE A BIG, NO, HE'S ABOUT IT.
ANY OTHER RESIDENT WANT TO ADDRESS TO US ABOUT THE YOUNG LADY? LAST TIME YOU SPEAK ON THE DRESS TO US? YOU OKAY.
I'M GOING TO CLOSE THE PUBLIC COMMENT.
COULD YOU ADDRESS TO US? OKAY.
ONE THING IS THIS I DON'T MIND.
AND I'M PRETTY SURPRISED THIS MORNING REGARDING THE CHANGE, BUT ANYWAY, I REQUESTED THE MANAGER TO CHANGE BACK.
BECAUSE I THINK THERE'S WHY NOT CURRENTLY PANDEMIC.
WE REALLY WANT TO ENCOURAGE PEOPLE TO STAY HOME AND THEY ARE WELCOME TO EMAIL TO US.
OR
AND ESPECIALLY FOR THE SENIOR, WE REALLY WANT THEM TO KIND OF CURRENTLY STAY HOME TO BE HEALTHY AND THAT YOU WILL COME TO FOREIGN.
AND I THINK WE WILL CONTINUE TO DO THE PHONE OR EMAIL.
TIA, THESE PANDEMICS OVER AND WE OVER HERE BECAUSE WE CHOOSE TO BE HERE.
BUT THE RESIDENT, I DON'T THINK THEY SHOULD, WE STAY ALIVE AND THAT IF WE DON'T, IF THEY WANT TO ADDRESS TO US, OKAY.
THEY WILL COME TO THE JUDGE TO US EMAILING OR FOLLOWING.
OR SHOW IN PERSON LIKE, OKAY, WE'LL COME BACK ANYWAY TO STAY HEALTHY.
AND IN CITY MANAGER, YOU WANT TO ADDRESS SOME OF THE OKAY.
WE REQUEST OR THEY'RE CONCERN.
MAYOR AND COUNCIL MEMBERS OF THE PUBLIC.
I WOULD LIKE TO JUST RESPOND TO A FEW OF THE COMMENTS MADE, UM, THREE OF OUR SPEAKERS TONIGHT HAD COMMENTS AND SUGGESTIONS ABOUT THE, UM, IDEA OF LEASE REVENUE, BONDS TO ADDRESS THE CITY'S PENSION LIABILITY.
CURRENTLY THE CITY HAS AN UNFUNDED PENSION LIABILITY THAT IT'S CARRYING AT CALPERS OF ABOUT $199 MILLION.
AND WE'RE PAYING THEM 7% INTEREST.
SO WE'LL TALK ABOUT SOME DETAILS OF THIS TRANSACTION TONIGHT, LATER IN THE AGENDA.
BUT THE IDEA IS THAT WE WOULD, UM, REFINANCE THAT DEBT BY ISSUING TAXABLE MUNICIPAL BONDS, OR IN THIS CASE, LEASE REVENUE, BONDS, UM, AT A, AT A MUCH LOWER INTEREST RATE, I CAN'T REPRESENT WHAT THE RATING WILL BE FROM STANDARD.
AND POOR'S, ALTHOUGH THAT RATING AGENCY MEETING IS, UM, WITHIN THE NEXT WEEK, WE, UM, ARE ABLE TO ACHIEVE, UM, AN INTEREST RATE OF 4.2% AGAINST THE CURRENT INTEREST RATE.
WE'RE PAYING A 7% THAT WOULD REPRESENT A CONSIDERABLE SAVINGS TO THE CITY, UH, NET PRESENT VALUE SAVINGS OF SOME $44 MILLION, WHICH IS WHY WE'RE LOOKING AT THIS BECAUSE THOSE PENSION COSTS, THE UNFUNDED PENSION LIABILITY IS CONTINUING TO RISE.
WE HAD A FEW SPEAKERS TONIGHT, TALK ABOUT CITIES EFFORTS TO LOOK AT OPTIONS IN SERVICE PROVISION.
UM, ONE SPEAKER MENTIONED TREE TRIMMING, WHICH WAS PUBLICLY REBID AND THE LOW BID, UH, RECOMMENDED AS THE CURRENT PROVIDER.
THAT'S DOING A GREAT JOB FOR US, BUT THEIR COSTS HAVE GONE UP.
SO WE'RE LOOKING AT OPTIONS IN THAT SERVICE INSTEAD OF HAVING THE CITY ON A MORE FREQUENT CYCLE OF TRIMMING, PERHAPS IN THE SHORT TERM, WE'D HAVE TO MOVE TO A EIGHT YEAR CYCLE, WHICH IS NOT SOMETHING THAT WOULD BE IDEAL, BUT, UM, PERHAPS NECESSARY GIVEN BUDGET CONTROL.
THE ANIMAL CONTROL CONTRACT CAME UP LAST MEETING.
[01:20:01]
FROM A COUPLE OF THE SPEAKERS, THERE WAS A TWO YEAR CONTRACT IN PLACE WITH INLAND VALLEY.AND, UM, THERE'S NO PENALTY FOR CONCLUDING THAT RELATIONSHIP.
THERE IS A ONE YEAR NOTICE PROVISION REQUIRED.
AND SO WE'RE SHOPPING THAT SERVICE AGAINST LA COUNTY, WHICH IS THE OTHER, UM, OBVIOUS PROVIDER IN THIS AREA.
AND WE'LL HAVE A COMPARATIVE AND SOME SIDE-BY-SIDES WHEN THAT RETURNS TO THE COUNCIL FOR YOUR CONSIDERATION.
UM, COUPLE OF THE SPEAKERS TALKED ABOUT POLICING PRACTICES OF THE CITY.
IT'S A, IT'S A NATIONAL TOPIC TODAY.
AND ONE THAT'S QUITE IMPORTANT TO ALL OF US.
I KNOW WE, UM, HAVE AN AGENDA ITEM LATER TONIGHT.
WE'RE GOING TO HAVE OUR CHIEF REVIEW SOME OF OUR ABUSE OF FORCE POLICIES AS THE COUNCIL DIRECTED AT THE LAST MEETING.
AND I THINK WE'LL BE ALL OF THIS PROUD OF THE WAY OUR DEPARTMENT HAS BEEN CONDUCTING ITSELF.
JUST MAKE MENTION ON A SIDE NOTE, UM, WE DID HAVE A MEETING DIRECTLY WITH THE LOCAL CHAPTER OF THE NAACP.
THEY HAD A LIST OF STANDARD QUESTIONS, AND I THINK WE PASSED OUR, OUR MEETING AND INTERVIEW WITH THEM WITH FLYING COLORS.
I THINK OUR DEPARTMENT HAS BEEN DOING A REALLY GOOD JOB.
I SAY AGAIN AND AGAIN, OUR EMPLOYEES ARE OUR STRONGEST ASSET.
UM, ONE OF THE SPEAKERS TALKED ABOUT THE, UM, EMPLOYEE AGREEMENTS, WHICH ARE ON THE AGENDA TONIGHT.
WE'RE ASKING ALL OF OUR EMPLOYEES TO TAKE A 10% REDUCTION OF THEIR BENEFITS.
UM, DURING THIS TIME TO SUSPEND THOSE, I'M GOING TO PULL MOST OF THOSE OFF THE AGENDA TONIGHT BECAUSE I'VE GOT SOME FINE DETAILS TO WORK OUT ON A COUPLE OF THEM.
I DON'T WANT TO TRY AND DO THEM ALL AT ONCE WITH THE EXCEPTION.
I'M NOT GOING TO PULL OFF THE ONE FOR THE CITY MANAGER AND DEPARTMENT HEADS BECAUSE THOSE INDIVIDUALS ARE CHEERFULLY HAPPY TO TAKE THOSE REDUCTIONS.
I JUST WANT TO MENTION THAT I PERSONALLY, WITHOUT BEING ASKED, UM, HAD A REDUCTION OF MY OWN, WHICH WAS IN EXCESS OF ANYTHING I'M ASKING OF MY EMPLOYEES.
AND I THINK DURING THIS TIME IT'S JUST AN OBVIOUS THING TO DO.
UM, THAT'S ALL I CAN THINK OF TONIGHT TO RESPOND TO THE PUBLIC COMMENTS, BUT I APPRECIATE THAT EVERYONE TOOK THE TIME TO DO SO.
I WONDER WHERE WE'VE DONE THE RESIDENT.
THANKS TO MANAGEMENT TEAM, INCLUDING THE OLDER DEPARTMENT DIRECTOR.
YOU GUYS ARE WILLING TO TAKE THIS 10%.
I THINK THIS SHOW THE, UH, VERY IMPORTANT LEADERSHIP BECAUSE OUR CT COHEN IS SUFFERING.
OUR RESIDENT CURRENTLY IS SUFFERING WITH OKAY.
AND I THINK THIS IS A VERY, VERY GOOD GESTURES FOR THE HOUR.
I, AGAIN, I WANT TO THANK YOU GUYS BECAUSE A 10% IS QUITE A LOT TO A LOT OF OUR OKAY.
BUT, BUT AGAIN, COMPARED WITH OUR COINCIDENCE INDEPENDENT, MAKE THE PEOPLE, LOSING JOBS, PEOPLE LOSING THEIR BUSINESS, LOSING THEIR LIFE SAVING.
AND THIS IS SOMETHING I LIST A MINIMUM.
THE ENABLE NEGOTIATION IS VERY TOUGH.
AND, UH, AND HE'S COMING, OKAY.
EVERYBODY WILL HAVE A FAMILY TO, TO, TO, TO RAISE TO FEED.
AND, UH, BUT AGAIN, I JUST WANT TO QUICKLY TO SAY THANK YOU AND ALL THE MANAGEMENT TEAM OR THE, ALL THE DIRECTORS.
AND ARE WILLING TO TAKE THESE SACRIFI AND IN THIS TOUGH TIME.
ENDED, UH, COUNCILMAN
ARE YOU MR. MAYOR? I'D JUST LIKE TO ECHO THAT SENTIMENT THINK MANAGEMENT FOR LEADING BY EXAMPLE.
UH, BUT UH, MR. CITY MANAGER, JUST ONE QUESTION.
I KNOW WE'LL COVER THIS ON THE AGENDA LATER, BUT I WANTED TO HIGHLIGHT WHAT YOU WERE DISCUSSING ABOUT THE BONDS.
SO THE NET PRESENT VALUE SAVINGS IS ABOUT 44 MILLION.
AND JUST TO CLARIFY, CAUSE I THINK THE LAST EMAIL MIGHT NOT HAVE UNDERSTOOD THE OBJECTIVE.
CAN WE LEAVE THIS IN TO OUR AGENDA? YES.
WE HAVE A LOT OF QUESTIONS, INCLUDING I HAVE A LOT OF QUESTIONS YOU HAVE AND THEN FOR THE AGENDA, PLEASE.
SO HERE WE LET HIM TO REPORT AND WE CAN MOVE ON TO OUR AGENDA.
WOULD YOU PLEASE ASK THAT QUESTION ALREADY? OKAY.
AND OTHER THAN THAT, I THINK, UH, CHRIS MILA, UH, TALKING ABOUT THE CCW, MAYBE CHIEF WANTS TO KIND OF ANSWER REGARDING HIS QUESTION IS CHRIS MILOS TO HERE YOU LEFT.
SO WE MIGHT QUICKLY ABOUT, OKAY.
SO ALSO HE, YOU KNOW, HE ASKED ABOUT, OKAY, A COUPLE OF ISSUES, BUT ONE ISSUE YOU WANT US TO ANSWER THE CCW CONCEALED CARRY WEAPON THINK DO TO WORRY ABOUT COHEN, OUR OKAY.
[01:25:01]
TO, TO HIS CONCERN.WELL, RIGHT NOW, UM, ANY OF OUR RESIDENTS CAN GO TO THE COUNTY AND GET A CCW.
I REALIZE WE DON'T HAVE IT HERE IN WEST COVINA.
I KNOW THERE WERE SOME CONCERNS ABOUT YOUR HOME, EVERY HOMEOWNER RIGHT NOW, EVERY HOMEOWNER RIGHT NOW FACE THE MICROPHONE.
IF EVERY HOMEOWNER RIGHT NOW CAN OWN A GUN IN THEIR HOME TO PROTECT THEIR HOME.
UM, IF HE'S TALKING ABOUT WALKING AROUND THE STREET, WE WANT, THAT'S A WHOLE DIFFERENT AREA, BUT I'VE, I'VE HEARD THE, THE I'VE HEARD IT COME UP ABOUT PROTECTING HOME.
EVERY, EVERY PERSON CAN OWN A HOME IN THEIR GUT AND THEIR HOME RIGHT NOW AND THEY CAN'T PROTECT IT.
UM, I THINK I SAID WHEN I FIRST, UM, BECAME CHIEF THAT WE WOULD TAKE A LOOK AT THIS A LITTLE LATER, UH, WE CERTAINLY CAN DO THAT.
WE CAN HAVE SOME DISCUSSIONS ABOUT IT, BUT RIGHT NOW, UM, WEST COVINA DOES NOT ISSUE THEM.
WE DON'T HAVE THE STAFF TO ISSUE THEM.
IT TAKES A LOT OF TIME TO DO THAT.
UM, AS WE BEGIN TO GROW A LITTLE BIT MORE, WE CAN ACTUALLY VISIT THAT.
SO RIGHT NOW I WOULD LEAVE IT AT THAT, BUT I WOULD LOVE TALK TO CHRIS MILLER AND ANYBODY ELSE THAT DESIRES TO HAVE A CCW.
WE, UH, WANT TO CONTINUE, HAVE CONVERSATION WITH, OKAY.
UH, HOPEFULLY LATER ON, WE CAN STILL HAVE THAT COMMUNICATION, I THINK ABOUT THREE YEARS AGO.
COUNCIL MAJORITY IN 2017, UH, MYSELF AND, UH, UH, MIKE SPENCE AND OKAY.
COUNCILMAN JOHNSON, WE BOTH TWEAKED TO APPROVE THE CCW.
SO I HOPE WE HAVE A CHANCE TO SEE YOU.
WE CAN COME BACK TO CT TO LOOK INTO A POTENTIALLY WE HAVE A LESS CCW ISSUE THING.
[CITY MANAGER'S REPORT]
OKAY.I'M GOING TO MOVE ON TO THE MANAGER REPORT.
I DO HAVE JUST A BRIEF UPDATE ABOUT A COUPLE OF THE PROJECTS IN THE WORKS.
UM, FIRST ON THE LIST UNDER THE MANAGER REPORT TONIGHT IS REGARDING THE DELIVERY OF SOME CAPITAL PROJECTS UNDER THE CITY'S CAPITAL IMPROVEMENT PROGRAM.
UM, ONE OF THE, I THINK BENEFITS WE'RE FINDING OF HAVING, UM, PRIVATIZED THE CITY ENGINEERING FUNCTION IS THAT THEY'RE REALLY DOING A GREAT JOB OF PARTNERING WITH THIS TO IDENTIFY AVAILABLE GRANT FUNDS AND GETTING PROJECTS DELIVERED.
UM, WE FINISHED THE CATCH BASED IN PROCESS PROJECT THAT A NUMBER OF, UM, PARENTS HAD ASKED FOR BY ORANGEWOOD SCHOOL, WE COORDINATE THAT AND COOPERATED WITH THE COUNTY ON THAT PROJECT.
AND WE JUST MOST RECENTLY FINISHED TWO DIFFERENT, UM, MILLION DOLLAR PROJECTS ON OUR STREET REHABILITATION PROJECT.
ONE THAT THEY, UH, TRANS TECH, THE ENGINEERING FIRM CAUGHT US UP ON WAS THE 2017 18TH STREET REHAB PROGRAM PROJECT, WHICH WAS SOMETHING THAT JUST THE CITY HADN'T GOTTEN OUT THE DOOR.
AND THEN MOST RECENTLY THE, UM, 20 1920 STREET REHAB PROGRAM, WHICH IS THE AREA ABOVE CAMERON AND UP AND DOWN CITRUS, WE HAD A LITTLE MONEY LEFT OVER.
AND SO THEY'RE LOOKING AT A COUPLE ADDITIONAL STREETS THAT MIGHT BE REPAVED.
UM, DUE TO THAT, THIS, UM, IS A PROJECT THAT ALWAYS YIELDS A LOT OF SIDEWALKS SUPERINTENDENTS.
AND I CAN TELL YOU, CAUSE I WAS WALKING THESE STREETS AFTER WORK.
CAUSE I, I LOVE PAVING STREETS AND WE GOT NOTHING BUT COMPLIMENTS ABOUT THESE JOBS.
UM, ONE, ONE RESIDENT WAS JUST EFFUSIVELY IN HIS PRAISE AND IT WAS A VERY INTERESTING CONVERSATION TO HAVE.
IT WAS THE WEEK WHEN WE LOOKED ON THE EVENING NEWS AND WE SAW CITIES WERE BEING LOADED IN AND BURNING.
AND, UM, HE COMMENTED TO ME WHAT A GREAT JOB WEST COVINA WAS DOING IN KEEPING THE CITY SAFE WITH OUR POLICE DEPARTMENT.
AND WE THANK THEM FOR THAT, BUT ALSO GETTING STREETS PAVED.
HE STARTED TO TELL ME HOW IT POSITIVELY AFFECTED PROPERTY VALUES.
AND I DIDN'T SAY A WORD I JUST SMILED AND SAID, YEAH, I KNOW.
AND SO WE WERE HAPPY TO, TO GET THOSE DONE TIMELY DURING A TIME WHEN THE WORLD SEEMED TO BE IN TURMOIL.
UM, COUPLE OF UPDATES ABOUT HOW COVID-19 IS AFFECTING OUR CITY OPERATIONS.
WE, UM, TRIED TO GET OUT IN FRONT AND TEST OFFER A VOLUNTARY BASIS TESTS FOR THE ANTIBODY AND THE CURRENT COVID TO ALL CITY EMPLOYEES.
UM, WE ENDED UP GETTING SOME OF OUR EMPLOYEES TESTING POSITIVE FOR THAT THEY DIDN'T SHOW SYMPTOMS, BUT WE IMMEDIATELY HAD TO SUSPEND OUR MEAL PROGRAM THIS WEEK BECAUSE THOSE ARE THE PEOPLE THAT ARE DELIVERING THE MEALS WE HAD PLANNED TO RETURN TO NORMAL, WHICH IS OUR GOAL.
WE CAN'T WAIT TO GET BACK TO NORMAL AND START SERVING HOT MEALS.
WE HAD TO IMMEDIATELY PLACE AN ORDER FOR THE FROZENS AGAIN, AND WE'RE GOING TO GET THAT PROGRAM BACK UP AND RUNNING, BUT WE'VE GOT TO FIGURE OUT THE DELIVERY TEAM TO DO IT.
WE'VE BEEN CALLING THE MEAL PROGRAM PARTICIPANTS AND EMAILING THEM, ET CETERA, TO ALERT THEM OF THE TEMPORARY SUSPENSION EARLIER TONIGHT, THE COUNCIL THANKED THE INDIVIDUALS AND FIRMS THAT HAVE DONATED TO HELP KEEP THAT PROGRAM GOING, GIVEN THAT THE FROZEN MEALS ARE MORE EXPENSIVE AND THAT'S MUCH APPRECIATED.
WE'VE GOT SOME DATA ON THE NEXT SLIDE ABOUT
[01:30:01]
CONFIRMED CASES IN THIS COUNTY.UM, LA COUNTY REPRESENTS ABOUT HALF THE CASES IN THE STATE AND THE WEST COVINA COUNT.
UM, TOTAL CASES AS OF THE DATE OF THIS SLIDE AS OF JULY THE SEVENTH PER THE LA COUNTY DEPARTMENT OF PUBLIC HEALTH.
UM, I KNOW THEY CHANGED DAILY, BUT WE HAD A 1,243 WEST COVINA CASES.
UM, AND AS OF TODAY, 60 NEW ONES IN 19 DEATHS TO, TO OUR RESIDENTS NEXT SLIDE, UM, WE HAVE BEEN RESPONDING QUICKLY TO THE GOVERNOR'S ORDER OF LAST WEEK THAT NOW, UM, RESTAURANTS, MOVIE, THEATERS, ET CETERA, HAVE TO CLOSE THEIR INDOOR OPERATIONS.
WE'VE BEEN WORKING WITH OUR RESTAURANTS THAT ARE NOW WORKING TO KEEP, UH, TAKE OUT MEALS, GOING AND SIDEWALK DINING GOING.
UM, WE'VE GOT A NO-FEE ADMINISTRATIVE USE PERMIT OVER THE COUNTER PERMIT THEY CAN APPLY FOR.
UM, WE DID ONE, UH, FRIDAY NIGHT OF LAST WEEK OVER THE PHONE, THE PEOPLE THAT WERE RESPONSIBLE FOR THE LAZY DOG AND LUCILLE'S AT THE PLAZA WEST COVINA WANTED TO BE UP ON THE PLAZA AREA AND WE WERE HAPPY TO LET THEM DO THAT.
IF PEOPLE ARE GOING TO BE OUT IN THE STREET, WE WANT TO MAKE SURE THAT THAT GETS DONE SAFELY WITH PROPER BARRICADING AND AN ENGINEERING PLAN.
BUT IF IT'S IN A PARKING LOT OR ON A SIDEWALK, UM, WE WANNA, WE WANT TO HELP THOSE BUSINESSES SURVIVE.
I TOOK MINE OFF TO MAKE THIS REPORT, BUT I'LL PUT IT BACK ON EVERYTHING EVERYBODY KNOWS.
AND THEN FINALLY I WANTED TO REPORT THAT WE'VE GOT A NEW BUSINESS OPENING, UH, THREE OH ONE SOUTH GLENDORA AVENUE, UM, A BURGER RESTAURANT.
HE'S THE FIRST RETAILER TO OPEN UP AT THE COLONY AT THE LAKES.
I THINK THIS IS THE FIRST ONE OPENED THE COLUMN, THE FIRST ONE AFTER FIVE, SIX YEARS, WE'RE HAPPY, BUT THIS IS ABOUT TIME AND IT HAPPENED THE PANDEMIC AND THE SEA.
SO, BUT I WANTED TO THANK THE BUSINESS OWNER OKAY.
AND TOO WILLING TO INVEST IN WEST COVINA.
AND NOW THE LEAD AND OPEN IN THIS TOUGH TIME.
AND, UH, I THINK THE RESIDENT, WE SHOULD SUPPORT THIS SMALL BUSINESS.
UH, THEY'RE VERY, VERY NICE PEOPLE.
I MET THEM, UH, THINGS THREE, FOUR MONTHS AGO WHEN WE HAVE A SCHOOL STRIP, A GRAND OPENING AND HE CAME TO INTRODUCE HIMSELF AND A VERY NICE FAMILY.
AND THEN THEY SAID THEY WERE GOING TO OPEN AND THEY DID OPEN EVA IN THIS TOUGH SITUATION.
SO WE WANTED TO THANK HIM AND, UH, I'M GOING TO THIS WEEK AND GO TO BUY SOME BURGER FROM THEM TO MAKE SURE, OKAY.
ANOTHER THING I WANT TO MENTION THAT.
SOMEBODY JUST HANG OVER THE LADY.
SHE WANTS TO SPONSOR FOR OUR SENIOR MEAL PROGRAM.
SHE DONATED A $1,000 FOR OUR SENIOR OKAY.
MEAL PROGRAM IS OUR LOCAL RESIDENT.
DOESN'T HAVE A, HER NAME OVER HERE IS FROM THE COMPANY.
BUT THANK YOU SO MUCH FOR OUR LOCAL RESIDENTS.
STEP UP TO HELP OUR SENIOR AND IT IS CHECK WILL GO TO OUR ASSISTANT CITY MANAGER.
WOULD YOU PLEASE HAVE TO THIS? OKAY.
AND, UH, UH, NOW WE'RE GOING TO MOVE ON.
A CONSENT CALENDAR BEFORE I DO THAT, YOU WANT TO SAY SOMETHING? I HAVE ONE QUESTION.
IT'S ABOUT THE SENIOR MEAL PROGRAM AND I ASKED THE CITY MANAGER ABOUT IT.
WHEN YOU FOUND OUT ABOUT THE POSITIVE TEST FOR PHOBIC, I'M CONCERNED WITH A COUPLE OF WEEK DELAY IN THE SENIORS GETTING MEALS.
HAVE YOU BEEN ABLE TO FIND OUT ANYTHING REGARDING
JUST SOMETHING SO THAT THE SENIORS WHO ARE THE MOST REVILED, THESE MEALS ARE NOT LEFT WITHOUT KIDS.
I'M A HUNDRED PERCENT AGREE ON CON COUNCIL MEMBERS SHOEMAKERS.
AND WHEN NOW WE HAVE A SUPPORT OF OUR LOCAL RESIDENT AND THE, UH, THE BUSINESS.
AND WE NEED TO CONTINUE TO SERVICE ALL THOSE SENIOR.
YOU NEED, WE CAN NOT STOP THIS.
SO WHEN YOU MAYBE HAVE, FIND SOME ALTERNATIVE WAY TO DIVERT THOSE OKAY.
MAIL TO THEM, AND WOULD YOU PLEASE RESPOND THROUGH THE CHAIR FOR ME, I'M GOING TO ASK, UH, ASSISTANT CITY MANAGER, MARK PERSICO TO ANSWER THIS.
I DO WANT TO REPORT TO THE COUNCIL THAT I TALKED TO MY COUNTERPARTS IN THE ADJACENT CITIES AND EVERYBODY'S AS STRAPPED AS WE ARE.
SO THAT ONE DIDN'T BEAR FRUIT.
WE DID LOOK AT SOME OTHER POSSIBILITIES TO GET IT UP AS SOON AS POSSIBLE, INCLUDING OUR OWN FIREFIGHTERS, UM, VOLUNTEERED TO DO IT.
BUT I'M GOING TO ASK MARK TO THIS, HOW THIS IS A YES, IS THE CITY MANAGER SAID
[01:35:01]
THAT WE ARE LOOKING AT OPTIONS AND, UM, IT LOOKS LIKE PROBABLY THE MOST LIKELY ONE IN THE NEAR TERM WILL BE TO HAVE THE FIREFIGHTERS, UM, RESUME THE DELIVERY.UM, WE DO HAVE FOOD ORDERS THAT COME IN ON MONDAY AND TUESDAY, UH, ORDERS HAVE BEEN PLACED.
SO WE'RE QUITE OPTIMISTIC THAT WE'LL BE ABLE TO START IT ON MONDAY.
UM, I JUST DIDN'T WANT TO, UNTIL WE HAD SOMETHING ACTUALLY CONFIRMED ANNOUNCE IT, BUT, UH, THERE'S A HIGH LIKELIHOOD THAT IT WILL HAPPEN WITH FIREFIGHTERS, UH, BEGINNING.
OH, HO HO HAVE WE NOTIFY ALL THE SENIOR LEAD? WE WILL TEMPORARILY COUPLE OF DAYS POSSIBLE DUE TO THE ISSUE WE HAVE.
AND THEN WE ARE GOING TO BE SOON THE SERVICE FOR WHAT TIME.
SO THEY CAN FIND THESE COUPLE OF DAYS FIND SOME, WELL THAT WEEK HAVEN'T YET ANSWERED TO YOUR FIRST QUESTION IS YES, THEY WERE ALL NOTIFIED ON MONDAY THAT A SERVICE WOULD BE SUSPENDED FOR AT LEAST THIS WEEK UNTIL WE HAVE THE DETAILS WORKED OUT.
WE HAVEN'T RE NOTIFIED THEM WHEN IT WILL RESUME, BUT, UM, WE ARE FAIRLY OPTIMISTIC THAT IT WILL BEGIN AGAIN ON MONDAY.
UH, MY UNDERSTANDING, I RECEIVED A LOT OF EMAIL PHONE CALLS BEFORE.
AND THEY VOLUNTEER FOR OUR LOCAL RESIDENT, BUT I DON'T KNOW, LESS FEASIBLE FOR OUR CURRENT SITUATION.
VOLUNTEERS ARE A GREAT IDEA, BUT THERE IS A BACKGROUND CHECK PROCESS THAT YOU NEED TO GO THROUGH, UM, PARTICULARLY WHEN YOU HAVE PEOPLE GOING INTO OR NOT GOING INTO, BUT, UH, GOING TO SENIORS HOMES.
UM, SO IF WE CAN USE THE FIRE DEPARTMENT STAFF, UH, THAT'S PROBABLY THE EASIEST AND QUICKEST OPTION FOR US TO, BUT WE STILL HAVE A CADET.
Y WE STILL HAVE A JUNIOR CADET.
CAN THEY HELP OUT I'M THE FIRE CHIEF.
I DON'T KNOW EXACTLY WHAT HE HAS IN TERMS OF AVAILABLE RESOURCES, BUT HE DOES HAVE SEVERAL RESOURCES.
I'M NOT THAT FAMILIAR WITH THE CADET PROGRAM COLOR.
SO TRY TO FIND THE BEST WAY TO GO AS SOON AS SERVICE A SAP.
AND YEAH, BECAUSE THAT THAT'S A WEEK FOR SOME SENIORS WHO WON'T.
SO, I MEAN, HAVE YOU CONTACTED THE LOCAL SCHOOL DISTRICT, SOME CLASSIFIED WORK YEAR AROUND, SO MAYBE THAT THEY HAVE SOME PERSONNEL WHO CAN HELP THE COUNCIL MEMBERS.
DO WE STILL HAVE TO BE FINGERPRINTED? I'LL GO DELIVER IF I NEED TO CAN COMMISSIONERS.
I MEAN, THERE HAT IN OUR WIDE COMMUNITY, LOCAL FEDERATED, REPUBLICAN WOMEN, YOU KNOW, I, THE LION'S CLUB, THE KIWANIS, I MEAN, THERE HAS TO BE SOME WAY IN THIS CITY AND IT'S NOW TUESDAY THAT WE CAN FIGURE OUT HOW TO DELIVER THESE NEEDED MEALS.
AND SO I'M NOT OKAY WITH WAITING TIL NEXT MONDAY TO POSSIBLY HAVE AN ANSWER.
I'M SORRY, IF THAT IS COMING ACROSS VERY AGGRESSIVE, HARSH, IT IS.
I MEAN, WE COULD GO TO OUR LOCAL BUSINESSES AND, YOU KNOW, THEY HAVE A SENIOR DISCOUNT MEALS, VERY, VERY INEXPENSIVE.
SO THAT'S ALSO SOMETHING TO CONSIDER TO GET BY, TO WORK WITH OUR LOCAL RESTAURANT BUSINESSES.
UM, MY UNDERSTANDING FOUND A COUPLE OF WAYS WALKING FOR THE SENIORS STAFF.
UH, NO, WE NEED TO HAVE A COUNTY APPROVED VENDOR.
AND WE CANNOT GO TO OUR LOCAL RESIDENT.
THEY HAVE TO, UH, APPROVE BECAUSE WE GOT OKAY.
SO COUNTY ONLY HAVE A COUPLE OF THEIR VENDOR ALLOWED.
FOR US TWO, TWO OLDER, THERE'S ONLY ONE IT'S FIVE, SIX 99, MORE EXPENSIVE THAN K AND THE, BUT COUNTY AND ASKED IF THEY HAVE ADDITIONAL ASSISTANCE FOR THAT.
THE COUNTY HAS BEEN VERY HELPFUL IN TERMS OF PROVIDING FUNDING TO PURCHASE THE FOOD.
THE DONATIONS THAT THE CITY IS RECEIVING ARE ACTUALLY TO COVER THE CITY STAFF COSTS, LABOR COSTS, UM, WITHOUT BE WITHOUT SOUNDING OVERLY BUREAUCRATIC BECAUSE STAFF SHARES THE COUNCIL'S CONCERNS.
I'VE GOT TWO PARENTS THAT ARE ELDERLY.
THEY DON'T LIVE IN TOWN, BUT THEY CERTAINLY RELY UPON SERVICES AND THE TOWN THAT THEY LIVE IN.
SO, SO ANYWAY, I WANT TO MOVE ON TO GAIT.
I CAN SEE ALL THE COUNCIL IS VERY CONCERNED ABOUT THIS ISSUE AND TRY TO FIND A WAY HOPEFULLY WE CAN PROVIDE A DELIVER OR SOMETHING TOMORROW BECAUSE WE CAN STILL ORDER THE FOOD.
WELL, WE HAVE A COUNTY FUNDING FOR, WE ONLY NEED THE PEOPLE TO DELIVER, SO I THINK IT'S OKAY FOR, SO THING IS LET'S FIND SOMEBODY, OKAY.
AND TO HELP OUT AND DURING THESE COUPLE OF DAYS, AT LEAST THIS WEEK, UH, LET THEM TO.
AND, UH, AND, AND I REMEMBER WHEN THEY THEY'RE DOING SUCH A GOOD JOB
[01:40:01]
OR WE CAN HAVE A, THE PREVIOUS OR THE PART TIME STAFF COMING BACK TO JUST FEELING OKAY DURING THIS TIME, BECAUSE THEY KNOW THE ROUTE.AND THEY HAVE BEEN TO COME BACK.
AND WE TODAY WE, WELL, WE ARE, WE GOT A CHECK, SO WHY NOT? OKAY.
THEY ARE FORMAL PART TIME STAFF.
DARIO, DO YOU HAVE SOMETHING TO TALK ABOUT A GERMAN? OH, YES.
UM, WELL GOT A FEW THINGS TO SAY, I'LL SAVE A COUPLE TILL THE END, BUT, UH, FOR RIGHT NOW, BEFORE I FORGET, THANK YOU FOR REMINDING ME.
I'D LIKE TO ADJOURN TODAY'S MEETING IN, IN HONOR OF RUDY VIAS, THE LATE HUSBAND OF BETTY VIAS, WHO SERVED WITH ME ON THE PLANNING COMMISSION.
AND, UM, WHO'S NOW ONE OF MY COMMUNITY SERVICES.
SO IF WE COULD ALL KEEP HER IN OUR PRAYERS, I WOULD APPRECIATE THAT.
AND, UH, UH, THE CITY CONTINENTS TO HIS FAMILY.
[CONSENT CALENDAR]
BEST.AND THEN WE'RE GOING TO GO TO THE CONSENT CALENDARS.
AND, UH, I KNOW CITY MANAGER WANT TO POOL.
IF I COULD PULL OFF YOUR CALENDAR TONIGHT, ITEM SEVEN, EIGHT, NINE, 10, 11, 12, 13, 14, AND 15.
SO, UH, SO 16, THIS WOULD BE A DIRECTOR.
SO YOU'RE GOING TO KEEP THAT ONE.
SO THE SEVEN, EIGHT, NINE, 10, 11, 12, 13, 14, 15 WILL BE PULLED FOR THE FURTHER NOTICE TO A NEXT OKAY.
AND THEN, UM, ON THE ONE, TWO, THREE, FOUR, FIVE, SIX, OKAY.
DO ANY COUNSEL WANT TO PULL OUT AN OBJECTION FOR ANY OF THESE ITEMS THAT GO AHEAD? NO.
DO I HAVE A MOTION TO APPROVE ITEM? OKAY.
NUMBER ONE, TWO, THREE, FOUR, FIVE, SIX, 17, AND 18, 16, SORRY.
I ALMOST GOT OUT ALL THE HOOK.
I'LL MAKE A MOTION TO APPROVE A MOTION TO APPROVE.
SO, UH, COUNCILMAN CASIANO MOVED THE MOTION AND THE MALE PROTEIN LOPEZ VR THOUGH.
COUNCILMAN JOHNSON ARE COUNCIL MEMBERS.
I MAY APPROACH HIM LOPEZ BEATO I MAYOR WILL I A MOTION APPROVED? OKAY.
THEN WE GO TO THE, UH, PUBLIC HEARING NUMBER 19.
[19) PUBLIC HEARING TO CONSIDER WEST COVINA AUTO PLAZA BUSINESS IMPROVEMENT DISTRICT FISCAL YEAR 2020-2021 ANNUAL REPORT AND ASSESSMENT]
NUMBER 19.PUBLIC HEARING TO CONSIDER WEST COVINA AUTO PLAZA, BUSINESS IMPROVEMENT DISTRICT FISCAL YEARS, 2020 DASH, 2021 ANNUAL REPORT AND ASSESSMENT.
AND THIS MATTER IS SET FOR THE PUBLIC HEARING.
CONSIDER THE APPROVAL OF A RESOLUTION TO LEVY AND ASSESSMENT FOR THE WEST COVINA AUTO PLAZA, BUSINESS IMPROVEMENT DISTRICT.
AND AREA FOR THE FISCAL YEAR 2022, 2021, UH, WHERE THE CITY COULD VERIFY THAT PROPER LEGAL NOTICE HAS BEEN GIVEN VERIFIED.
AND THEN AT THIS TIME I SHOULD OPEN THE PUBLIC HEARING TO CONSIDER THE APPROVAL OF A RESOLUTION, THE LOBBY AND ASSESSMENT FOR THE WEST COVINA AUTO PLAZA, BUSINESS IMPROVEMENT, DISTRICT AREA FOUR FISCAL YEARS, 2022, 2021.
AND THE MISCONDUCT NEW CITY MANAGER WHO WILL PRESENT THIS REPORT TO, OR THERE'LL BE OUR DEPUTY CITY MANAGER, ECONOMIC DEVELOPMENT MANAGER, UM, PAULINA MIRALIS WILL PRESENT THE STAFF REPORT.
UH, WHO'S GOING TO REPORT PAULINE.
HI EVENING MAYOR, UH, FELLOW COUNCIL MEMBERS, UM, BEFORE YOU TONIGHT IS A PUBLIC HEARING FOR THE WEST COVINA AUTO PLAZA IMPROVEMENT DISTRICT.
UM, IT IS ON THE AGENDA TONIGHT IS THE RESOLUTION SEEKING TO CONFIRM THE ANNUAL REPORT THAT WAS FILED BY THE, UM, WEST COVINA AUTO PLAZA ASSOCIATION AND LEVY THE ANNUAL ASSESSMENTS FOR THE AUTO PLAZA BID.
SO THE AUTO PLAZA BID IS COMPOSED OF THE SEVEN DEALERSHIPS IN THE AUTO PLAZA FROM THE AUDI, UM, UH, TO THE NORM REEVES HONDA.
UM, AND IT WAS ORIGINALLY CREATED FOR THE READER BOARD, UM, AND FOR MARKETING SHARED MARKETING, UH, PROMOTIONS FOR THE DEALERSHIPS SINCE THEN, UM, THE SIGN HAS BEEN REPLACED AND UPGRADED FOR THE LED SIGN.
AND SO PART OF THE ASSESSMENTS DO GO TO COVERING THE COSTS, THE REPAYMENT OF THE LOAN TO THE CITY FOR THE NEW READER BOARD, SIGN IT.
AND ALSO, AS YOU CAN SEE IN THE CORNER, IT'S THE MONUMENT SIGN AND THE LANDSCAPING, THE ASSESSMENTS ALSO GO TOWARDS PAYING FOR INSURANCE FOR THE AUTO PAUSE, A BID.
AND SO THEIR MONTHLY COST TO MAINTAIN THE SIGN IN THE LANDSCAPING.
[01:45:02]
UM, SO THESE ARE THE DIFFERENT, UH, BENEFITS ZONES, AS YOU CAN SEE, UM, IT INCLUDES ALL OF THE DEALERSHIPS ON THE SOUTH SIDE OF GARVEY.UM, SO THE, IN ORDER TO, UM, PLACE YOUR ASSESSMENT, A COUPLE THINGS HAVE TO OCCUR.
FIRST, THE AUTO PLAZA ADVISORY BOARD HAS TO HOLD A MEETING AND THEY'RE THE ONES THAT RECOMMEND THE BUDGET, UM, AND PREPARE THE ANNUAL REPORT FOR THE VID.
UH, THAT MEETING HAPPENED ON JUNE 9TH, FOLLOWING THAT, UM, WE PRESENTED A RESOLUTION WHERE THE DATE, UM, IN PLACE WAS SET FOR THE PUBLIC HEARING, WHICH IS THIS EVENING, AND THAT WAS ON THE JUNE 23RD COUNCIL MEETING.
UM, THE, UH, AS CITY CLERK ALSO CONFIRMED THE NOTICE OF RESOLUTION WAS ALSO PUBLISHED IN THE LOCAL NEWSPAPER.
UM, AND THEN LASTLY, SO WHAT WE ARE PROPOSING THE ANNUAL REPORT, UM, THAT YOU WILL BE CONFIRMING AND THE, UH, ASSESSMENTS THAT YOU'LL BE APPROVING AS PART OF THE RESOLUTION, UM, INCLUDES AN, A TOTAL BUDGET FOR FISCAL YEAR 2021 OF $122,326 AND 39 CENTS.
UM, THE ASSESSMENT WILL REMAIN THE SAME AMOUNT AS THE PREVIOUS YEAR'S AT $16,524 PER BENEFIT ZONE.
IS IT, THERE ARE SEVEN BENEFIT ZONES THAT COMES OUT TO APPROXIMATELY 115,000 IN REVENUES.
THERE'S A DEFICIT AROUND 6,000, THAT'LL COME OUT OF THE, UH, SURPLUS FROM LAST YEAR.
UM, SO IF THE, UH, TONIGHT WHERE YOU ARE ASKING YOU TO APPROVE THE RESOLUTION, UH, SO THAT WE CAN LOVE YOU THOSE TAXES ON THE AUTO PLAZA BID.
THANK YOU SO MUCH THEN THE COUNSEL, ANY QUESTION? NOPE.
I'M GOING TO HAVE ANY WHEATON EMAIL REGARDING THIS ISSUE.
NO COMMENTS COME IN AND OUT THE RESIDENT AND THE OVER HERE WANT TO SPEAK ON THIS ISSUE? JERRY HONDO SAYS NO.
UH, NOW I'M GOING TO CLOSE THE PUBLIC COMMENT.
THEN I'M GOING TO MOVE BACK TO COUNCIL DISCUSSION, UM, DISCUSSION, NO DISCUSSION, MAN.
UH, I HAVE A QUESTION SINCE NOBODY EVER CRASH, AND THEN I WANT TO ASK SOMETHING QUICKLY.
UH, I UNDERSTAND BEFORE IS PENSKE, WAS THE PRESIDENT OF THE PID CURRENTLY, WHO IS THE PRESIDENT, IS THE ENVISIONED THE PRESIDENT.
SO AS PART OF THE MEETING THAT HAPPENED ON JUNE 9TH, THEY DO, UH, APPROVE THE ANNUAL REPORT AND THEY DO ELECTIONS FOR THE YEAR.
SO SIMON SARDINIAN, I BELIEVE IS HOW YOU PRONOUNCE HIS LAST NAME.
I'VE ENVISIONED MOTORS IS THE PRESIDENT.
AND THE ENVISION TALE, THEY PURCHASED A CHRYSLER JEEP TOO, RIGHT.
UH, THEY ARE TAKING OVER THE BUSINESS THERE, SO THEY ARE GOING TO PUT QUITE LOWS OVER THERE.
OPENING UP SOON IF THEY'RE NOT OPEN UP ARE OKAY.
AND THEY'RE SO, SO UNDER, CURRENTLY, AND I KNOW WE TOTALLY, WE HAVE A SQUAT, SEVEN PASO TO JOIN AND A, WE CT SPONSOR, WE, WE FINANCE THE BIG SIGN, RIGHT? CORRECT.
WE COULD SPEND ABOUT $500,000 AND THEY'RE PAYING US.
AND THE, WE APPROVED BACK IN 2017.
SO TO ENVISION AND ABOUT HOW ABOUT THE EMPTY LOT? OKAY.
ON THE, ON THE FOUR AND A CLEVENGER.
SO ARE THEY INCLUDING THIS? OKAY.
UM, BID THE ASSESSMENTS ARE PLACED ON THE PROPERTY TAX ROLL.
UH, SO REGARDLESS OF THERE IS A BUSINESS, UH, THE ASSESSMENTS ARE, SO THEY HAVE TO JOIN AND PAY TO INCLUDING THIS BID AND CONTINUE TO AS A DEALERSHIP.
AND THEN, SO TONIGHT WE GO TO APPROVE THE BUDGET FOR THIS BID AGAIN, FOR THEM TO CONTINUE TO PAY THEIR INSTALLMENT BACK TO THE CITY.
PART OF THE ASSESSMENT IS THE REPAYMENT OF THE CITY LOAN.
AND THEN HAVE YOU TALKED TO THEM RECENTLY WITH, UH, WITH ENVISION? YES.
AND WE'VE ALSO,
HOW LONG AGO? THAT WAS JUNE NINE.
SO A LITTLE BIT OF A MONTH AGO.
BUT WITHIN THIS MONTH, HAVE YOU TALKED TO THEM? YES.
SO ARE THEY HAPPY IN THE CITY? UM, SOME POSITIVE NEWS.
THERE ARE PICKING UP BUSINESS UP AGAIN, EVEN DURING THE COVID PANDEMIC.
SO, UM, UM, SO THE, THE, THE VISIT PICKING UP? YES.
IT'S BECAUSE WE WENT SHOPPING PEOPLE, PEOPLE, EVERY TIME I WENT THROUGH, WENT THROUGH THE FREEWAY.
I SEE PEOPLE RIGHT NOW, FINALLY SHOPPING ON THE CAR, LOT, LOOKING FOR A CAR.
SO WE WANT TO ENCOURAGE K OUR RESIDENTS TO SHOP
[01:50:01]
LOCAL, TO BUY CAR IN, IN WEST COVINA.SHE WANT ME TO INTRODUCE HER TOYOTA.
SHE WANTED TO BUY WEST COVINA.
YOU WON'T BUY CAR, PLEASE BUY WEST COVINA BECAUSE WE NEED THAT TAX REVENUE.
COUNCIL, HAVE ANY INPUT? GO AHEAD.
I MEAN, SPEAKING ABOUT THAT, I'D LIKE TO KNOW THE SAME THING.
IF THERE'S ANYTHING WE COULD DO TO HELP THE DEALERSHIPS MARKET TO OUR RESIDENTS.
I MEAN, I KNOW I'M SURE THEY'RE EXPERTS AT THAT AND ALREADY KNOW WHAT THEY'RE DOING, BUT IF THERE'S ANYTHING WE COULD DO TO HELP THEM AND BRIDGE THAT GAP AND POINT OUR RESIDENTS TO THEM, UM, PLEASE HELP FACILITATE THAT.
I WORKED AT NORM READS HONDA A LONG TIME AGO, AND IT WAS WONDERFUL COMPANY.
AND I'D LOVE FOR, FOR THEM TO KEEP BEING SUCCESSFUL.
I COULD TELL THEY ARE, THE DEALERSHIP LOOKS BEAUTIFUL MUCH BETTER THAN WHEN I WORKED THERE.
I'D LIKE TO SEE ALL OF THEM LOOK THAT WAY OR BETTER.
SO IF YOU COULD HELP OR ANYTHING WE COULD DO AS A COUNCIL TO SPUR SOME, SOME SALES THERE, LET US KNOW, PLEASE.
THERE IS A PROGRAM THAT WE'RE WORKING WITH, ONE OF THE DEALERSHIPS.
SO ONCE WE FINALIZE THAT, WE'LL ANNOUNCE IT.
MY WIFE'S ALREADY BOOKED ME SAY SHE WANTED A NEW SIENNA.
SO I SAY, OKAY, YOU HAVE TO BUY TOYOTA TOYOTA IN WEST COVINA ONLY.
ANY OTHER COUNSELOR WANT TO TALK? NOPE.
AND THEN DO I HAVE A MOTION TO APPROVE? I'LL MAKE A MOTION TO APPROVE AND SMEAR.
CASIANO MOVED THE MOTION THAT I HAVE A COUNCILMAN JOHNSON, SECOND LOCAL POLICE, COUNCILMAN
BEATO I MAYOR WILL I A MOTION TO APPROVE FIVE ZERO.
[20) PUBLIC HEARING TO CONSIDER WEST COVINA CITYWIDE SEWER SERVICE CHARGES TO BE COLLECTED ON TAX ROLL FOR FY 2020-21 (CONTINUED FROM JUNE 23, 2020)]
MOVE TO ITEM 20 WEST COVINA CITY CITY-WISE SEWER SERVICE CHARGE.AND THIS MATTER IS A CONTINUED PUBLIC HEARING FROM THE JUNE 23RD, 2022 ESTABLISHED COLLECTIONS OF THE ANNUAL SEWER SERVICE CHARGE TO THE CITY TAXPAYERS.
AT THIS TIME I SHOULD OPEN THE CONTINUED PUBLIC HEARING FOR ADDITIONAL COMMENT ON THE WEST CORNER CITY SEWER SERVICE CHARGE.
SO MR. COMBIN IS CITY MANAGER WHO WILL PRESENT THE STAFF REPORT.
I THINK LAST TIME WE ALREADY, UH, PRESENTED A REPORT.
SO I DON'T THINK WE WANT TO, UNLESS YOU GUYS WANT TO, THIS IS AGAIN.
NO, NO, WE DON'T WANT TO LISTEN AGAIN.
YOU KNOW, YOU HAVE IT, YOU HAVE A NEW INFORMATION, OTHERWISE KNOWING NO NEW INFORMATION.
I DON'T WANT TO LISTEN TO SOMETHING AGAIN.
I DON'T WANT THE REPUTATION, THE SOAP OPERA.
SO, UM, LAST TIME I WOULD THINK WE WANT TO HAVE TRANS TACT COME OVER HERE TO KIND OF A ENGINEER TO TALK IS TRANSTECH AROUND THE, UM, CONSULTANT ON THIS IS ACTUALLY A WILL DAN FINANCIAL AS A WELL DONE.
AND WE DO HAVE, UM, TONY GONA HERE FROM WELDON FINANCIAL.
SHE, UM, HELPS THE CITY PUT TOGETHER THE BUDGETS FOR ALL OF THE MAINTENANCE DISTRICTS.
UM, THE ONE NEW PIECE OF, WELL, THERE ARE SEVERAL NEW PIECES OF INFORMATION IN THE STAFF REPORT.
UM, ONE OF THEM IS A LIST OF CAPITAL PROJECTS.
UM, AT THE LAST MEETING, THERE WERE SOME QUESTIONS ABOUT THE COUNCIL FIVE YEARS AGO SET, UM, THE RATES.
AND THE REASON THAT IT'S SET IN FIVE YEAR INCREMENTS IS THAT TIES INTO A FIVE YEAR CAPITAL PROJECT BECAUSE MANY OF THESE PROJECTS TAKE MULTIPLE YEARS TO ACCUMULATE FUNDING, TO BE ABLE TO ACTUALLY IMPLEMENT THE PROJECTS.
SO THAT'S NEW INFORMATION AND YEAH, QUICKLY, I THINK WE'RE CONDITIONED REGARDING, I THINK MYSELF AND THE COUNCILMAN JOHNSON, WE APPROVED BACK IN 2018 OR 17, 20 1700, 1870 18 WHEEL APPROVAL.
SO, SO WE APPROVE THIS PROJECT.
SO WE HAVE A NEW THING YOU WANT TO SHARE WITH US AND GO AHEAD.
AND I REMEMBER LAST TIME COMES.
SO MEMBERS SHOEMAKER HAS SOME QUESTION.
I APPRECIATE YOU COMING UP, SHOWING UP.
TO ADDRESS TO COUNSEL AND TO ANSWER SOME QUESTION, GO AHEAD.
THANK YOU SO MUCH FOR HAVING ME.
MY NAME'S SHONA GHANA WITH BILL DAN FINANCIAL.
NOW THE DIFFERENCE WAS IN 2016, THERE WAS A ANALYSIS COMPLETED THAT SAID ABOUT $13 MILLION AS NEEDED FOR CAPITAL IMPROVEMENT PROJECTS, UM, NEEDED FOR THAT CORRECT THAT SEWER, UM, IN THE TOTAL ABOUT 13.9 MILLION OR SO THERE IS AN ATTACHMENT ON THERE THAT EXPLAINS EXACTLY WHAT, WHAT WILL BE COMPLETED.
NOW, THE THING WAS, WAS THERE WAS THERE WASN'T ENOUGH STAFF OR THERE WASN'T, THERE WAS A LOT OF STAFF TURNOVER AND CHANGES WITHIN THE LAST FEW YEARS.
SO THAT'S WHY THERE'S BEEN AN ACCUMULATION OF REVENUE WITHIN THE DISTRICT, BUT THEY DO HAVE PLANS.
THAT'S GOING TO BE COMPLETED THIS YEAR.
THERE'S FIVE NEW PROJECTS GOING TO BE STARTED AND COMPLETED.
AND THEN THERE'S, UH, QUITE A NUMBER OF GOING TO BE COMPLETED USING THE REMAINING 3 MILLION, AS WELL AS WHATEVER INCREASE OF HAVING, BECAUSE INFRASTRUCTURE IS OLD.
SO YOU NEED TO, SO I KNOW I WENT TO BALLANTINE DEEP IN
[01:55:01]
THE 1950 HOME AND YEAH, I KNOW.IT WAS 1948 BY KIND OF REBUILT.
SO I KNOW I'LL, I WILL SEE T STARTING IN 1923, SO WE HAVE A LOT OF OLD INFRASTRUCTURE, BUT OKAY.
UH, COUNCIL MEMBER BUSH WILL MAKE HER USE FACETIME.
YOU HAVE A QUESTION? WON'T GO AHEAD.
WELL, THE QUESTION JUST WAS BASED ON THE NUMBERS WE WERE GIVING, WE HAD ENOUGH MONEY IN THE ACCOUNT TO NOT NEED TO DO THE INCREASE.
AND SO SEEING THE ACTUAL ADDITIONAL PROJECTS AND THE LAYOUT IS WHAT WAS NECESSARY TO ANSWER THAT QUESTION.
AND SO JUST SO WE HAVE IT ON THE RECORD FOR THOSE WHO DON'T HAVE IT IN FRONT OF US, WHERE ARE WE IN TERMS OF THE TIMELINE FOR THE BUDGET AND ARE WE IN LINE TO MEET THE REVENUE WE NEED? I UNDERSTAND, I UNDERSTAND, UM, FOR THE PROJECTS THIS YEAR, THERE'S PLENTY OF MONEY TO START THE PROJECTS THAT'S COMING UP FOR THIS YEAR.
AS FAR AS THE PROJECTS COMING UP.
I'M NOT SURE WHAT, WHEN YOU KNOW, STAFF CAN ANSWER THIS, I'M NOT SURE WHEN WE'RE GOING TO START ADDITIONAL PROJECTS.
UM, BUT THERE ARE, THERE WILL BE ENOUGH UP UNTIL, SORRY.
THERE'S ANOTHER ATTACHMENT ON HERE.
I BELIEVE STARTING IN, IF WE INCREASE CAPITAL IMPROVEMENT, PATRICK'S JUST HYPOTHETICALLY 2.2 MILLION FOR THE NEXT FEW YEARS, THERE'S GOING TO START TO BE A DEFICIT BEGINNING IN 2028, 29.
UM, THAT'S IF WE CONTINUE THE SAME TYPE OF PROJECT 2 MILLION EACH, EACH YEAR, BUT AGAIN, I'M NOT SURE WHAT PRODUCTS WILL BE HAPPENING OR WHAT, WHAT THE CITY WANTS TO DO.
SO TO STAFF BASED ON THE FIVE YEAR PLAN YES.
HAVE WE COLLECTED ENOUGH REVENUE AND ARE WE ON SCHEDULE TO COLLECT A REVENUE ENOUGH REVENUE MOVING FORWARD BASED ON THE PROPOSED RATE AND THE RATE INCREASE THAT'S PROPOSED FOR NEXT YEAR? YEAH.
WE ARE THE FIVE PROJECTS WHICH ARE IDENTIFIED IN THE STAFF REPORT AS PART OF THE CAPITAL IMPROVEMENT PROJECT THAT THE COUNCIL APPROVED AS PART OF THAT BUDGET.
UM, THOSE PROJECTS ARE ACTUALLY EITHER IN VARIOUS STAGES OF DESIGN OR ACTUALLY UNDER CONSTRUCTION.
THE AZUSA AVENUE SEWER LIFT STATION IS ACTUALLY UNDER CONSTRUCTION CURRENTLY.
SO TO ANSWER YOUR QUESTION, YES, WE ARE ON TRACK AND HAVE REVENUES AND EXPENDITURES MATCH.
AND COMPLETE ALL THE PROJECTS, EXCUSE ME.
AND COMPLETE ALL THE PROJECTS AS PROPOSED IN THE FIVE YEAR PLAN.
ANY OTHER COUNCIL COMMENTS? OKAY.
OTHERWISE I WANT TO GO TO THE, YES.
PLEASE HAVE A SEAT SO I CAN HAVE A RESIDENTIAL ADDRESS US.
I'M GOING TO OPEN UP THE PUBLIC COMMENTS.
SO LET'S START AT THE FIRST ONE.
JIM GREENWICH, JIM
IT SAYS THIS PARTICULAR FUND IS GOING TO HAVE AN ENDING BALANCE.
THIS COMING FISCAL YEAR OF $10 MILLION.
YOU MAY HAVE SOMETHING IN FRONT OF YOU, BUT I HAVEN'T SEEN IT THAT, UH, TALKS ABOUT CHANGING THAT NUMBER TO SOMETHING ELSE.
UH, AND, UH, UH, IF, AND IF THERE IS A SUBSTANTIAL BALANCE GOING TO REMAIN AT THE END OF THIS FISCAL YEAR, I CAN SEE NO JUSTIFICATION TO INCREASE THE SEWER ASSESSMENT THIS YEAR.
UH, WITHOUT HAVING ACTUAL NUMBERS.
IT'S HARD FOR ME TO SAY ANYMORE THAN I ALREADY SAID.
SEASON CT MANAGER, YOU WANT TO RESPOND TO WHY HE'S QUESTIONED HIS BUDDY.
UH, THAT FUND DOES CURRENTLY HAVE A LARGE BALANCE.
AND I THINK AS HAS BEEN MENTIONED, THERE HAS BEEN SOME TURNOVER IN STAFF.
UM, BOTH WITH THE CITY STAFF GOING TO CONSULTANTS, UM, AND MYSELF, UH, THE NEW FIRM THAT'S WHERE TRANSTECH DOES COME IN AND THEY ARE VERY FOCUSED.
UM, WHILE I WASN'T HERE, WHEN THEY WERE HIRED THEY'RE EXPERTS AT DOING CAPITAL PROJECTS, WHICH I THINK IS ONE OF THE PRIMARY REASONS THE CITY COUNCIL CHOSE TO HIRE THEM.
UM, SO YES, TO ANSWER JIM'S QUESTION AND COUNCIL MEMBER, SHE MAKER'S QUESTION.
WE ARE ABSOLUTELY ON TRACK TO SPEND DOWN THAT BALANCE.
UM, WE DON'T WANT THE PLANS TO HAVE A BALANCE.
WE WANT TO GET CAPITAL PROJECTS DONE.
BECAUSE WE HAVE A LOT OF AGENT INFRASTRUCTURES AND THAT WILL COST A LOT OF MONEY.
AND THEY'LL WHEN THAT BROKE THAT IT WOULD BE HORRIBLE.
SO, SO I UNDERSTAND BECAUSE 1923 TIER NOW, AND THEN YOU CAN SEE OUR STORY AND ALSO THIS WE, YES.
[02:00:01]
AND OTHER THAN THAT, OKAY.AND ALL THE, UH, RESIDENT ONE TO ADDRESS, OTHERWISE I'M GOING TO CLOSE.
ARE YOU SURE? YOU WANT TO TALK? OKAY, GO AHEAD.
WE'LL WE'LL THE SEWER SYSTEM THAT'S COVERED UNDER THIS, BE A PART OF THE COLLATERAL.
IF THE CITY STREETS ARE GOING TO BE PART OF THE COLLATERAL FOR THE LEASE REVENUE BONDS, THE 2020 SERIES A THAT YOU'RE GOING TO DISCUSS NEXT IS, UH, IS THE CITY SEWER SYSTEM ALSO A PART OF THE COLLATERAL IS INCLUDED WITH THE STREETS.
ANYBODY WANT TO ANSWER THIS? BECAUSE THE STREET AND UNDERGROUND IS A SEWER AND A SOLD.
WE HADN'T THOUGHT ABOUT PLEDGING THE SOURCE.
SO THAT'S NOT PART OF YOUR, I DON'T THINK SO.
I THINK IT'S, I THINK SUE US, THEY'RE OWNED BY THE CITY.
AND CITY OWNED THAT WE'RE NOT GOING TO SELL TO ANYBODY.
WE GO, AND WE'RE NOT GOING TO LET, NOW WE'RE GOING TO MAKE THE SAME MISTAKE THAT BEFORE.
I THINK THIS IS A, THE ASSETS CITY HAVE TO KEEP.
SO CITY YOU HAVE LAND WHEN I DON'T THINK THAT INCLUDING OUR OKAY.
UH, IF NONE, I'M GOING TO CLOSE PUBLIC COMMENT.
I'M GOING TO BRING BACK TO THE COUNCIL DISCUSSION.
AND THEN ANY COMMENT DISCUSSION, OR DO I HAVE A MOTION TO APPROVE? JUST A QUICK THING.
UM, MR. GRIBBETS, DID THAT ANSWER YOUR QUESTION? IF NOT IN THE STAFF REPORT, THAT'S PART OF THE AGENDA.
IT LISTS FIVE CAPITAL IMPROVEMENT PROJECTS.
ONE IS FOR 295,001 IS FOR 230,000.
SO THAT WILL BE THE 7 MILLION THAT DRAWS US DOWN TO THE, UM, ENDING FUND BALANCE FOR 2020, ONE OF APPROXIMATELY THREE AND A HALF MILLION, WHICH IS WHAT WE KEEP IN STORE, MOVING FORWARD AS THE RESERVE ON THAT ACCOUNT.
AND WE BUILD UP THE NEXT YEAR.
SO THIS IS A QUESTION FOR THE, NO, I'M SAYING, I BELIEVE THAT IS THE ANSWER TO YOUR QUESTION ON HOW THE, HOW IT'S GOING TO BE SPENT DOWN.
THAT'S JUST GOING TO SIT THERE.
SO BY THE END OF 2021, WHICH IS WHAT WE'RE DISCUSSING, WE WILL, WE'LL BE BACK TO THE RESERVE LAB.
AND ALL THE COMMON, DO I HAVE A MOTION TO APPROVE? I CAN A MOTION TO APPROVE CONSIDERING WHAT OUR COUNCIL MEMBERS I SHOULD RECORD JUST SAID.
DO I HAVE A SECOND? THANK YOU.
UH, COUNCILMAN JOHNSON MOVED A MOTION AND A SECOND BY THE MALE PROTEIN LOPEZ VR THOUGH.
CAN I HAVE A ROLL CALL PLEASE? COUNCILMAN CASTELLANOS, COUNCILMAN JOHNSON, COUNCIL MEMBER SHOEMAKER.
I MAY APPROACH HIM LOPEZ VETO.
OR WILL I ADD A MOTION TO APPROVE? FEISTY WILL.
[21) CONSIDERATION OF A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA AND A RESOLUTION OF THE WEST COVINA PUBLIC FINANCE AUTHORITY APPROVING THE ISSUANCE OF LEASE REVENUE BONDS, 2020 SERIES A (FEDERALLY TAXABLE) BY THE WEST COVINA PUBLIC FINANCING AUTHORITY; AUTHORIZING AND APPROVING A SITE AND FACILITY LEASE, A LEASE AGREEMENT, A PRELIMINARY OFFICIAL STATEMENT, A BOND PURCHASE AGREEMENT AND A CONTINUING DISCLOSURE AGREEMENT; APPROVING CERTAIN PROFESSIONALS; RESCISSION OF RESOLUTION RELATING TO PENSION OBLIGATION BONDS; AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH]
AND THEN WE MOVED TOAPPROVING THE ISSUANCE OF THE LEASE REVENUE BOMB, QUANTITY 20 SERIOUS.
BY THE WEST COVINA PUBLIC FINANCE AUTHORITY.
MS. COMMON IS CITY MANAGER WHO WILL PRESENT THE REPORT.
MARIN COUNCIL, I'M COMING TO THE MICROPHONE IS ONE OF THE DIRECTORS FROM HILLTOP SECURITIES, BRIAN WHITWORTH, WHO IS GOING TO REVIEW WITH YOU WITH US THIS EVENING, A POWERPOINT PRESENTATION, AND THEN BE AVAILABLE FOR QUESTIONS.
CAN WE TAKE LIKE A FIVE MINUTE BREAK? BECAUSE I ANTICIPATE THAT THIS MIGHT TAKE A WHILE JUST TO GET UP FOR A FEW MINUTES.
I KNOW, BUT I HAVE TO HEAR IT TOO.
YOU, YOU GOT ONE TO FIVE MINUTES BREAK.
I'M TALKING ABOUT FIVE MINUTES, FIVE MINUTES, FIVE MINUTES, FIVE MINUTES.
AND THEN WE COME BACK FOR THIS.
I'M A DIRECTOR AT HILLTOP SECURITIES, UH, UNDERWRITER FOR THE PROPOSED TRANSACTION.
UM, SO THERE ARE A LOT OF PIECES, UH, TO, UH, CALCULUS HISTORY AND TO THE CITY'S POSITION AND THE PROPOSED BONDS, BUT WE'RE GOING TO TRY TO MAKE THIS BRIEF AND CLEAR AS POSSIBLE.
UH, SO, UH, CALPERS ORIGINALLY WAS FOUNDED IN 1932.
[02:05:01]
JOINED CALPERS IN 1966.UH, CALPERS HAS MADE A BUNCH OF CHANGES OVER THE YEARS.
UM, UH, CITIES, UH, ALL OF CALPERS MEMBERS ARE LEGALLY REQUIRED TO MAKE THEIR CONTRIBUTIONS AND EVEN ATTEMPTS TO DEPART FROM THE MINIMUM REQUIRED.
CONTRIBUTIONS ARE EXTREMELY RARE IN CALIFORNIA.
SO THE CITY HAS LOTS OF COMPANY IN ALWAYS PAYING ITS CONTRIBUTIONS.
UM, THE UNFUNDED LIABILITIES ARE, UH, YOU'LL SEE A LITTLE LATER 199 MILLION AS OF THE LAST ACTUARIAL STUDY FOR THE CITY.
UH, MOST OF THOSE ARE DUE TO CHANGES IN DISCOUNT RATES.
CAN YOU, UH, UH, CHANGES IN DISCOUNT RATE INVESTMENT LOSSES, ESPECIALLY IN, UH, 2008, UM, SOME, UH, ADDITIONAL BENEFITS THAT WERE, UH, OFFERED IN THE LATE NINETIES, UH, AND, UH, UP THROUGH WHAT WAS CALLED A PEPPER ACT IN 2013, UH, PEOPLE LIVING LONGER, THERE'S AN ACTUARIAL CHANGE.
IT USED TO BE, UH, THAT, UH, EVERYBODY WAS EXPECTED TO LIVE THE SAME AMOUNT OF YEARS REGARDLESS OF WHEN THEY WERE BORN.
AND NOW MORTALITY IS, UH, UH, TRENDED.
SO PEOPLE WHO ARE CURRENTLY 20 YEARS OLD ARE EXPECTED TO LIVE LONGER THAN PEOPLE WHO ARE CURRENTLY 80, UM, HELPERS, PREVIOUS CONTRIBUTION POLICY AFTER THE LAST RECESSION.
UH, THE GREAT RECESSION WAS, UH, TO TRY TO GIVE EMPLOYERS SOME PAYMENT RELIEF, WHICH IT DID, BUT THAT MEANT THAT THEY DID NOT MAKE, UH, AS FAST A RECOVERY AND FUNDED RATIOS AS THEY COULD HAVE.
SO ONTO THE NEXT SLIDE, PLEASE.
SO, UM, THERE IS A TIME DELAY.
UH, WE ARE, UH, UH, CURRENTLY LOOKING AT, UH, AN ACTUARIAL STUDY, WHICH FORECAST WHAT THE CITY'S UNFUNDED WOULD BE AS OF JUNE 30, 2020, JUST UNDER $200 MILLION.
UM, AND THEN IF NO ACTION IS TAKEN, YOU SEE THE TOTALS IN THE CHART DOWN THERE OF HOW MUCH THE CITY WOULD HAVE TO PAY EACH YEAR, UH, GOING UP TO A PEAK OF $21 MILLION.
UH, SO THIS IS THE MINIMUM AMOUNT YOU'RE EXPECTED TO HAVE TO PAY, UH, AS OF THE LAST ACTUARIAL STUDY.
AND, YOU KNOW, THE CITY HAS ABOUT A $66 MILLION GENERAL FUND BUDGET, AND JUST THE INCREASE WOULD BE EIGHT POINT $7 MILLION BETWEEN NOW AND THE PEAK IN 2031.
SO, UM, IF, IF WE CAN GO TO THE NEXT SLIDE, UM, THERE ON THE TABLE IS A BOND, UH, MOST OF WHICH, UH, WOULD GO TO PAY FOR, UH, UNFUNDED PENSION LIABILITIES AT THE CITY.
UM, SO IN THIS CASE, WE'RE LOOKING AT LEASE REVENUE, BONDS, UM, THEY, UH, UH, ARE THE FASTEST FORM, UH, WHICH THE CITY, UH, WOULD, WOULD BE ABLE TO USE AN ISSUE BLONDES.
UH, THIS IS HELPFUL BECAUSE THE CITY IS PAYING OVER A MILLION DOLLARS A MONTH TO CALPERS, IF THEY DON'T ISSUE BONDS.
NOW, UH, IF THE CITY ISSUES BONDS THIS YEAR, IT GETS A LOT OF PAYMENT RELIEF.
UH, AND THIS IS PROBABLY THE YEAR TO TAKE IT WITH THE, UH, COVID-19, UH, UM, YOU KNOW, UH, LOSSES PRIMARILY IN SALES TAX AND TOT, UM, A SMALL PORTION OF THE BOND, UM, WOULD BE USED FOR A WORKING CAPITAL FOR THE CITY TO HAVE FOR OTHER PURPOSES.
AND, UH, THAT'S A, A MILLION DOLLARS PAID BACK OVER FOUR YEARS.
UM, THE REST OF THE BONDS HAVE A TERM OF 24 YEARS.
UM, UH, THESE ARE, UH, UH, FEDERALLY TAXABLE ON INCOME TAXES TO THE BUYERS AND INVESTORS IN THESE TYPES OF SECURITIES TYPICALLY REQUIRED SOMETHING CALLED A DEBT SERVICE RESERVE FUND.
SO YOU LOOK FOR THE HIGHEST PAYMENT ANYWHERE IN THE PAYOUT PATTERN, THE BONDS, AND THAT AMOUNT IS FUNDED BY ISSUING A SLIGHTLY LARGER BOND.
AND THAT MEANS, UH, THAT THEY'VE GOT A GREATER AMOUNT OF SECURITY.
AND THE TYPICAL THING THAT HAPPENS IS YOU NEVER ACTUALLY NEED TO DRAW ON THE DEBT SERVICE RESERVE FUND.
AND THEN THE LAST PAYMENT IS MADE FROM THE DEBT SERVICE RESERVE FUND RATHER THAN CITY.
UM, THE CITY ALREADY HAS SOME LEASE REVENUE BONDS OUTSTANDING ON ITS CIVIC CENTER, UH, AND THEY ARE PRETTY COMMON AROUND CALIFORNIA FOR VARIOUS PURPOSES.
UM, YOU KNOW, AFTER DISCUSSION WITH THE CITY, WE ARRIVE AT THESE GOALS.
UH, THE FA THE FISCAL SUSTAINABILITY COMES FROM HAVING BONDS, WHICH HAVE A MORE CONSISTENT AND, UH, VERY SLOWLY GROWING DEBT SERVICE RATHER THAN THE BIG PEAK THAT YOU GET.
UH, IF YOU'RE JUST NOT ISSUING BONDS AT ALL.
UM, SO THIS NICE SMOOTH PATTERN, UH, MAKES BUDGETING MUCH EASIER.
THE ALTERNATE IS, UM, BACK ON THE PRIOR SLIDE, RESAW THE BIG PEAK.
[02:10:01]
YOU GET BAD BUDGET PRESSURES AS YOU MAKE YOUR WAY TOWARDS THE PEAK.YOU GET LOW LAYOFFS AND, YOU KNOW, DIFFERENT STREET MAINTENANCE AND ALL KINDS OF OTHER PROBLEMS. AND THEN AS YOU'RE COMING DOWN THE MOUNTAIN, SUDDENLY YOU SEE MORE MONEY APPEARING IN YOUR BUDGET AND THIS, YOU KNOW, THERE'S JUST NO WAY TO HAVE TO TRY TO RUN A CITY.
UM, SO, UH, SOME OF THE OTHER GOALS, UM, UH, YOU WERE HOPING TO OBTAIN HIGHER RETURNS ON THE INVESTMENTS THAN YOUR BORROWING COSTS.
THOSE IS CERTAINLY NOT THE ONLY REASON YOU DO THIS.
UM, UH, THE CITY WANTS TO LEAVE THE AMORTIZATION PERIOD ON CHANGED.
SO IT'S ELIMINATING ELIMINATING PAYMENTS TO CALPERS THAT WOULD OCCUR OVER 24 YEARS IN THE BONDS THEMSELVES ARE 24 YEARS.
UM, IT WOULD RAISE THE FUNDED LEVEL OF THE PENSION PLAN AND GET IT UP TO A LITTLE OVER 98%.
UM, AND IT WOULD ESTABLISH A, UH, LONGTERM SOUND PLAN FOR THE CITY.
THE CITY IS PRIMARILY, UH, CONTROLLING RATHER THAN CALPERS CONTROLLING HOW THE PAYMENTS ALL OPERATE.
AND, UH, I HAD MENTIONED THAT IT WOULD HELP MITIGATE THE BUDGET EFFECTS OF LOWER SALES TAXES AND DELIVER TO YOUR TOT.
SO HERE AN, UH, THIS IS AN EXAMPLE, IT'S NOT NECESSARILY A PREDICTION.
THESE ARE SLIGHTLY CONSERVATIVE ESTIMATES OFF OF MARKET RATES RIGHT BEFORE, UH, WE HAD TO POST THIS AS PART OF THE AGENDA.
UM, SO WHAT YOU SEE IN, IN BLUE HERE IS THAT SAME PEAK.
AND IN GREEN, YOU SEE THE DEBT SERVICE.
AND SINCE NOT EVERY SINGLE BIT OF THE, UH, UH, CALPERS, UH, CONTRIBUTIONS WERE, UH, TAKEN OUT OUT AT THE VERY END ON THE RIGHT, YOU GET A PEAK THERE.
AND THAT HAS TO DO WITH A LITTLE BIT OF THE LIABILITIES THAT WERE STILL LEFT.
UM, AND THEN, UM, BECAUSE YOU'RE PAYING ALL OF YOUR UNFUNDED LIABILITY PAYMENTS IN THE CURRENT FISCAL YEAR, BUT YOU, UH, BECAUSE OF THE TIMING OF THE ISSUANCE, YOU ONLY MAKE ONE INTEREST PAYMENT DURING THE CURRENT FISCAL YEAR, YOU GET LARGE SAVINGS IN THE FIRST YEAR.
UM, AND THE NPV SAVINGS ARE $45 MILLION ON A BOND, UH, UH, YOU KNOW, AROUND $200 MILLION.
SO IT'S, IT'S A PRETTY GOOD, UH, SAVINGS AND OUT HERE.
AND THEN ONTO THE NEXT ONE, UM, A NUMBER OF PEOPLE ASK WHO ELSE HAS DONE THIS? UH, WE'VE GOT A LIST OF SOME OF THE, UH, RECENT ISSUERS HERE.
THERE ARE MANY MORE, UH, CALIFORNIA HAS 82 UNIQUE ISSUERS, AND WE RAN THE NUMBERS FOR DAVE EARLIER TODAY.
SO SOME OF THEM HAVE COME BACK INTO SHOOT MORE THAN ONCE.
UM, TWO OF THE RECENT ONES ARE, UH, UH, LEASE REVENUE, BONDS, UH, ONE NEARBY IN EL MONTE AND ANOTHER OUT IN THE DESERT IN RIDGECREST.
UM, AND, UH, UH, SINCE 2012, ALL PENSION BONDS HAVE BEEN SOLD AS FIXED RATE BONDS.
WE TELL PEOPLE THERE'S NO REASON TO, TO EVER STRAY FROM THAT IN THE CURRENT MARKET.
UM, AND THEN I GUESS THE STAFF RECOMMENDATION IS FOR, UH, DAVE.
THANK YOU FOR YOUR PRESENTATION ON THE COUNCIL.
AND ANY QUESTION YOU HAVE, GO AHEAD, COUNCILMAN CASIANO.
THANK YOU, MAYOR WILL, UH, WELL, JUST FOR BACKGROUND ON THE FIRST SLIDE, UM, I THINK THIS IS IMPORTANT TO NOTE, YOU'VE MENTIONED THAT AT ONE POINT CALPERS WAS SUPER FUNDED.
WAS THAT IN 99 W OR AROUND THERE? UH, 2001 WAS LAST TIME THEY WERE REFUNDED.
AND WAS THAT, WELL, I DON'T KNOW IF YOU'RE THE BEST PERSON TO ASK, BUT WAS THAT A TRUE SUPERFUND OR WAS THAT THE.COM BUBBLE? UM, MOST OF WHAT, UH, CAUSED THE SUPER FUNDING WAS, UH, THE LATE NINETIES AND THEN THE.COM BUBBLES.
YES, THEY GOT CONSIDERABLY HIGHER RETURNS THAN EXPECTED, AND THERE WERE A NUMBER OF PLANS, 120% FUNDED.
SO THEN IT BURST THE.COM BUBBLE BURST.
SO IN ESSENCE, IN HINDSIGHT, WE REALLY WERE NOT TOO PRE-FUNDED IN CALPERS.
IS THAT CORRECT? UH, TWO THINGS HAPPENED AT ABOUT THE SAME TIME.
UM, THE LEGISLATURE, UH, PASSED REFORMS THAT ALLOWED LARGE INCREASES IN, UM, UH, IN BENEFITS, UH, OFTEN FOR SERVICE THAT WAS ALREADY RENDERED AND A LARGE NUMBER OF LOCALITIES TOOK THIS OPPORTUNITY AND, YOU KNOW, NAYSAYERS SAY GAVE AWAY BENEFITS.
IT WASN'T JUST THE RAIL ELEVATING BENEFITS FOR FUTURE SERVICE.
THEY WERE INCREASING BENEFITS ON PAST SERVICE.
YOU CAN'T DO THIS ANYMORE IN CALIFORNIA.
IN ADDITION TO THAT LEGISLATION, UM, THIS CALPERS HAVE THE FREEDOM TO INVEST IN ALL SECURITIES OR, OR DO THEY LIMIT THEMSELVES? THEY, UH, BOTH ARE TRUE, ACTUALLY.
SO, UH, CALPERS HAS A PRUDENT INVESTOR
[02:15:01]
RULE, BUT CALPER, UH, FROM THE STATE, BUT CALPERS ITSELF CAN DECIDE TO STAY AWAY FROM CERTAIN SECTORS.UH, AND ONCE IN A WHILE THEY DO, YOU KNOW, UH, THEY, THEY COULD SAY, UH, YOU KNOW, WE'RE NOT GOING TO INVEST IN SOMETHING EXTREMELY CONTROVERSIAL.
UM, BUT IF THEY DO THAT, UH, THEY ALSO HAVE TO MAKE THE DECISION THAT IT'S NOT GOING TO AFFECT THEIR OVERALL RETURNS.
AND SOMETIMES THE WAY THEY GET THERE IS IT'S JUST SAYING, THIS IS A TINY PORTION OF OUR PORTFOLIO.
AND, UM, WELL, BACK BACK TO THE QUESTION ABOUT, UH, WE RECEIVED BY EMAIL EARLY ON.
SO JUST TO CLARIFY, THIS WILL BE JUST FOR THE UNFUNDED LIABILITIES, THAT IT WILL NOT BE USED FOR, YOU KNOW, FREE SPENDING FOR THE CITY, OR, AND MAYBE THIS IS BETTER FOR CITY STAFF, BUT I DO WANT TO CLARIFY FOR, FOR THE AUDIENCE AT HOME AND FOR THE AUDIENCE HERE, UH, THAT WE'RE, WE'RE NOT GONNA, YOU KNOW, HAVE PLAY MONEY REALLY, OTHER THAN THE 1 MILLION AT WORKING CAPITAL 1 MILLION.
I WANTED TO UP THE OPPORTUNITY TO MAKE THAT CLEAR.
I CAN TELL YOU, WE LOOKED AT A LOT OF DIFFERENT SCENARIOS THROUGH THE CHAIR AND THE IDEA OF GETTING SOME CITY UNMET NEEDS FUNDED THROUGH THIS VEHICLE.
AT THIS TIME, I CONFESS WITH HIGHLY TEMPTING.
WE DIDN'T WANT TO GET BOND FEVER.
WE DIDN'T WANT TO DO A CASH OUT REFINANCE.
WE WANTED TO, UM, JUST TRADE, LIKE FOR LIKE DEBT FOR DEBT, 7% DEBT FOR 4.2% DEBT AND KEEP THE TENOR THE SAME, KEEP THE TIME TERM THE SAME SO THAT THE CITY IS TRULY, UH, ABLE TO HAVE A SIDE BY SIDE COMPARATIVE AND SHOW 'EM WHAT THOSE SAVINGS ARE FROM THIS DAY FORWARD.
SINCE THE, MY COUNCIL WANTS TO WAIT, THEN I WOULDN'T JUMP INTO IT.
OUR COBRA KNEW WHAT WE'RE PAYING 7% INTEREST RATE.
AND THEN I HAVE A FULL TIME JOB AS A CITY COUNCIL.
WHY NOW PEOPLE REFI THAT CUISINE BECAUSE OKAY.
HISTORICAL LOW INTEREST RATE RIGHT NOW.
AND I WAS 10 YEARS PER MARKET NOW DOWN TO OKAY.
OUR TREASURY BOND ONLY 0.6 46, AGAIN, HISTORICAL LOAD.
WHEN TIMES GO TO THAT POINT 50, I'VE DONE THIS 30 YEARS.
I NEVER SEE SOMETHING LIKE THAT.
SO I KNOW, I KNOW REASON THAT YOU DID A REFI OR NOT DO THE OKAY.
AND I REMEMBER THE INTEREST RATE, THE MAYOR TOLD ME, OKAY.
SO THERE HAS BEEN A LOT OF MOVEMENT OF INTEREST RATES BETWEEN ABOUT JANUARY AND THEN A BIG PEAK IN MARCH AND COMING DOWN NOW I UNDERSTAND.
THE CT CAN HAVE THE SAME TREATMENT.
THE CASE PEOPLE 82, LET'S OUR TALK ENOUGH, 4.2 NOW 4.5.
WE CAN HIT A TARGET LIKE EL MONTE.
I THINK OUR FINANCIAL, I SPELLED IT IN A MONTE.
WE HAVE THIS PANDEMIC, BUT AS A MAIN DEPENDENT, MAYBE WE'LL BE FOREVER PANDEMIC MAYBE.
AFTER NOVEMBER THE PANDEMIC WITH MAYBE DISAPPEAR.
SO, SO WHAT I'M SAYING IS THERE IS NEXT YEAR AND POSSIBLE.
WE ARE GOING TO HAVE A REVENGE OF ECONOMY, HOPEFULLY COMING BACK NOW WITH ALL THE DEVELOPMENT.
SO WE, I THINK OUR RATINGS SHOULD BE PRETTY AWESOME.
OUR CONTRACT GO TO LIKE A 5.5, IF A SEVEN TO 5.5, COMPARE WITH AMOUNT USED 3.82.
WE NEED TO HAVE SOME SIMILAR TREATMENT.
WE WANT TO SAVE OUR TAX PAYER.
SO AS THESE IMPORTANT THING IS THAT PEOPLE HAVE TO UNDERSTAND, WE ARE PAYING 7% INTEREST RATE OUR TAX PAYER PAYING 7% INTEREST RATE.
AND IF I TELL PEOPLE I'M GONNA CHARGE YOU SEVEN PRESENT CHURCH WHERE THEY'RE GOING TO KILL ME, BECAUSE THIS IS RIDICULOUS RIGHT NOW.
SO, SO, SO RIGHT NOW TELL THEM 3.5.
THEN WHY NOT? OUR INTEREST IS DOWN TO BELOW 3%.
SO IN THAT WAY, YOUR INTEREST RATE HAS TO BE, YOU ARE THE UNDERWRITER.
SO YOU WILL HAVE TO GIVE US SOMETHING.
THAT L IS HOPEFULLY BETTER THAN A MONTE.
WELL, SO THESE HAVE BEEN VERY SENSITIVE TO THE DATE ISSUED AND THERE WERE A COUPLE OF RECENT PENSION BONDS WITH THE SAME RATING ON THEM
[02:20:01]
THAT WERE ISSUED THREE DAYS APART.AND THEY'RE LIKE 20 BASIS POINTS APART.
UM, SO YOU KNOW, A LOT OF THIS, UH, HAS HAD TO DO WITH WHEN YOU'RE ISSUING AND NOW IS CONSIDERABLY BETTER THAN SIX WEEKS AGO.
UM, IT'S NOT QUITE AS GOOD AS JANUARY.
UH, SO YOU KNOW, WHAT YOU SAW WAS A BIG SPIKE IN INTEREST RATES FOR EVERYTHING EXCEPT, UH, TREASURIES IN, UH, LATE MARCH AND THEN A SLOW, UH, RETURN TO NORMALCY AND THE AMOUNT OF INVESTOR INTEREST.
BUT WE'RE NOT ALL THE WAY BACK.
I DON'T KNOW, WE'RE TALKING THE SAME BUSINESS BECAUSE WHAT I SEE FOR THE REASON TO BE MOUNTAINS IS NOTHING BUT DOWNTOWN DOWN.
AND WHEN ONE, ONE, COUPLE OF WEEKS, THEY SPIKE A LITTLE BIT.
THEY GO TO MORE THAN 1%, BUT STILL VERY LOW INTEREST RATE BECAUSE THIS IS MY BUSINESS.
SO, SO THE POINT IS, IS THAT IS OKAY.
I HAVE A PROBLEM TOO, TO HAVE A CONTRACT WITH A WHAT, 5.5, BECAUSE THIS DOESN'T MAKE ANY SENSE.
AND I HOPE MAYBE WE CAN, OKAY.
CEILING TO SOMETHING MORE DESIRABLE, MAYBE 4%.
AND I HOPE I CAN HIT ON THE MAYBE.
I WOULD LOVE YOU LONG TIME FOR 3.5%.
SO I THINK THAT'S THE IMPORTANT THING TO HAVE OUR TAX PAYER, OKAY.
TO NOT PAYING THE KIND OF HIGH INTEREST RATE.
SO IT IS PART OF OUR JOB AS UNDERWRITER, UH, TO MAKE SURE WE DO EVERYTHING WE CAN TO GET YOU THE LOWEST RATES AT THE TIME OF ISSUING.
SO WHY WE WANT TO PUT ON CONTRACT WITH 5% OR SOMETHING.
SO THAT'S ONLY 2% DIFFERENCE IS RIDICULOUS.
UM, OF COURSE THE CITY COUNCIL HAS DISCRETION.
AND, UM, MR. CARMEN, YOU MAY WANT TO TALK ABOUT IT W UH, COUNSEL, IF I COULD CALL YOUR ATTENTION TO THE RESOLUTION, WHICH IS RIGHT AFTER THE STAFF REPORT, IT'S ATTACHMENT NUMBER ONE, RESOLUTION 2020 DASH 72.
THE PARAGRAPH YOU'RE INTERESTED IN IS SECTION SEVEN.
AND THE LAST SENTENCE OF THAT SECTION SETS PARAMETERS WITHIN WHICH THE, THE UNDERWRITER IS AUTHORIZED TO PROCEED.
WE HAD A RECOMMENDATION FROM, UM, JIM GURVICH EARLIER TONIGHT.
TOO HIGH, TOO HIGH STAND CORRECTED.
BUT I THINK IF YOU CHANGE 5.8 TO 4.5, WE WILL DO OUR LEVEL BEST TO GET THIS AND TIME IT AS BEST WE CAN.
BUT IF EL MONTE HAS A 3.8 TO TWO WEEKS AGO, WHY WE CANNOT GET, LIKE, I GIVE YOU A CEILING, LIKE 3.9, NINE.
MEANING, MEANING IS STILL OKAY.
WE CANNOT, WE CANNOT ACCEPT THAT HIGHER THAN A MONTE.
YOU KNOW, IF WE HAVE SOME OTHER CITY THAT MIGHT BE, FORGET IT BY A MONTE.
SO WHY ARE YOU LAUGHING? OKAY.
WE SEE ME, THE POPULATION AND A, AND A BOAT.
THEY HAVE, THEY ARE, THEY HAVE MORE WAREHOUSE.
SO MEANING OUR CREDIT CREDIBILITY, I THINK A BETTER, BETTER THAN EL MONTE.
SO IF THEY CAN GET A 2.82, OKAY.
ALL THE COUNCIL APPROVED WHEN THEY SEE THE INTEREST RATE OR LIKE THAT.
I THINK IF WE CAN GET A MAJORS OKAY.
SIMILAR TO THEM, THEN WE HAVE A SAVING AND I WILL SAY TO YOU, WE KNOW IT.
WE WANT TO DO IT, BUT AGAIN, DEPENDS ON HOW COUNCIL DISCUSSION.
MAYBE THEY THINK ABOUT 3.8 TO STEER TOO HIGH, BUT AGAIN, OKAY.
WHY NOT? IT'S JUST RIDICULOUS, BUT OKAY.
AND I HOPE, I HOPE HE'S THE BEST WITH ALL THAT.
BUT SINCE YOU DID IT FOR EL MONTE, SO YOU ALREADY HAVE A CREDIBILITY.
UH, W WE DID IT, UH, OUR, OUR FIRM WORKED ON, UH, MONTEBELLO, UH, GRASS VALLEY AND ONTARIO AND QUEENS.
HOW LONG AGO? UH, ONTARIO, THREE WEEKS AGO.
UM, AND THEN, UH, ONE OF THE FINANCIAL ADVISORS WHO'S WORKING ON THE TEAM WORKED ON ELMONTE.
UM, SO, UH, YES, WE KNOW THOSE, THAT DEAL.
EL MONTES CAME IN TWO PARTS, UH, A LARGER AND A SMALLER ONE.
UM, AND ONE OF EL MONTES PARTS HAD BOND INSURANCE ON IT, AND ONE DID NOT.
SO, UH, THE PART WITH BOND INSURANCE ENDED UP WITH A HIGHER RATING, WHICH IS THE WHOLE POINT OF BOND, THE SMALL ONE, BUT THE BIG ONE IS REPORT, BUT I CAN GIVE YOU A SMALL ONE WITH 4%.
GIVE ME THE, SOMETHING MUCH MORE DESIRABLE.
I DON'T WANT TO ARGUE AND THEN NEGOTIATE WITH YOU OVER HERE.
[02:25:01]
TO, APPLE TO AIRPORT COMPANY OWNS WHAT THEY HAVE AND WHAT WE'RE DOING RIGHT NOW OVER HERE, YOU TRY TO SAVE CT TAX PAYER, MONEY, PAYING 7%, LET, JUST WASTE THE MONEY INTO THE INTEREST.AND THAT'S WHY THIS, THIS, THIS BOND OKAY.
BUT IT HAS TO MAKE SENSE, HAVE TO HAVE A SAVING.
AND THE 4.2% THAT, THAT YOU SEE, UM, IN HERE, THERE'S, UH, UH, AN ESTIMATE THAT COMES FROM THE MUNICIPAL ADVISER.
IT'S A SLIGHTLY CONSERVATIVE ESTIMATE AS OF THE BOND MARKET CONDITIONS.
LAST WEEK, WHEN THIS WAS BEING PUT ONTO THE AGENDA, THE INTEREST RATE THREE POINT, I THINK THREE POINT SOMETHING WAS 2.9, 2.8, SUPER SEVEN.
I CAN CHECK WITH THE MAYO OVER THERE.
SO YOU'RE RIGHT TO COMPARE US WITH EL MONTE, BUT NOT ONTARIO.
AND THEN WE DON'T HAVE AN AIRPORT.
AND SO, BUT, BUT THE AMOUNT IS REALLY A GOOD COMPARISON FOR YOU.
AND I HOPE WE CAN GET SIMILAR TREATMENT LIKE THEM.
UH, W WE'LL DO OUR VERY BEST ON THIS.
THE, UH, OUR, OUR FIRM HAS A LONG RECORD, UH, WITH, UH, VARIOUS PENSION OBLIGATION BONDS AND TAXABLE BONDS.
SO SEALING HOUSEHOLD, WHY IS THE CITY YOU'RE WILLING TO DO IT? UH, BECAUSE IT'S THINGS THAT NONE OF US HAVE CONTROL OVER CAN CHANGE BETWEEN NOW.
AND, UH, THE 21ST IS WHEN WE EXPECT THESE BONDS TO PRICE.
MR. MAYOR, WE TELL HIM WHAT OUR CEILING IS.
HE DOESN'T TELL US, UH, BUT WE CAN CHANGE YOUR ALL CONTRACT TO WHAT THE MAXIMUM.
SO, UM, MAYBE LATER ON, AFTER WE FINISH, OKAY, I'M GOING TO MAKE A B BE VICE.
AND AMANDA, AND SEE WHAT YOU CAN SUPPORT ME FOR, LET YOU GO AHEAD.
WELL, YOU SAID THERE WAS ANOTHER UNDERWRITER WHO WORKED ON ELANI.
CAN'T WE GET THAT UNDERWRITER TO WORK WITH US.
IF THEY GOT THAT GREAT RATE, UM, WE WON'T SETTLE FOR IT.
IT'S NOT WHICH UNDERWRITER YOU PICK, IT'S IT IT'S A WHOLE BATCH OF THINGS TOGETHER.
BUT PART OF IT IS WHAT DAY YOU'RE ISSUING ON.
UH, A LOT OF IT IS YOUR RATING, AND THEN YOU GET THINGS LIKE, UM, THE, THE LENGTH OF THE BONDS, YOU KNOW, A FEW PENSION BONDS, REASSURES 1530S.
SOME HAVE PARKED CALLS, SOME HAVE NO CALLS.
AND, YOU KNOW, AS, AS YOU GO THROUGH ALL OF THESE PIECES, YOU END UP WITH A LOT OF VARIABLES, UM, AND YOU COULD EASILY, YOU REALLY HAVE TO MAKE SURE YOU'RE COMPARING APPLES AND APPLES.
LIKE THE, UM, THE SAME MATURITY OF TWO ENTITIES RATED THE SAME WAY.
MATURITY EITHER BOTH HAVE A PARK HALL OR NOT HAVE A CALL, UH, AND THEN THEY BECOME COMPARABLE.
UM, BUT IF YOU JUST LOOK AT THE OVERALL BORROWING COST, YOU KNOW, PART OF IT IS THE MOVEMENT OF THE MARKET FROM DAY TO DAY.
AND A LOT OF IT IS JUST HOW LONG WERE THE BONDS? WHAT WERE THEY RATED? WHAT, WHAT CALL PROVISIONS DID THEY HAVE IN IT? UM, AND WE WOULD PUT OURSELVES UP AGAINST ANY UNDERWRITER ON PENSION BONDS, AND WE DO QUITE WELL.
WE'VE GOT AN EXCELLENT MARKET SHARE ON THIS.
THIS IS NOT A MATTER OF, YOU KNOW, AND EVEN WHEN WE LOOK AT OUR COMPETITORS AND LINE THINGS UP, UH, AS RECENT COMPS, WE DON'T SAY, UH, YOU KNOW, UH, ONE DEAL COSTS 20 BASIS POINTS MORE THAN ANOTHER.
AND IT'S BECAUSE IT WOULD JUST NEVER BE LIKELY THAT THE SOLE CAUSE WAS SOME UNDERWRITER, DID IT AN ESPECIALLY GOOD OR BAD CHILD.
HOW CAN WE GO OVER 4%? SO I LIKE, SO I'LL GIVE YOU AN, I'LL GIVE YOU AN EXAMPLE.
IF YOU HAD LOOKED AT THIS IN JANUARY, WHEN RATES WERE LOWER THAN THEY ARE NOW, BUT YOU WERE ACTUALLY SELLING IN LATE MARCH, YOU WOULD HAVE SAID, YOU KNOW, WELL, WE LOOKED AT THIS COMP IN JANUARY AND IT SEEMED LIKE A PERFECTLY REASONABLE COMP.
AND THEN YOU WENT TO ISSUE IN THE MIDDLE OF AN AWFUL MARKET.
THERE WERE LOTS OF DEALS JUST BEING PULLED DEALS OF ALL TYPES, TAX EXEMPT DEALS, CAPITAL CONSTRUCTION DEALS, BECAUSE PEOPLE WERE LIKE, EITHER WE CAN'T SELL IT, OR THE RATES ARE RIDICULOUS AND YOU CAN SELL THIS EASILY.
WELL, THIS IS PART OF THE REASON FOR THE ROOM.
IT'S, YOU KNOW, YOU DON'T KNOW WHAT OVERALL RATES WILL BE, AND YOU DON'T KNOW WHAT NEW NEWS WILL OCCUR WITHIN THE NEXT SEVERAL WEEKS THAT COULD MAKE THIS A MESS NOW IN SUCH CIRCUMSTANCES.
AND WE'VE HAD PEOPLE DO THIS THIS YEAR.
YOU CAN SAY, WE WOULD LIKE TO WAIT.
WE HAD TWO PENSION BONDS, UH, THAT WE WORKED ON, THAT PEOPLE SAID WE WOULD LIKE TO WAIT.
ALL THESE, EVERYTHING, SINCE 2012,
RIGHT? UM, SO THIS WENT AMORTIZES DEBT EVERY YEAR, EVERY YEAR, THERE ARE SOME OTHER PENSION BONDS HERE AND THERE THAT YOU FIND PEOPLE RUN INTEREST ONLY FOR OLD INTEREST.
BUT THIS WAY IT'S NOT THIS WAY, THIS WAY IS SO
[02:30:01]
THE WHY'S.WHY IS THE TERM I'M SORRY, THE 20 YEARS.
SO DO YOU USE 24, 24 YEARS? SO COMMERCIAL COMMERCIAL RATE, EIGHT, EIGHT, ONE 2040.
SO BASICALLY 24, 24 YEARS TURNED ON MONETIZATION.
AND THE INTEREST RATE THAT NEGOTIABLE BASED ON THE, YOUR UNDERWRITERS, FINDING OUR CREDIT RATING AND ET CETERA, ET CETERA.
AND SO FOR LAND, AND THEN YOU HAVE A CLOSING COST.
SO I THINK LAST TIME WE TALK ABOUT THE CLOSING COSTS, THE BALL.
THE BONDS, UH, THE LIKELY SIZE OF THE BONDS HAS BEEN UPSIZED SINCE THEN.
SO YOU HAVE A GOOD BUS, THE ESTIMATION ABOUT THE CLOSING CALLS, HOW MUCH IT WOULD COST TO.
THERE'S A GOOD FAITH ESTIMATE THAT COULD FACE YES.
WE WERE LOOKING AT, UM, 1.1 MILLION TONIGHT.
I WOULD LIKE TO ADD A FACTOR TO THE CONVERSATION WE ARE REQUIRED TO MAKE CALPERS PAYMENTS WITH, OR WITHOUT THESE BONDS.
IT'S BEEN THE CUSTOM OF THE CITY TO MAKE THAT PAYMENT AND UNDERSTAND IT.
WELL, OF COURSE WE HAVE MILLION DOLLARS.
THIS YEAR, BECAUSE CASHFLOW IS SO PRECIOUS.
WE'RE LOOKING AT HAVING MAKE MONTHLY PAYMENTS OF 1.2 MILLION PER MONTH.
AND EVERY YEAR WE DO EVERY MONTH WE DELAY, WE STILL HAVE TO MAKE THAT PAYMENT TO CALPERS.
HOW MUCH IS THE CLOSING CALLS FOR THIS? UH, YEAH, IT THERE'S A, A GOOD FAITH ESTIMATE.
I REMEMBER LAST TIME YOU'RE TALKING.
AND THE BOND, UM, WHEN THE BONDS WERE BEFORE THE CITY COUNCIL, SEVERAL MONTHS AGO, THEY WERE SMALLER.
SO THAT'S THE PRIMARY REASON IT'S LIKE BUY DOWN.
IF, IF INTEREST RATE, YOU CAN KEEP A LOW INTEREST, WE PAY A LITTLE BIT HIGHER CLOSING CALLS WHERE YOU, I THINK, I THINK POSSIBLE LET IS IN THE LONG RUN AND WE SAVE MORE MONEY.
IT'S LIKE PEOPLE DOING THEIR MORTGAGE.
THEY WANT TO GO LOWER INTEREST RATE FOR THE 20 YEARS OR 30 YEARS.
THEY SAY MORE MONEY IN THE LONG RUN.
BUT WE WANT TO, I THINK INTEREST RATES VERY SENSITIVE TO THE CT THAT WE WANT TO MAKE SURE WE, WE WANT TO PROTECT THE TAXPAYERS BECAUSE WE WANT TO WASTE THE MONEY INTO THE INTERESTS.
AND SO WE NOW UNDERSTAND HOW ABOUT PREPAYMENT PENALTY? DO WE HAVE A PREPAYMENT PENALTY OR IF WE, UH, SOMEBODY WHO OFFER EVEN LOWER RATE, CAN WE JUST REVIT OKAY.
AND SELL TO THEM AND THEY GO, OKAY, LOW INTEREST RATE.
DO YOU HAVE A, UH, TENURE PARK HALL? SO I'LL TELL YOU THE PREPAYMENT PENALTY.
UM, SO, UH, UH, IF THE CITY WANTED TO DIRECT US TO DO IT BEFORE THE 10 YEARS, PROBABLY IT ONLY A S A SMALL PENALTY THE CITY COULD HAVE, WHAT'S CALLED A MAKE HOLE CALL.
AND, UH, THAT WOULD ALLOW YOU TO REFINANCE THINGS.
BUT MOST OF THE ADVANTAGE OF LOWER INTEREST RATE, IF IT APPEARED IN FOUR OR FIVE YEARS, WE THEN MAKE ITS WAY TO THE BOND HOLDERS RATHER THAN THE CITY.
SO YOU HAVE 10 YEARS, 10 YEARS WE HAVE TENURE PARK HALL IS I KNOW WHY IS THE PREPAYMENT PENALTY CLOUD IS A OKAY, 10 MONTHS, ONE YEARS OF INTEREST, OR WHAT.
UM, BASED ON YOUR, SO UNLESS YOU HAVE A MAY COLD CALL, UH, UH, SO IF, IF IT WAS COMPLETELY NON CALLABLE, YOUR ONLY WAY OF REDUCING THE BONDS OUTSTANDING, UH, UH, UP THROUGH 10 YEARS WOULD BE TO START PURCHASING THEM.
AND, YOU KNOW, THERE ARE VARIOUS VERSIONS OF PURCHASING AND IN THE OPEN MARKET.
NOW, IF YOU HAVE A MAIN COLD CALL, YOU COULD START MAKING PEOPLE, GIVE THEM TO YOU.
BUT MOST OF THE ECONOMICS OF, OF REDUCED INTEREST RATES BENEFIT THE BOND HOLDER RATHER THAN THE CITY.
IT'S THE MANAGERS, THERE IS A, WHAT KIND OF TONY'S SLED IS THAT WE DON'T HAVE A PREPAYMENT PENALTY.
YOU OPEN FULL AIRWAY AND THE 7% IS A FIXED RATE OR IS ADJUSTABLE WAY.
SO CALPERS COULD ADJUST THIS RATE LATER TO HIGHER, TO LOWER EITHER, EITHER, EITHER.
UH, AND LET'S SAY THEY LOWERED THE RATE TO SIX AND A HALF PERCENT NEW UNFUNDED LIABILITIES WOULD APPEAR, UH, SEVERAL YEARS AGO, CALPERS WAS AT SEVEN AND A HALF PERCENT.
AND IT'S, THAT IT'S THAT WAY UNTIL THEY ANNOUNCED THEY WANT TO CHANGE IT AGAIN.
UM, BUT, UH, AT THE MOMENT, THERE ARE NO ANNOUNCED CHANGES.
NO, JASON TOOK UP TO SIX AND A HALF PERCENT STILL WAY TOO HIGH.
RIGHT NOW, I WOULD LIKE TO SEE THE UPDATED VERSION OF THIS, BUT THERE IS A SURVEY THAT'S TAKEN EVERY YEAR.
UH, UH, THE PEOPLE WHO ARE INVESTMENT MANAGERS, BANKS, UH, THAT SERVE PUBLIC SECTOR PENSION FUNDS, WHERE THEY TALK ABOUT THIS IS OUR EXPECTED RETURN AND LARGE CAP EQUITIES.
[02:35:01]
THIS IS OUR EXPECTED RETURN ON US TREASURIES AND A WHOLE BUNCH OF DIFFERENT ASSET CLASSES.UH, AND THE LONGTERM EXPECTED RETURNS ON CALPERS TYPES PORTFOLIOS.
UH, WHEN THEY DID THIS IN 2019 WAS PRETTY CLOSE TO 7%.
UM, NOW ONE OF THE INTERESTING THINGS IS, UH, MOST OF THE DIFFERENCE BETWEEN THOSE PROJECTIONS HAS TO DO WITH, UM, UH, INFLATION.
AND, UH, IF YOU HAVE LOWER INFLATION, YOU ALSO HAVE LOWER SALARY INCREASES.
SO IT, IT WORKS TWO WAYS TO HELP OFFSET ON THE LIABILITY.
I TALKED TO HER MONTE COUPLE OF WEEKS AGO.
WHEN DO YOU THINK HAPPENED AT CHECKUP WITH THEM? AND THEY, THEY THEY'RE PRETTY HAPPY WHAT THEY DID, BUT I KNOW WHAT THEY EVEN CASH OUT THE MONEY, BUT WE DON'T WANT IT.
WE WANT TO LOWER THE MONTHLY PAYMENT WE WANT OKAY.
YEARLY INTEREST PAYMENT WHILE THEN I THINK THE CASE SHOT WAS $30 MILLION TO PAY THEIR BILL, BUT I DON'T THINK LET'S SEE OUR CTO WANTS TO DO THE SAME THING.
WE JUST WANT TO LOWER THE INTEREST RATE.
THEN WE PAY THE INTEREST AND LET'S TOTALLY WASTE OF MONEY IF YOU PAY, CONTINUE TO PAY 7% INTEREST RATE.
MY PROBLEM IS THE INTEREST RATE.
I JUST NEED TO GET A SIMILAR TO WHAT EL MONTE HAS.
WELL, JUST DON'T WANT TO DO SOMETHING MUCH HIGHER THAN WHAT THEY HAVE.
IT WILL BE VERY DIFFICULT TO SWALLOW DUE TO WHY OUR TAXPAYER HAVE TO PAY MORE THAN A MONTE TAXPAYER.
I THINK THAT'S THE ISSUE AND THE OLDEST CITY WERE COMPARED TO EACH OTHER.
I THINK THIS IS, BUT AGAIN, OKAY.
CURRENTLY OUR INTEREST RATE IS HISTORICAL LOW.
AND I THINK THIS ADVANTAGE FOR YOU GUY, AND THEY WENT NOW A LOT OF SHOPPING MALL.
THEN THEY, THEY, THE BANK OR THE OKAY.
FINANCIAL INSTITUTE OF VERY, VERY LOW RATE, LIKE TWO AND A HALF PERCENT UNBELIEVABLE FOR SHOPPING MALL SHOPPING CENTER.
YOU CAN, YOU CAN CHECK A WELLS FARGO.
SO, SO, AND I KNOW A COUPLE OF SHOPPING, MODELL DOING OTHER KIND OF FINANCING RIGHT NOW, AND TO GET THEIR INTEREST FROM 4% TO LESS THAN 3%, STILL A LOT OF SAVINGS.
SO SENDING TWO TO DO WITH YOU.
TO A CT CONTINUE TO PAY THE 7% INTEREST RATE.
SO, SO THIS IS JUST, OKAY, WHERE'S THE MONEY AND THE, INTO THE INTEREST AND TAXPAYER MONEY.
AND THEN WE CAN USE THIS MONEY TO SOMETHING ELSE TO HELP OUR PROGRAM.
SO I'M LOOKING AT THE ATTACHMENT, UM, WITH THE GOOD FAITH ESTIMATES.
AND I KNOW YOU MENTIONED THE FINANCE CHARGE, WHICH IS, YOU KNOW, A MILLION DOLLARS, BUT ON NUMBER ONE, YOUR TRUE INTEREST COST OF THE BONDS.
UH, IT SAYS YOUR PRINCIPLE AND INTEREST PAYMENT DATES FOR THE PURCHASE IS 4.1658, 8.1%.
UM, MY QUESTION IS, WELL, WHY IS THAT EVEN HIGHER THAN AT LEAST YOUR GOOD FAITH ESTIMATE? AND IS IT POSSIBLE ONCE A GREAT INTEREST RATE THAT COMES IN? CAN WE LOCK IT IN? OH YEAH.
UM, SO, UH, THIS IS ANOTHER THING THAT'S VARIED A LOT.
UH, UH, BONDS IN GENERAL WERE VERY HARD TO SELL IN LATE MARCH AND PENSION BONDS THAT HAVE BEEN SOLD IN THE PAST FEW WEEKS ARE WHAT ARE CALLED OVERSUBSCRIBED.
SO ANYWHERE FROM THREE TO EIGHT TIMES AS MANY ORDERS AS THERE ARE BONDS TO SELL, UH, WHICH OF COURSE MEANS THAT YOU CAN COME BACK AND CUT THE YIELDS.
AND, UH, YOU, YOU START WITH AN INDICATION AND YOU SEE HOW MUCH DEMAND YOU'VE GOT.
UM, AND THEN YOU, YOU KNOW, MAKE ADJUSTMENTS AND YOU SAY, WELL, LET'S GO BACK AND TRY, UH, FIVE BASIS POINTS, LESS OR EIGHT BASIS POINTS LESS AND SEE, UH, WHAT THE ORDER FLOW LOOKS LIKE.
AND, AND TWO ROUNDS OF REDUCTION ARE TYPICAL.
UH, AND SO, YOU KNOW, YOU START OUT WITH SOMETHING THAT MIGHT HAVE AN, UH, UH, INITIAL EXPECTED KUSILE DO ROUND NUMBERS OF EXACTLY FOUR.
AND YOUR FIRST, UH, ATTEMPT, YOU COME BACK AT 3.92, AND YOU'RE LIKE, WE'VE STILL GOT A LOT OF ORDERS.
AND THEN YOU END UP AT A 3.85, AND YOU SAY, GREAT, WE'VE STILL GOT ENOUGH ORDERS AND LET'S GO, UH, YOU KNOW, UH, BUT THERE, THERE IS THE RISK.
IF YOU KEEP CUTTING THAT YOU FIND YOU'VE GOT A LOT OF UNSOLD BONDS, UM, CAUSE FREQUENTLY THERE'S JUST, YOU KNOW, A LOT OF PEOPLE WHO HAVE A REALLY SIMILAR IDEA OF WHAT THESE BONDS SHOULD SELL FOR.
AND IF YOU MOVE TO THE OTHER SIDE OF WHAT THEY'RE WILLING TO PAY, YOU KNOW, THOSE POTENTIAL ORDERS JUST VANISHED.
WELL, I MEAN, PRETTY MUCH HERE ARE THE COUNCIL'S CONSENSUS IS THE INTEREST RATE.
SO I MEAN, IF WE CAN LOCK IN A GREAT INTEREST RATE THEN OF COURSE, AND THAT, THAT IS THE MAIN PURPOSE OF, OF HAVING THE TEAM THAT YOU'VE GOT.
UH, AND YOU KNOW, WE'VE, WE'VE GONE THROUGH LOTS OF ITERATIONS OF HOW LONG SHOULD IT BE, SHOULD IT HAVE PARKED CALLS OR NOT? UH, SHOULD IT HAVE MAY WHOLE CALLS
[02:40:01]
OR NOT, SHOULD THE PARK HALL STARTED 10 YEARS OR 12 YEARS? UH, FOR EXAMPLE, IF YOU WANTED TO LOWER THE OVERALL COST OF THE BOND, YOU COULD SAY LOCATE THE PARK CALLS STARTED 12 YEARS.YOU'LL TAKE A FEW BASIS POINTS OFF BY DOING SO, BUT THEN SHOULD THERE BE EXCELLENT INTEREST RATES AT 10 YEARS? YOU CAN'T JUST CALL THE BONDS.
YOU'VE GOT TO WAIT ANOTHER TWO YEARS.
UH, AND SO YOU'RE GIVING UP SOME OPPORTUNITY BY DOING THAT.
UH, AND YOU KNOW, THERE, THERE ARE A LOT OF TRADE OFFS, BUT OFTEN, YOU KNOW, YOU, UH, UH, YOU GET THE BEST INTEREST RATE AVAILABLE FOR THE BONDS.
YOU REALLY WANT, YOU KNOW, YOU, YOU, YOU DON'T PUT CALL OPTIONS IN AT FIVE YEARS, IF YOU THINK THERE'S NO REAL REASON THAT YOU WOULD WANT THEM, CAUSE THEY'LL COST YOU A LOT OF MONEY.
UM, YOU KNOW, SO NINE, 10, 11, 12 YEARS IS, IS TYPICALLY WHERE IT STARTS, UH, UH, QUESTION.
AND, UH, IF WE SAY AMENDED TO THE CEILING TO LIKE, OKAY, 4%, OKAY.
WHEN YOU GET THE INTEREST RATE, LET'S SAY, OKAY, ON THE 4% OR, OKAY, DO WE STILL HAVE COMEBACK TO OUR APPROVAL? OR THEY JUST APPROVED.
WITHIN THE AUTHORITY GRANT, WE'RE GOING TO DO THIS DEAL.
OH, THEN I HAVE PROBLEM WITH 4%.
WELL, HEY, I'M A MORTGAGE HAWK.
UH, IT, IT, TO ANOTHER TRACK IS THE MOST IMPORTANT MEETING OF THE WEEK.
THIS ONE'S QUITE IMPORTANT MEETING WITH THE STANDARD FORCE PEOPLE.
WE ARE SPENDING AN AWFUL LOT OF ENERGY.
YOU THINK THIS IS A LOT OF PAPER, YOU SHOULD SEE THE RATING.
AND IF WE GET TRIPLE B RATED BONDS, THESE NUMBERS ARE SOMEBODY'S STANDARDS.
SO WE'RE WORKING HARD TO GET A BETTER RATE.
AND THEN WE'LL ALSO EVALUATE WHETHER IT MAKES SENSE TO BUY INSURANCE TO GET BETTER.
BUT, UM, THERE'S A LOT OF MOVING PARTS HERE.
WE REALLY WANT TO SAVE HIM FOR MY SIDE.
HAVE A SAVING FOR THIS, BUT AT THE SAME TIME, OKAY.
I NEED TO, WE NEED TO FIGHT FOR THE DESIRABLE RATE.
THEN IF I TELL MY CLIENT, OKAY, I'M GOING TO GIVE YOU PHONES THREE AND A HALF TO FOUR.
AND THE POSSIBLE, AND THEY WILL GET FOUR.
UNLESS I SAY, WELL, THIS IS NICE PEOPLE.
BUT, BUT, BUT THE POINT IS OKAY FOR STEEL, THEY CAN ACCEPT.
BUT WHEN THE BUSINESS GOES TO TELL PEOPLE, THIS IS A, OKAY, WE CAN SET THIS.
SO, SO MAYBE WE PREFER TO GO TO WHAT IS OUR TARGET OKAY.
AND THEN YOU TRY TO HIT THEM AT TARGET.
THEN WE IN BUSINESS, YOU, YOU DO STAND A CHANCE, ESPECIALLY IF THEY'RE, UH, YOU KNOW, WHATEVER DISPLACEMENTS IN THE MARKET THAT, UH, W W KOBE GETS MUCH WORSE AND PEOPLE ARE REALLY WORRIED ABOUT A RECESSION AGAIN, WHATEVER THE PROBLEM IS.
AND THAT'S A GOOD NEWS FOR THE INTEREST RATE.
INDEPENDENCE FOR ECONOMY IS GOOD NEWS FOR INDUSTRY BECAUSE IT'S MONEY IS FLOATING AROUND.
UH, THERE, THERE IS IN GENERAL, A LOT OF MONEY LOOKING TO BE INVESTED NOW, BUT PEOPLE WOULD BE WORRIED ABOUT THE PUBLIC SECTOR IN GENERAL.
IF THEY THINK TAX REVENUES ARE, ARE GOING WAY DOWN, THAT THAT WAS A GOOD PART OF WHAT CAUSED THE PROBLEMS IN LATE MARCH.
IF YOU THINK ABOUT YOUR PARKING, THE BANK, OKAY.
FOR ALMOST ZERO INTEREST RATE, AND THEN YOU GO TO STAR MARKET PRETTY SCARY, AND YOU GO TO 10 YEARS, FINE.
AND THEN NOW HE COME OVER HERE.
THAT'S FREAKING LIKE A HEAVEN.
IS A FOUR THE ONLY INVESTOR FOR THE SEA, BECAUSE RIGHT NOW, DUE TO, THEY CANNOT FIND ANY INVESTMENT CAN GET THEIR RETURN.
AND THE DEN, I UNDERSTAND WE HAVE TO GO TO OUR CREDIT, OUR CREDIT RENTING, HOW STRONG OUR CTE IS.
CAN WE PAY BACK OUR DEBT? OKAY.
AND THE, YOU, YOU DON'T WANT TO OKAY.
LEND THE MONEY TO PEOPLE CANNOT PAY BACK.
AND I DON'T THINK WE WILL HAVE THE ISSUE BECAUSE THERE'S AN UNFUNDED LIABILITY, NO MATTER HOW WE HAVE TO PAY.
AND THE ONLY THING, HOW MUCH WE PAY.
AND WHAT KIND OF INTERESTS DO WE PAY? OKAY.
AND THEN, SO WE, AS A COUNCIL, MY SEED, I WANT TO SEE THE TUCKER OKAY.
THE INTEREST RATE I WANT TO HIT.
THAT'S WHAT MY CLIENT TOLD ME.
AND JUST REMEMBER IF IT'S, IF IT'S TOO LOW, THERE ARE A LOT OF THINGS THAT COULD MAKE THE COST EXCEEDED AND YOU WOULD EITHER END UP WITH NO DEALER DELAYED DEAL, YOU KNOW, JUST MOVEMENTS IN GENERAL INTEREST RATES.
I'M LIKE, HURRY AND IT'S WAIT, WAIT, WE EXPECT THE BONDS WILL PRICE ON THE 21ST.
SO, YOU KNOW, WELL, IF WE CAN KEEP THE INTEREST RATE, I WON'T GET THIS DONE ASAP, LIKE, AND
[02:45:01]
ROLL DO IT RIGHT NOW.SO WE DON'T HAVE TO CONTINUE TO PAY 7% INTEREST RATE.
AND I THINK YOU UNDERSTAND, OKAY, THAT'S WHY THE BUSINESS, THIS IS THE CASE SEVEN TO 4.5 STILL SAVING.
BUT THE FOUR FOR US IS SAVINGS.
NOT ENOUGH IF ALL THE CT GATHER LIKE, OKAY, EVEN LOW INTEREST RATE.
AND I UNDERSTAND YOU DON'T WANT TO COMPARE WITH THE APPLE TO APPLE, BUT A MULTI IS VERY SIMILAR TO OUR CITY SIMILAR POPULATION, BUT WE HAVE A, NO, WE HAVE A MALL.
AND THE ASSETS THEN THAN EL MONTE, BECAUSE THEY'RE MORE LIKE WAREHOUSE.
AND WE MORE, WE HAVE A HIGH END POVERTY IN THE CITY, IN THE OLD ROUNDED DEMOGRAPHIC IS MUCH MORE WELL ROUNDED COMPARED WITH THE REST OF CITY.
I THINK, YOU KNOW, CLEARLY WHAT I'M TALKING ABOUT.
SO, SO, SO I'M VERY CONFIDENCE OR YOU CAN FIND A COMMON GROUND ANYWAY.
ANY OTHER CONSOLE? WE WANT TO SAY SOMETHING.
UM, THERE'S BEEN A LOT OF TALK ABOUT THE INTEREST RATE, BUT, YOU KNOW, MAYOR WERE, YOU MENTIONED THAT WE'RE PAYING 7% TO, UM, PERSE RIGHT NOW.
SO I THINK WE NEED TO LEAVE A LITTLE BIT OF WIGGLE ROOM IN.
WHAT'S ABLE TO BE NEGOTIATED FOR OUR INTEREST RATE, JUST BECAUSE 4.25 4.5 3.75 IS STILL LESS THAN THE 7% DIPPERS.
THAT'S JUST A SIDE THOUGHT THERE.
UM, CAN YOU EXPLAIN THE DIFFERENCE BESIDES THEIR NAMES IN THE PENSION OBLIGATION BONDS THAT THE PROCESS WE WERE GOING THROUGH BEFORE VERSUS, BUT THESE ARE THE LEASE REVENUE IT'S DIFFERENT AUTHORITY FOR ISSUANCE IS THE PRIMARY, IS THAT THE ONLY DIFFERENCE? YES.
UH, IT'S, IT'S A DIFFERENT WAY TO GET YOUR ISSUANCE AUTHORITY.
UH, UH, THE, UH, CREDIT RATINGS WOULD PROBABLY BE SIMILAR AT MOST.
THERE'S, THERE'S THE POSSIBILITY THAT THEY WOULD BE, UH, ONE NOTCH, A PART.
UM, AND THE OTHER THING THAT HAPPENS WHEN YOU GO TO LEASE REVENUE, BONDS IS, UM, YOU COULD DO OTHER THINGS LIKE YOU COULD PUT A MILLION DOLLARS OF WORKING CAPITAL IN AND ONLY HAVE ONE SERIES IN ONE BOND ISSUE AND ONE RATING AND NOT DO A LOT OF DUPLICATIVE EFFORT.
SO, UM, WHETHER WITH THE PENSION OBLIGATION BONDS OR THESE LE LEASE REVENUE BONDS, OUR CITY STREETS WERE ALWAYS GOING TO BE USED AS COLLATERAL.
UH, IT'S ONLY IN THE LEASE REVENUE BONDS THAT THEY'RE USED AS, AS COLLATERAL.
SO BASICALLY IF WE GO FORWARD WITH THIS, WE'LL HAVE LEASES ON OUR CITY HALL OR CITY STREETS AND OUR CITY PARKS.
NOW THE, UH, UH, BOND DOCUMENTS CLEARLY STATE THAT THERE'S NO ABILITY TO RELATE.
SO YOUR ROADS CAN NOT BE TURNED INTO TOLL ROADS, FOR EXAMPLE, UM, UH, GO OUT, YOU PAY IT.
WHEREAS, AND THIS ACTUALLY HAPPENED AT AT LEAST ONE ISSUE WHERE SOMEBODY DID A LEASE REVENUE BOND ON THEIR PARKING STRUCTURE, AND YES, SOMEBODY ELSE TOOK OVER AND RAN THEIR PARKING STRUCTURE.
BUT, UH, THE BOND HOLDERS CAN'T TAKE OVER YOUR STREETS.
THERE'S, THERE'S NO AUTHORITY FOR THAT IN THE DOCUMENTS.
DOES THAT MAKE IT MORE DIFFICULT TO SELL THEM THE REALIZATION THAT THERE'S NO REAL COLLATERAL? UM, SO, UH, LEASE REVENUE, BONDS ARE FAIRLY COMMON AND, UH, UH, LEASE REVENUES ON STREETS.
UH, WE FOUND, UM, A NUMBER OF OTHERS IN CALIFORNIA OVER THE YEARS.
UM, SO, YOU KNOW, THEY'RE MILDLY UNUSUAL, UNUSUAL, BUT YOU'RE CERTAINLY NOT BREAKING NEW GROUND.
AND HOW MUCH, UH, DID EL MONTE, UH, ISSUE THEY ISSUED IN TWO DIFFERENT SERIES? UH, ONE WAS ABOUT 20,000,001 WAS A LITTLE OVER A HUNDRED, A LITTLE OVER A HUNDRED.
SO, AND THE LEASE REVENUE WAS THE SMALLER ONE.
DOESN'T THE AMOUNT ALSO AFFECT THE INTEREST RATE.
SOME, UH, INTEREST RATES COME DOWN A LITTLE BIT AS BONDS GET BIGGER.
BY THE TIME YOU GET ABOVE A A HUNDRED MILLION OR SO IT'S NOT MUCH OF AN EFFECT, BUT IF, IF YOU'RE TALKING BETWEEN 10 AND 50 MILLION, YOU WILL NOTICE IT.
UM, WHERE IN YOUR PROFESSIONAL ESTIMATION, I'M NOT GOING TO HOLD YOU TO IT.
DO YOU BELIEVE WE WILL GET OUR RATINGS? UM, THERE'S A LOT OF MOVING PARTS HERE.
THAT'S WHY I SAID, I'M NOT GONNA HOLD YOU TO IT, BUT FOR TRUE POETIC, UM, WE, WE DID RUNS AT A, AN A MINUS, BUT WE CAN'T SPEAK FOR THE RATING AGENCIES FIT, STRIP IF IT'S TRIPLED B OR A PLUS, THAT'S THEIR DECISION.
IT DOESN'T EVEN HAVE TO BE WITHIN THAT.
SO IF IT'S A MINUS, IS THAT WHERE
[02:50:01]
YOU ARE ESTIMATING THE 4.1? YES, WE DID A SLIGHTLY CONSERVATIVE ESTIMATE HERE.WE SAID, PICK THE LOWER, THE REASONABLE RATINGS AND ADD A LITTLE BIT OF CONSERVATISM BECAUSE RATES CAN CHANGE BETWEEN, YOU KNOW, LATE LAST WEEK.
AND WHEN WE GO TO PRICE ON THE 21ST.
AND, UM, YOU KNOW, I HAVE, I VOTED AGAINST THE PENSION OBLIGATION BONDS AND, UM, FOR A LOT OF THE SAME REASONS THAT I HAVE ISSUES WITH THIS, WHICH IS IF CALPERS ISN'T MAKING ITS NUMBERS, THEN WE ACCRUE MORE AND HAVE TO PAY MORE.
UM, JUST, THERE'S A LOT OF MOVING TARGETS AND, YOU KNOW, ESPECIALLY IN THE MIDDLE OF A PANDEMIC, I GO EVEN MORE.
WHAT IS OUR STOCK MARKET GOING TO DO? WHAT ARE THEIR RETURNS GOING TO LOOK LIKE? WHAT ARE WE LOOKING AT? AND SO, UM, THANK YOU FOR ANSWERING MY QUESTIONS.
THANK YOU, CONSOLE, MISS JAMAICA.
I'D JUST LIKE TO SAY TO THEM, UM, WE HAVE A VERY RESILIENT COMMUNITY AND I'M VERY OPTIMISTIC ABOUT THE OUTLOOK.
AND I THINK, UM, WE'LL, YOU KNOW, DESPITE EVERYTHING GOING ON HERE THIS YEAR, UM, I THINK, UH, UH, OUR RATING WILL BE VERY FAVORABLE AND, AND, UH, WE'LL KEEP WORKING HARD TO MAKE EVERYTHING WORK IN OUR CITY.
SO TO KIND OF JUMP IN AND ANSWER OUT OF TURN, I I'M VERY OPTIMISTIC FOR AN A, AND DO YOU WANT TO PUT IT, SO YOU LOOK AT YOU FORWARD.
DO YOU WANT TO PUT THAT CABO THE INTEREST RATE ON THEIR CONTRACT? I, I DO.
UM, I ALSO WANT TO BE SAFE ABOUT IT, AND I WANTED CONSENSUS FROM THE COUNCIL.
I WAS LOOKING AT 4.1 AND WANTED TO SEE WHAT EVERYONE OKAY.
I KNOW THAT IS TO BE HONEST, BUT I WANTED TO LEAVE A LITTLE BIT OF WIGGLE ROOM FOR MARKET FLUCTUATIONS.
BRIAN, YOU HAVE A ONE ANSWER, UM, THAT IT, THAT DOES SHOW ON YOUR GOOD FAITH ESTIMATE.
SO 4.1 FOR THE GOOD FAITH THAT THE GOOD FAITH ESTIMATE IS THAT, YOU KNOW, RIGHT AT THE TIME, THIS, THIS, UH, WAS, WAS FILED YOUR AGENDA.
AND IT WAS SLIGHTLY CONSERVATIVE FOR THAT POINT.
AND, UH, IF THE MARKET DIDN'T CHANGE, WE WOULD LIKELY GET BELOW THAT, BUT THE MARKET CAN MOVE ON YOU.
ANOTHER QUESTION WOULD BE IF WE DECIDE TO NY.
AND THEN YOU'VE GOT A DESIRABLE INTEREST RATE AND YOU COULD PHASE GIVE US SOMETHING SIMILAR TO ELMONTE.
WE'RE VERY HAPPY WITH YOU OR HOW SO HE'S TAKE HOW LONG IT'S TAKE TO GET THIS RAISE SO WE CAN STUDY IN, SO THE TERM, HOW LONG IS IT GOING TO TAKE THIS PROCESS? OKAY.
SO, UM, WE WOULD DECIDE TO NY.
AND HOW SOON YOU'RE GOING TO MAKE THE THING HAPPEN.
SO WE GO TO THE RATING AGENCY, SEE ON THURSDAY, UH, WE GET THEIR RATING, UH, AROUND THE 16TH THROUGH THE 17TH.
AND THEN, UM, UH, ALL OF THE DOCUMENTS ARE RELEASED TO THE PUBLIC RIGHT SHORTLY BEFORE THE RATING, GIVE THEM TIME TO READ THROUGH ALL OF THIS, AND THEN IT'S REVISED WITH THE RATING.
UH, AND THEN WE EXPECT ON THE 21ST TO BE PRICING THE BOX.
SO JULY 21ST, JULY 21ST, WHICH ALLOWS US, UH, TO CLOSE THE BONDS AND PAY MONEY TO CALIPERS AND STILL GET THE 3%, 3.4% DISCOUNT FOR PAYING THEM UPFRONT, WITHOUT YOU ALL HAVING TO, YOU KNOW, LOOK IN THE SOFAS FOR CHANGE, YOU'RE FINE.
WHEREVER YOU CAN FIND, UM, YOU KNOW, MILLIONS OF DOLLARS TO PREPAY.
UH, AND, UH, THEN YOU GET THAT DISCOUNT.
UM, ALL OF YOUR UNFUNDED LIABILITY PAYMENTS FOR THE YEAR WOULD BE, UH, PAID TO HELP SEE PAYMENTS.
I THINK IT'S TO, YOU SIMPLY TOLD THE TAX PAYER NOW FROM 7% TO 4%, 2.9 HOURS TO BUY A TWO, HOW MUCH TO OUR INTEREST PAYMENTS SAVING.
I THINK IT'S ABOUT $4 MILLION.
SO YOU WOULD GET A, A LARGE SAVINGS THIS YEAR BECAUSE THERE WOULD BE JUST AN INTEREST PAYMENT WITHIN THE CURRENT FISCAL YEAR AND ALL THE REST OF THE YEARS WOULD HAVE INTEREST IN PRINCIPAL.
UH, AND SO, UH, THEY WOULD BE PAID IN INTEREST IN FEBRUARY INTEREST IN PRINCIPAL, IN AUGUST, AUGUST ONE, FEBRUARY ONE OF EACH YEAR.
UH, AND SO, UM, IF YOU WANTED TO BRING ONE IT'S OKAY.
UM, THERE'S A COMPARISON SLIDE, UH, AND YOU SEE, YOU KNOW, LARGE EXPECTED SAVINGS.
AND, UH, OF COURSE THEY GET BIGGER IF, IF THE BONDS SELL, UH, YOU KNOW, 3.7 TO 3.9%.
PEOPLE JUST SEE, WE ALL PUT THIS ON THE MARKET FOR THEM TO
[02:55:01]
MOVE IN POD TO SEE WHAT THE, THEY CAN OFFER THE BED BASED ON OUR RATING, BASED ON THE CT, BASED ON THE SIZE, BASED ON A LOT OF STUFF.ANY OTHER STUFF, OTHERWISE I NEED MOTION TO, OKAY.
IT'S A 4.1 IS A 4.1, RIGHT? YES.
YOU KNOW, I LIKE TO MAKE, CALL ME, YOU KNOW, ACTUALLY LISTEN, YOU KNOW, I LISTENED TO JIM GREENWICH QUITE A BIT.
A LOT OF TIMES I DON'T AGREE WITH HIM ON THINGS AND MITCH, BUT THAT DOESN'T MEAN I DON'T LISTEN TO HIM.
YOU KNOW, I JUST HAVE A D WHICH, YOU KNOW, WHAT HE CAME UP AND HE SAID SOMETHING ABOUT 4.2%.
YOU KNOW, I THINK MY WAY, LOOKING AT A LITTLE BIT OF A WIGGLE ROOM SO WE CAN SELL THESE BONDS WOULD BE, I KNOW WHAT YOU WANT.
WELL, WHATEVER IT IS, BUT I'M WILLING TO, YOU KNOW, ME, I'M WILLING TO GO WITH A 4.2 AT THE TOP.
4.1 4.2 FOR INSTANCE IS THE SAME, RIGHT? IF HE CARES, I'LL ASK IT.
BUT THE LOWER YOU PUT THE RATE, THE MORE CHANCES THAT SOMETHING THROUGH NO FAULT OF THE CITY, THE FINANCE TEAM, ET CETERA, MARKET RATES MOVE ON YOU AND YOU FIND YOURSELF NOT SELLING THE BONDS OR SITTING AROUND AND WAITING.
AND IT COST YOU A LITTLE OVER A MILLION DOLLARS TO WORRY ABOUT YOU.
YOU'RE GOING TO STICK US WITH 4.2 AND I WILL MISS THE 2.8 AND THE AMOUNT YOU WILL LAUGH AT ME OR LAUGH AT US.
SO HOW CAN YOU SO STUPID TO NEGOTIATE SUCH A RATE? THIS IS THE MAXIMUM RATE, UH, THE, THE WHOLE FINANCE TEAM, CITY STAFF, WORKING TO GET YOU THE LOWEST RATE.
I KNOW MY COLLEAGUES VERY GENEROUS.
SO THEY HAVE DEALT WITH IT LIKE IT 4.2, 4.1.
I THINK WE CAN SELL THIS LIKE 3.8, 3.8 IS A EASILY, NOT THAT DIFFICULT AGAIN, THE MARKET.
BECAUSE AGAIN, I FOLLOW THIS EVERY DAY.
THIS IS MY BUSINESS, AND I CAN FORESEE THE FUTURE, THE INTEREST RATE.
ISN'T GOING TO GO EVEN LOWER BASED ON THE CURRENT SITUATION WE FACING INTERNATIONALLY OR DOMESTICALLY.
AND, BUT THESE, YOU HAVE A LOT OF MONEY FLOATING AROUND TO FIND THE ONE TO FIND A PLACE TO PARK.
THEY WANT TO INVEST BECAUSE IT'S NOT SAFE TO PUT A BOND, NOT SAFE TO PUT ON STOCK MARKET, NOT SAY TO PUT ON THE BANK, SO WHERE THEY PULL IT.
THEY BUY BOMB BY THE MUNICIPAL.
NOW I'M FILING LIABILITY BECAUSE THIS IS GUARANTEE WE PAY BECAUSE WE HAVE 120,000 POPULATION AND THE MO MORE THAN 50% IS A MODERN MEDIA, MEDIA INCOME.
WITH OUR FUTURE IS VERY BRIGHT.
IT'S, DON'T COMPARE YOURSELF WITH SOME OTHER CITY.
SO YOU JUST WANNA SAY SOMETHING.
SO, SO, SO, UH, JESSICA, WANNA SAY SOMETHING, GO AHEAD.
I THINK MR. GURVICH SAID 4.5 FROM
YOU KNOW, TO MR. CARMONEY ABOUT WHAT THE EFFECTS ARE.
WELL, BECAUSE WE CAN'T HIT AN INTEREST.
BUT THE FULL BOOK FIGHT, JUST LIKE, OKAY, I'M GOING TO WAIT FOR THE MARKET TO COME.
MY OTHER QUESTION IS WHERE WOULD THE INTEREST RATE GO? IF WE DON'T GET THAT A MINUS SAY WE GET ONE LEVEL DOWN.
WE'RE CERTAINLY HOPING FOR HIGHER.
THIS MIGHT BE, UM, ANOTHER 15 BASIS POINTS, A LITTLE MORE.
UM, BUT, UM, UNFORTUNATELY IN MAKING ALL THE GOOD FAITH ESTIMATES, WE'RE TRYING TO PREDICT THE FUTURE AND RATING IS INCLUDED IN IT.
AND YOU KNOW, THAT'S, THAT'S, THAT'S A PEACE DECISION, RIGHT.
IF I REMEMBER CORRECTLY FROM WHEN I'VE DID THIS BEFORE, UM, MR. MAYOR WAS FAVORITE PLACE THAT I MENTIONED THE SCHOOL DISTRICT, WE ACTUALLY GOT THREE DIFFERENT RATES AND IT BLENDED IN TO LIKE 3.6.
BUT WE HAVE WAY, WE HAVE WAY THE MUSEUM, WE HAVE WAY HIGHER.
IT HAD WAY HIGHER RATING THAN THE CITY WILL EVER GET.
BUT NOT ONLY THAT, THE ONLY PLACE THAT WE WERE HID FROM ON RATINGS IS THE STABILITY OF THE STATE, NOT THE SCHOOL DISTRICT.
SO, UM, SCHOOL DISTRICT SPEAKING, JUDY'S KIND OF SHAKY TOO.
SO BY THE WAY, THEY HAVE A 20% RESERVE.
UM, SO I MEAN, I, I THINK THAT IT IS IN THE BEST INTEREST OF OUR ADVISORS TO GET AS LOW OF AN INTEREST RATE AS POSSIBLE, BECAUSE THE LAST THING THEY WANT IS ONE CITY SAYING WE GOT RIPPED OFF AND TALKING TO ALL OF OUR OTHER COLLEAGUES AND TWO, IT LOOKS BETTER FOR THEM.
HEY, HERE'S THE CITY, WE GOT THIS.
[03:00:01]
BECAUSE WE'RE RESPECTED IN THE MARKET, WHATEVER.AND, UM, SO I THINK A 4.2 OR 4.25, CONSIDERING THE GOOD FAITH ESTIMATE RIGHT NOW IS ALREADY A LITTLE OVER 4.1 GIVES A LITTLE BIT OF WIGGLE ROOM.
AND I THINK IT'S BEEN MADE VERY CLEAR IN THIS HOUR LONG DISCUSSION THAT YOU WANT LOWER INTEREST RATES.
IT WOULD BE BEST TO FIGHT 4.2, 4.1 4.1.
SO WE WILL HAVE A FULL, YOU WANT TO DO ABOUT 4.1.
HEY, MAYBE I CAN SHOW YOU A COMPANY, SELL YOU A BOMB.
I DON'T THINK YOU HAVE DIFFICULTY TO DO IT ON ANYTHING ABOUT FOUR FOR ME TO SEE HOW MANY LOANS RIGHT NOW, THEY, BECAUSE THE CURRENT INTEREST RATE, WHAT THE MARKET, YOU SEE IT.
SO I WANT TO SEE THE THREE, WE, WE APPRECIATE ROOM TO DEAL WITH UNFORESEEN CHANGES.
I UNDERSTAND YOU UNDERSTAND OUR JOB IS TO GET YOU THE VERY
SO, SO HOW DO YOU THINK THAT YOU, DO YOU FEEL COMFORTABLE? 4.1.
HE DID SAY YOU WERE EXCELLENT.
INTO IT BECAUSE IT WILL 0.1% FOR $200 MILLION, LESS, A LOT OF INTEREST RATE TAXPAYER HAVE TO PAY THE INTEREST.
AND WITH LAND, WE CAN DO A LOT OF STUFF FOR OUR CITY.
WE'RE NOT HERE NITPICKING WE'RE HERE BECAUSE WE DEAL WITH $200 MILLION OF A NON-FAN LIABILITY AND LESS, A LOT OF BURDEN TO, TO OUR RESIDENT.
SO, SO THAT'S WHY AN INCREMENT OF 0.1% IS A LOT OF INTEREST RATE WE HAVE TO GIVE UP.
SO IN THAT WAY, THAT'S WHY WE TRY TO SPEND OUR NEGOTIATE WITH YOU IS WHAT WE TRY TO SEE.
WE CAN S AS A CAKE, KEEP HER AND TRY TO HELP OUR RESIDENT TO SAVE THOSE MONEY.
AND BECAUSE THE CITY, WE DIDN'T NEED TO SAVE A LOT OF EXPENDITURE.
AND THIS IS WELL, BIG, BIG EXPENDITURE.
AND IF WE CAN CUT TO THE 50% OF 2.5, WE BASICALLY CUT 50% OF THE EXPENDITURE ON QUIET.
SO, SO THAT'S WHY WE SPEND A TIME, TRY TO UNDERSTAND AND TRY TO UNDERSTAND WE'RE NOT GOING TO BE JUST THE GOAL WE NEED.
OTHERWISE, WE, I WANT TO GO HOME, BUT THE POINT IS THIS, WE WANT TO UNDERSTAND HOW IMPORTANT TO OUR CITY.
AND OUR WHOLE TEAM CITY STAFF HAS WORKED EXTREMELY HARD TO BE ABLE TO DO THIS.
ARE YOU OKAY WITH 4.1%? BECAUSE YOU LOOK LIKE WE HAVE A THREE, I WANT THE 3.99, BUT THEY HAD 4.1.
I'M THE ONLY, SO SINGLE 4.5, 3.99.
I WOULD LIKE MR. CARMONEY TO COMMENT ON WHAT HAPPENS IF THE BONDS ARE, ARE JUST DELAYED.
SO, SO WE ENDED UP YESTERDAY, SO YOU'LL FEEL MORE COMFORTABLE.
WELL, IF YOU HAVE ANY TIGHTER 4.2, I'M GOING TO SAVE AN IDEA THAT YOU MAY LIKE, HOW ABOUT INTEREST RATES BASED ON THE CREDIT RATING WE GIVE MAXES.
NO, THEY, THEY SENT, THEY SEND TO THE MARKET, THERE IS NO CREDIT RATING.
SO IF WE GET THE, A MINUS, WE DO THE FOUR POINTS HERE, WHICH HAS PROPOSED.
YOU CAN COME BACK TO US, WE GET LOWER THING HAPPENED.
AND THEN WE HAD TO SEE, WE VIEWED THE THING, BUT THE REALLY WANTS TO SEE, WE CAN PUT A CEILING ON YOU.
BRIAN, YOU LOOK LIKE A VERY EXPERIENCED, MAGNIFICENT HUMAN BEING.
YOU KNOW, I DO A LOT OF ANALYSIS, BUT I DON'T CONTROL THE FUTURE.
THAT'S WHY YOU'RE THE PROFESSIONAL.
THAT'S WHY WE HAVE, YOU KNOW, THE COMPANY, BUT YOU ALSO WORK IN INTEREST RATE RELATED MARKETS.
AND THERE THERE'VE BEEN PRIOR MINIMUMS, FOLLOWED BY RISES IN INTEREST RATES.
AND SOMEBODY COULD COME TO YOU AND SAY, THREE WEEKS AGO, MY FRIEND GOT THIS RATE AND HE SAID, YOU KNOW, RATES HAVE GONE UP SINCE THEN.
BUT THE FRUSTRATION IS NOT A HIGH RIGHT NOW DUE TO OKAY.
BECAUSE WE ARE TALKING ABOUT NEGATIVE INTEREST RATE RIGHT NOW FROM THE FED.
SO, SO, SO MANY, YOU PUT MONEY IN THE BANK, YOU HAVE TO PAY THE MANAGEMENT FEE AND THAT JAPAN.
IT LOOK LIKE WE, WE GO INTO THAT ROUTE RIGHT NOW.
I WILL, 10 YEARS UPON YOU COME DOWN TO THE 0.5%.
IT'S I NEVER SEE SOMETHING LIKE THIS.
AND THEN THERE WAS THIS THING GOING ON.
SO IN THAT WAY, I SAID, I DON'T WANT TO REPEAT MYSELF, BUT, BUT, SO, SO HOW DO YOU THINK, OKAY.
WHICH ONE YOU FEEL MORE, I KNOW YOU WANT A HIGHER THING, BUT WE WANT TO APPROVE THIS, BUT WE WANT TO MAKE SURE WE KEPT OUR THING TO SOMETHING REASONABLE.
AND I THINK I'D BEEN MENTIONED ZILLION TIME ABOUT THE AMOUNT USED 3.82 WITH THE INTEREST RATE.
NOW HOPEFULLY WE CAN GET CLOSER
[03:05:01]
TO LEAD.SO, SO BRIAN, ARE YOU OKAY? I KNOW YOU SHOW, YOU'RE NOT A TOUGH SELL.
SO HERE, HERE IS, IS, IS MY CONCERN THAT SOMETHING HAPPENS SIMILAR TO WHAT HAPPENED IN, IN MARCH AND APRIL AND THAT, YOU KNOW, THE CITY JUST ENDS, ENDS UP WAITING, UM, AND GOT IT.
WHAT WE WANT TO MAKE A DECISION WHEN THE WAY I DON'T WANT, CONTINUE TO REPEAT OURSELVES AGAIN, THE GAME BACK AND PAUSE.
SO I THINK WE SHOULD GO TO THE, APPROVE THIS WITH WHAT THE SUGGESTION IS.
SO, UH, SO YOU WANT TO AMEND THIS FOR THE 4.1 OR 4.2.
IF YOU CONSUME, I'M GOING TO MAKE A MOTION.
WITH THE INTEREST RATE CAP TO THE INTEREST RATE.
ARE YOU HAPPY, CHANGING YOUR MIND? YOU WANT THE 4.1 OR 4.2, 4.1.
I MEAN THE GOOD FAITH SAYS 4.1658, EIGHT ONE.
I HAVE A MOTION TO APPROVE THIS ISSUE.
THROUGH THE CHAIR, MAYOR, YOU WOULD NEED TWO MOTIONS.
SO THE FIRST ONE IS THE CT TWO.
YOU WANT TO READ A, YOU WANT TO READ IT? YOU WANT TO READ IT IN YOU'RE SO RIGHT.
IT JUST, JUST ONE MOTION ON BEHALF OF THE CITY.
ONE MOTION ON BEHALF OF THE FINANCES.
SO WE NEED TO READ THAT AGAIN OR NO, NO, NO.
SO THE FIRST MOTION MOVE FOR THE CT TO USUAL.
THE BOND FOR THE INTEREST RATE.
DO I HAVE A MOTION? SO MOVED MR. MEIR.
SO DO I HAVE A ROLL CALL PLEASE? COUNCILMAN CASTELLANOS.
AND A MOTION TO APPROVE FOR ONE.
FOR THE INTEREST AND NO MORE THAN 4.1%.
COUNCILMAN COUNCILMAN JOHNSON.
AND THEN ONCE YOU'RE APPROVED FOR ONE, THANK YOU SO MUCH, BRIAN.
I REALLY APPRECIATE IT TO MAKE A THING HAPPEN.
I HAVE A SUCH A STRONG CONFIDENCE IN YOU.
YOU'RE GOING TO MAKE IT HAPPEN.
BRIAN, WHO MADE THE MOTION ON THE SECOND? OKAY.
THE MOTION MOVED BY COUNCILMAN JOHNSON.
[22) Police Department Update]
GO TO THE LAST AGENDA ITEM, 22 POLICE DEPARTMENT.MS. COMMON IS CITY MANAGER WHO WILL PRESENT A STAT REPORT.
I'LL HAVE OUR CHIEF OF POLICE MOCK.
HE WANTS, HE WANTED TO SIT DOWN.
PLEASE HAVE A SEAT, BUT MARK DOWN IT.
ALRIGHT, GO AHEAD, CHIEF MARK.
WHICH ONE EVENTS IS IT RIGHT THERE.
MEMBERS OF THE VIEWING AUDIENCE AND STAFF.
I'M THE CHIEF OF POLICE HERE IN THE CITY OF WEST COVINA.
AND I'LL BE GIVEN A BRIEF UPDATE ON SOME OF THE USE OF FORCE POLICIES THAT WE HAVE HERE IN THE CITY.
UH, I WANT YOU TO KNOW THAT THE WEST COVINA POLICE DEPARTMENT TAKES THIS MATTER SERIOUSLY.
AND OVER THE PAST FEW MONTHS, THE USE OF FORCE ISSUE HAS COME UP AND COMING TO QUESTION FROM OUR GENERAL PUBLIC AND COMMUNITY GROUPS ALIKE.
I WOULD LIKE TO ADDRESS SOME OF THESE QUESTIONS AND CONCERNS.
UH, SOME OF THE OTHER THINGS THAT I WILL COVER IS SOME OUR, OF OUR DEESCALATION TRAINING, UM, TRAINING IN GENERAL.
AND IF YOU REMEMBER WHEN, UM, THE SPOTLIGHT WAS FOCUSED ON LAW ENFORCEMENT, UH, THERE WAS A, UH, DOCUMENT THAT CAME OUT THAT SAID EIGHT.
CAN'T WAIT, WE'VE ALREADY ADDRESSED THAT ISSUE AND PUT IT ON OUR WEBSITE.
BUT I WANTED TO TALK A LITTLE BIT ABOUT THAT AS WELL.
AND LASTLY, A COUPLE OF COUNCIL MEMBER, UH, MEETINGS AGO, UM, I GAVE SOME STATISTICS WITH RESPECT TO OUR COST FOR SERVICE COMPLAINTS IN OUR, UH, UM, DEADLY FORCE, UM, UH, ISSUES.
AND I WOULD LIKE TO JUST RECAP AS WELL WITH THE VISUAL POWERPOINT.
THE POWERPOINT'S NOT POSTED UP THERE YET.
[03:10:01]
BIG SCREEN ON A BIG SCREEN.SO OUR RESIDENTS CAN SEE WHAT DID I DO?
PITCHES A NEW PROJECTED THIS WHEN I LEFT TOO EXPENSIVE.
SO WE'RE DOING THE WHIP WITH A WARM UP.
IT IS A NEW ONE, THE OLD ONE OH ONE, ALWAYS EVEN BIGGER THAN FITS.
REMEMBER WHEN WE STOPPED THE HUGE, THE HD VERY FAST
YOU CAN DO IT OVER
I KNOW YOU CAN STOP IT OTHERWISE UP.
[03:16:00]
IT ENDED UP, UM, ITEM 22 TO NEXT MEETING BECAUSE WE CAN DON'T KNOW WHEN THEY CAN FIX THIS THING.AND ARE WE 10 30? SO WE'RE GOING TO MOVE THIS TO NEXT.
AND, UH, UH, COUNCIL MEETING THAT WILL BE INCLUDING THIS ONE.
AND I THINK OUR CHIEF HAVE A, ANOTHER AGENDA.
I WANT TO TALK COMBINED TOGETHER, BUT THANK YOU SO MUCH, CHIEF.
UH, WE NEED TO GET A NEW MACHINE.
SO, SO WE DON'T HAVE THIS THING HAPPEN AGAIN AGAIN.
SO ANYWAY, OTHER THAN THAT, OKAY, WE ARE GOING TO MOVE TO THE AP ONE, TWO, THREE, FOUR CONFERENCE.
OF COURSE WE DON'T HAVE LEAD THOUGH.
[CITY COUNCIL COMMENTS]
OTHER THAN THAT, DO WE HAVE, YES, I CAN MAKE A COMMENT.YOU KNOW, WE TALKED ABOUT, UH, ABOUT, UH, AN INVALID ANIMALS THING WAS BROUGHT UP TONIGHT AND WE TALKED ABOUT IT.
I WAS JUST, I CAN MAKE A COMMENT ABOUT LITTLE OVER A WEEK AGO.
WE HAD IN MY NEIGHBOR, IN MY YARD, IT WAS THIS CAT THAT WENT UNDER MY CAR.
AND IT WAS MY 56 CHEVY AND IT ACTUALLY SITS ON THE GROUND, BUT IT WAS, IT WAS ALWAYS SITTING ON THE GUMBY, THE CAT, WHEN I LIVED MY GRANDCHILDREN'S SIDE, THEY TOLD ME THERE'S THE CAT UNDER THERE, THE CREEK.
SO I RAISED MY CAR UP TO GET IT OUT FROM UNDERNEATH IT BECAUSE, AND IT RAN ACROSS TO THE NEIGHBORS, BUT BOTH OF THE REAR LEGS WERE DRAGGING.
AND HE GOT INTO MY NEIGHBOR'S YARD UNDER THE CAR.
THEY COME OUT AND I THINK IT WAS AFTER FIVE 30, ALMOST SIX O'CLOCK AT NIGHT, SOMEBODY WAS OUT THERE MESSING A HALF HOUR.
HE CAME UP, MY NEIGHBORS OPEN THE GATE AND THIS YOUNG LADY GOT OUT AND WITH EVERYTHING, I TALKED TO HER, SHE FINALLY, SHE GOT THE, UH, THE CAT AND LYNETTE AND PUT IT IN A CAGE.
AND SHE HAD A TOWEL IN THE BOTTOM OF THE CAGE FOR IT AND VERY HUMANE MEDICINE THAT WAS LESS THAN A HALF HOUR ON THAT.
AND THE REASON WHY I'M REALLY SATISFIED WITH WHAT THEY'RE DOING IS BECAUSE I GOT A CALL AFTERWARDS FROM NICOLE BREAST SIANI, WHICH IS THE CEO OUT THERE.
AND SHE ASKED ME, WAS I SATISFIED WITH THE WAY THEY TURNED OUT? AND I SAID, VERY SATISFIED.
I MEAN, THEY DID A FABULOUS JOB OUT THERE IN A HURRY.
AND THE REASON WHY I'M SO UPSET ABOUT AS EVEN MAYBE CONSIDERING SOMETHING ELSE OR TWO AND A HALF YEARS AGO, THERE WAS A DOG THAT GOT HIT RIGHT ON THE CORNER RIGHT THERE.
WE GOT IT UP ON THE SIDEWALK, RECALL THE COUNTY TWO AND A HALF HOURS LATER, THEY CAME OUT, THE DOG HAD DIED AND THEY'RE LESS THAN TWO MILES FROM MY HOUSE.
AND THAT'S YOUR PLACE? IT UPSETS ME.
IT WAS BECAUSE WHEN I SEE GOOD SERVICE, YOU KNOW, I WANT TO KEEP IT.
AND I KNOW HOW THE COUNTY IS, HAD BEEN MANY OF INCIDENTS I'VE HAD WITH THE COUNTY THAT I'VE BEEN VERY DISSATISFIED WITH.
SO I JUST WANTED TO PUT THAT OUT TOWARDS THEM IS BECAUSE THE SERVICE THEY DID, THEY SHOWED UP RIGHT AWAY TO TAKE CARE OF THIS ANIMAL.
AND SO THAT WAS JUST WHAT ONE SANDY SMITH.
CAUSE I'M IN JOHNSON AND HAD A CONCEALMENT AS CASIANO HE WANTS SAY SOMETHING.
I'D LIKE TO THANK, UM, OUR CITY STAFF, UH, WELL SPECIFICALLY POLINA HERARDO AND KAREN FOR THE 4TH OF JULY VIDEO THEY PUT TOGETHER, BUT ALSO REALLY ALL OF OUR CITY STAFF GOING THROUGH THIS DIFFICULT TIME.
I KNOW IT'S NOT EASY FOR ANYBODY.
AND AS DAVID LIKES TO SAY, OFTEN OUR EMPLOYEES ARE OUR MOST VALUABLE ASSET AND I, I FIRMLY BELIEVE THAT.
AND AGAIN, I'D LIKE TO EMPHASIZE THANK YOU FOR LEADING BY EXAMPLE, ALL OF OUR DIRECTORS AND TAKING THE CUT, UH, TOUGH TIMES.
BUT AS I SAID EARLIER, I'M VERY OPTIMISTIC.
I'D LIKE TO THANK BOTH OF OUR CHIEFS FOR BEING OUT ON DUTY ON 4TH OF JULY.
UM, AND IN LIGHT OF, UH, ALL THE DONATIONS WE GOT FOR THE SENIOR MEALS TODAY, I'D LIKE TO PLEDGE $500 FOR THE SENIOR MEALS AS WELL.
[03:20:01]
ANYBODY ELSE? OKAY.ANYBODY WANT TO DO SOMETHING?
SO ANYWAY, AND THE OTHER COUNCIL MEMBER WANT TO TALK ABOUT SOMETHING.
I WANT TO FOLLOW, UH, COUNCILMAN JOHNSON REGARDING THE OK.
UH, REGARDING THE, IN, IN OKAY.
I THINK THE PROBLEM IS NOT, I KNOW THE SERVICE IS, IS IMPORTANT, BUT THE POVERTY, THE ISSUE IS, AS I REMEMBER, OKAY.
WHEN THEY CAME TO US, THE ESTIMATE IS ABOUT $600,000.
AND THEN LATER ON HE BECOMES $900,000.
SO LET'S WHILE WE HAVE A NEGATIVE BUDGET.
THIS YEAR WE HAVE A HALF MILLION DOLLAR OFF, A NEGATIVE OF ON THE HALF MILLION DOLLARS.
FOUND THE FOUNDER IN INLAND VALLEY.
I THINK THIS IS SOMETHING THE CITY CURRENTLY.
AND NOW WE HAVE TO PAY HALF A MILLION DOLLARS TO THE INDIAN VALLEY BECAUSE ON THE BEGINNING.
AND THE LEAD TIME TORRES? ABSOLUTELY.
AND WE'LL HAVE SAVING AND THAT'S WHY.
CHANGE IT TO THEM, BUT I WANT TO SEE THE PROMISE THAT THEY GIVE US.
WE DON'T WANT TO GO TO ANOTHER AGENCY.
I THINK THERE'S CONCERN IS OVER THERE.
I THINK THERE ARE SERVICES THAT MAGNIFICENT.
I THINK, I HOPE YOU UNDERSTAND.
WE HAVE NO COMPLAINT ABOUT THEIR SERVICE.
WE WERE COMPLAINING ABOUT THE CANVASSING.
AND I REMEMBER COUNTING BEFORE THEN THE KNOCK ON MY DOOR.
AND WHEN THE TOBY AND SAY, OKAY, SHOW ME YOUR TOTEC BECAUSE I HAVE A TWO DOG.
AND I HAVE TO COME OUT THERE, SHOW THEM THE TWO DOG TAG.
ALMOST EVERY TWO YEARS THEY WILL KNOCK ON MY DOOR AND TO CHECK.
AND THE, FOR NOW I HAVEN'T RECEIVED ANY CHECK.
ANYTHING, CANVASSING, NO CANVASSING AT ALL.
BECAUSE THE CANVASSING IS VERY IMPORTANT.
AND I HEARD ABOUT A LOT OF WHETHER THEY'RE TALKING ABOUT OKAY, OKAY.
AND THEY DON'T PAY WITH THEIR PET.
I THINK THIS IS IMPORTANT TO KEEP YOUR PET HEALTHY AND UH, WITH THE RABIES SHOT AND THE WIZ TAG AND A PAINFUL, OKAY.
NO MATTER WHOSE AGENCY, I THINK THIS IS IMPORTANT.
AGAIN, NO COMPLAINT ABOUT THE SERVICE.
THE ISSUE IS THE HALF MILLION DOLLARS OF, UH, THE NEGATIVE, THE DEFICIT.
THEY CAN TELL US THE GUARANTEE.
WE'RE NOT GOING TO HAVE THE HALF MILLION DOLLAR NEGATIVE.
AND THE, THE DEFICIT, THEY WERE GOING TO MAKE SURE CANVASSING OKAY.
AND MAKE SURE OUR PEOPLE TO PAY.
AND THEN NOT ONLY THAT WE EVEN HAVE SOME REVENUE.
I THINK THIS IS WHAT WE'RE HERE FOR.
AND, AND, AND YOU CAN NOT PAY FOR SOMETHING THAT IT BECOME MORE EXPENSIVE.
SO ANYWAY, THIS IS MY COMMENT.
WHY YOU SAY THAT? THE ISSUE WE HAVE AGAIN, AGAIN, BECAUSE YOU HAD A TOUGH TIME AND THAT WE WANTED TO SAVE EACH PENNY AND TO MAKE SURE, OKAY.
WE CAN PAY OUR BILL AND THE WEEK WE CANNOT.
IT'S PAY SOMETHING THAT WAS A HALF MILLION DOLLARS OF WHATEVER.
SO THIS IS PRETTY INCENTIVE CURRENTLY.
SO THAT'S WHY WE WANT TO DO THE, OKAY.
WE WANT TO TRY TO MAKE SURE OUR EXPENDITURE CAN BE REDUCED.
OTHER THAN THAT, I DON'T WANT TO SAY ANY WAY.
YOU WANT TO SAY SOMETHING? NOPE.
ALL THE COUNCIL TONIGHT THAT WAS SENT WAS TANGLED.
I WANT TO THANK YOU SO MUCH FOR STAYING TILL THE END.
YOU'RE THE, YOU ARE THE LOYALIST.
SO, SO ANYWAY, OTHER THAN THAT GOOD NIGH AND STAY HEALTHY.
THANK YOU SO MUCH FOR WATCHING THE OKAY.
OUR CONSOLE MEETING AND I SEE YOU NEXT TIME.