HomeMy WebLinkAbout04/03/1991 B A K E R S F I E L D
Kevin McDermott, Chair
Patricia DeMond
Ken Peterson
Staff: John Stinson
AGENDA
BUDGET AND FINANCE COMMITTEE
Wednesday, April 3, 1991
12:00 Noon
City Manager's Conference Room
1. CongreCare Bond'Issue
2. Seized Asset Auctioneer
3. Dog License Ordinance
4. CDBG Amendment
'5. Fee Ordinance
6. Se~ Next Meeting
Amendment No. 2
FY ~990-9! CDBG Program
(f~nano~al part)
SOURCES:
Pro~ram Income $136,368
Additional Entitlement
Total. $149,368
USES:
Pro~ect Current Budget Budget Increase
'Bakersfield Sr., Center (III) $ 0 $ 12,000 $ 12,000
Bakersfield Sr. Center (IV) $ 30,000 $ 85,000 · $115,000
Kern Street Area C & G $ ~5,000 $ 4,250 $ 19,250
Chester Ave~ Area C & G $ 35,000 $ 22,500 $ 53,500
Brunda§e Lane Area C & G $ 30,000 $ 10,580
Administration
(includes funds for Fair
Housln§ Assessment) $ 0 $~
Total $110,000 $149,368 $259,368
The FY 1989-90 CDBG Pro,ram (pr.lor'¥ear's appllcatlon) has $60,000 budEeted
for this project. The total combined bud§ets (FY89 and FYg0) wlll equal
$72~ 000.
-2-
NARRATIVE
(administrative part)
The Amendment will also reflect these changes to the following projects:
· C.T. Sal~$ & Sons Commercial Project (1120 Chico St.)
Delete uncompleted project because owner sold property and
paid off City's note ($136,368);
· Fire Station No. 2 Rehabilitation Project {716 E. 21st St.)
Chan§e project to acquisition of ~19,O00 sq.ft, property located at 724
E. 21st. St.;
-. Sunset Neighborhood Revitalization Project
'Change name to Lakevlew Neighborhood Revitalization project and expand
boundaries to reflect Census Tract 22.; and
· ~ommunlt¥ Alcohol Dru~ & Counselin~ Project
Chan§e existinE location (10i6 Calif. Ave.) to 1311 & 1313 Calif. Ave.
for site to be acquired (includes a 2000 sq.ft, commercial building).
amenn2.vz4
(prepared 4-3-91)
Robert A. Kasirer
CongreCare
Retirement Housing
Corporation
8330 West Third Street
2ncl Floor Phone 213-651-4488
Los Angeles. CA 90048 Fax 213-651-5858
RICHARD G. COREY
SENIOR VICE PRESIDENT
240 MADISON AVENUE
! 1 TH FLOOR
J, C, BRADFORD & CO. N£w YORK, NY 10016
MEMBERS (212) 599-2188
NEW YORK STOCK EXCHANGE, INC FAX (212)661-6826
CHANGES - POS OF 11/19/90 POS OF 3/91
POS
BOND ISSUES POS POS WITH
11/19/90 3/91 INCREASE ORIGINAL
[bK16] [bk25] (DECREASE) STRUCTURE
Par value of bond issues
Bond A 4,400 4,696 296 4,696
Bond B 800 2,780 1,980 1,300
Bond C 300 500 200 500
Total. 5,500 7,976 2,476 6,496
Offering price of bond issues
Bond A 4,400 4,208 (192) 4,208
Bond B 800 1,300 500 1,300
Bond C 300 500 200 500
Total 5,500 6,008 508 6,008
Discount
Bond A 0 488 488 488
Bond B 0 1,480 1,480 0
Bond C 0 0 0 0
Total 0 1,968 1,968 488
.INTEREST RATES
Nominal interest rate
Bond A 10.00% 9.50% 9.50%
Bond B 1991-2021 14.50% 1%.75% 14.50%
2021-2030- 14.50% 1.00% 14.50%
Bond C 16.00% 16.00% 16.00%
Effective interest rate [including accrued interest]
Bond A 10.00% 11.08% 11.08%
Bond B 14.50% 12.16% 14.50%
Bond C 16.00% 16.00% 16.00%
AMOUNTS OF INTEREST
BOND A Before 4,400 at 10.00% 440
Now 4,696 at 9.50% 446
or 4,208 at 11.08% 466
Difference 26
BOND C Before 300 at 16.00%. 48
Now 500 at 16.00% 80
Difference 32
SOURCES OF PA~IENTS FOR "~BONDS
POS POS INCREASE
11/19/90 o/. 1 DECREASE)
CAPITALIZED DEBT SERVICE
For "A" bond &60 ~42 118}
For "C" bond 356 572 216
1,016 1,214 198