pages: FinanceAndManagementCommittee/2012-06-26.pdf, 2
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FinanceAndManagementCommittee | 2012-06-26 | *Finance & Management Meeting Minutes June 26, 2012 Committee 4 Subject: Goldman Sachs Swap Agreement Termination From: Finance And Management Agency Recommendation: Adopt A Resolution Of The City Council Of The City Of Oakland Authorizing The City Administrator To Negotiate And Terminate The City's Interest Rate Swap Agreement With Goldman Sachs & Co. To The Extent That The City Is Able To Do So At A Below Market Value Cost And Not Later Than The End Of The Next Fiscal Year, June 30, 2013 11-0424 A motion was made by Member Brunner, seconded by Member Brooks, that this matter be * Approve as Amended the Recommendation of Staff, and Forward to the * Meeting of the Oakland City Council, due back on July 3, 2012 as a non-consent item. The committee approved recommendations as amended to amend the resolution stating the following language: "RESOLVED, that the City Council authorizes the City Administrator to negotiate the termination of the swap agreement entered in connection with the issuance of Oakland Joint Powers Financing Authority, Lease Revenue Bonds, 1998 Series A1/A2, and report back to the Finance Committee on a monthly basis. If Goldman Sachs refuses to terminate the swap agreement without termination fees or penalty within 60 days, then they will be excluded from any future business with the City of Oakland and the City should continue to use all good faith efforts including options proposed by the Stop Goldman Sachs Coalition until such time as Goldman Sachs drops the termination fees and penalty." at the request of Councilmember Brunner. The committee further directed staff to work with the City Attorney's office to include the swap options in a closed session memo. The motion carried by the following vote: Votes: Councilmember Abstained: Member Kernighan Councilmember Aye: Member Brooks, Chair De La Fuente and Member Brunner There were 30 speakers on this item. View Report.pdf View Report.pdf View Supplemental Report.pdf View Supplemental Report.pdf City of Oakland Page 2 Printed on 7/20/12 | 2 | FinanceAndManagementCommittee/2012-06-26.pdf |