Town Refinances Measure K Bond
The Town of Fairfax authorized the sale of $2,880,000 of Revenue Bonds (Series 2012) to
(1) refinance existing bonds issued in 2002 at a more favorable interest rate and (2) finance the acquisition and construction of public capital improvements consistent with the intent of the original bond issue. The bond bidding and award was February 15, 2012.
Six bidders participated, each submitting bids with 16 interest rates for each of the years remaining on the bond. The individual coupon rates bid varied from 2% to 4%. The lowest overall interest rate bidder was Mitsubishi UFJ Securities of San Francisco which likely means the securities will be marketed locally. The highest bid was 2.627338% and the winning, or lowest bid was 2.118578%.
The Bond sale closed March 1st. The Town added $193,726 to funds available for capital improvements.
Collectively tax payers will realize savings for the remainder of the bond term in excess of $20,000 per year.
Other actions taken at the Town Council January 11, 2012 meeting:
• Appointed Natasha Riggens to the Cittaslow Committee;
• Adopted a Proclamation declaring April 8-14, 2012 National Library Week;
• Adopted a Proclamation declaring April as Fair Housing Month in Fairfax;
• Approved a low bid in the amount of $38,000 to Republic ITS for the Streetlight Energy Efficiency Project in Downtown Fairfax. The project involves replacing current streetlights with LED lights to achieve substantial energy savings;
• Authorized the Town Manager to sign an Agreement with Sustainable Fairfax in an amount not to exceed $10,000 for the implementation of a Zero Waste Grant. The Agreement with Sustainable Fairfax is fully funded by the Grant. No general fund monies will be used to implement this grant;
• Authorized the Town Manager to sign an Agreement with Community Media Center of Marin for installation of cameras, cabling and video distribution and to provide video production services during Town Council meetings;
• Authorized the Town Manager to sign an Agreement with Parisi and Associates for the Fairfax Bike Spine Project for an amount not to exceed $25,000. The Agreement is fully funded through the Bike Spine grant and no general fund money will be used to implement the grant;
• Heard a status report and discussed the Banking Service RFP process. The Town has narrowed the selection down to two banks. The selection of a bank for the Town’s banking needs will be on the Council agenda for the April 4, 2012 meeting.
• Adopted Resolution 12-15, adopting the Association of Bay Area Government (ABAG) Plan “Taming Natural Disasters” and the Town of Fairfax Local Annex (appendix), as the Town of Fairfax’s Local Hazard Mitigation Plan
• Tabled the discussion of the Mid-Year Budget Review to the April 4, 2012 Town Council meeting.
Other notes and announcements:
• Fairfax Festival/Ecofest Outreach Party for potential volunteers on March 15th at the Sleeping Lady, 6 – 8 p.m., Kyle Alden to provide the entertainment
• Public Workshop on Fairfax Schools Bike Spine Project on Saturday, March 17th facilitated by Traffic Engineer David Parisi, 9:30 to 11:30 a.m., Fairfax Women’s Club
• Fairfax Festival Poster Contest entries due by April 1st – Prize of $350 and free Festival booth
• Fairfax Food Pantry – Saturdays 9-11 at the Fairfax Community Church, 2398 Sir Francis Drake Blvd, volunteers needed
• Fairfax Chamber of Commerce Annual Brewfest at the Pavilion, Saturday, March 17th, 1 – 5 p.m.
• One Vacancy for Community member on the newly formed Cittaslow Committee
• Vacancy on the Open Space Committee to complete an unexpired term to June 30, 2012
• Vacancies on the Fairfax Youth Commission for Ross Valley youth between 14 and 19 years of age
• Vacancy for a Youth Commissioner to serve on the Parks and Recreation Commission for a 2-year term
The next Town Council meeting will be April 4, 2012 at 7:00 PM at the Women’s Club.