CITY COUNCIL OF THE CITY OF HEALDSBURG REGULAR MEETING AGENDA

City Hall Council Chambers Date: April 2, 2012 401 Grove Street Time: 6:00 P.M. Phone: 431-3317 Date Posted: March 30, 2012 1. MEETING CALLED TO ORDER – 6:00 P.M.

(a) Call to Order Meeting of the City Council (b) Roll Call (c) Pledge of Allegiance (d) Approval of April 2, 2012 Regular Meeting Agenda (e) Approval of Minutes – March 19, 2012 Regular Meeting

2. ANNOUNCEMENTS/PRESENTATIONS

A. Recognition – City Employee Anniversaries

B. Proclamation – Child Abuse Prevention Month

C. Proclamation – Animal Control Officer Week

D. Presentation by School Superintendent Harding on the state of the schools 3. COUNCIL REPORTS ON MATTERS OF INTEREST OCCURRING SINCE

PREVIOUS REGULAR MEETING/EXPENSE REIMBURSEMENT REPORTS 4. PUBLIC COMMENTS ON NON-AGENDA ITEMS

This time is set aside to receive comments from the public regarding matters of general interest not on the agenda, but related to the City Council. Pursuant to the Brown Act, however, the City Council cannot consider any issues or take action on any requests during this comment period. Speakers are encouraged to limit their comments to 5 minutes maximum so that all speakers have an opportunity to address the City Council

5. CONSENT CALENDAR – The following items listed on the Consent Calendar are considered

routine and action will be taken by the City Council by a single motion. A Councilmember, staff or the public may request that an item be removed from the Consent Calendar and action taken separately. In the event an item is removed, it shall be considered as the first scheduled item in the agenda under Old or New Business. Members from the public wishing to speak on a Consent Agenda item should notify the Mayor during Public Comments.

A. Approve ValueAct Capital’s request to allow alcohol consumption at Recreation Park for

their company’s annual retreat on Saturday, July 21, 2012 (Community Services Department)

B. Approve Healdsburg Parks and Recreation Department’s request to extend the hours of alcohol consumption at the Tuesdays in the Plaza Concerts by one hour to coincide with the hours of food service provided by the vendors (Community Services Department)

City Council Regular Meeting Agenda April 2, 2012 Page 2 5. CONSENT CALENDAR (CONTINUED)

C. Adopt Ordinance No.1116, upon second reading, amending Chapter 20.28, Article V, Conditional Use Permits and Chapter 20.24, Article IV, Surface Mining and Reclamation (LUA 11-3) of the Healdsburg Municipal Code (Planning and Building Department)

D. Receipt of Planning Commission actions taken at its March 27, 2012 meeting (Planning and Building Department)

E. Adopt resolution finding that Sonoma Luxury Resort LLC (Saggio Hills) is in good faith

compliance with the terms and conditions of the development Agreement (Planning and Building Department)

6. PUBLIC HEARINGS

None.

7. OLD BUSINESS

A. Receive status report on the preparation of the Central Healdsburg Avenue Special Study Area Plan and provide direction to staff (Planning and Building Director Nelson)

8. NEW BUSINESS

A. Consider adopting a resolution increasing the rates for electric services, revising electric rate schedules, setting the net-surplus compensation rate, continuing the Public Benefits Fund surcharge and directing staff to review annually the status of the Electric Enterprise Fund and adequacy of the electric rates (Electric Director Crowley)

B. Consider adopting a resolution revising the City of Healdsburg’s California Environmental

Quality Act (CEQA) Implementation Procedures (Planning and Building Director Nelson)

C. Adopt resolution approving a Professional Services Agreement (PSA) with Green Valley Consulting Engineers for an amount not to exceed $129,930 for the design of Phase 6 of the Foss Creek Pathway; and authorizing the City Manager to execute said PSA (Public Works Director Kirn)

D. Consider adopting resolution authorizing staff to proceed with the preparation of the financing documents for refunding of the CalPERS Side Fund debt and the City Manager to execute a professional services agreement with Brandis Tallman, LLC to provide placement agent services (Finance Director Ippoliti)

E. Healdsburg Animal Shelter Board presentation

9. CITY MANAGER REPORTS

City Council Regular Meeting Agenda April 2, 2012 Page 3 10. CITY COUNCIL CLOSED SESSIONS A. Conduct Public Employee Performance Evaluation, pursuant to Government Code

Section 54957 - Title: City Attorney

B. Conference with Labor Negotiator pursuant to Government Code Section 54957.6 Agency Negotiator: City Manager Pettus, Assistant City Manager Mickaelian,

and Finance Director Ippoliti Employee Organizations: HPOA and IAFF

11. ADJOURN CITY COUNCIL MEETING SB 343 - DOCUMENTS RELATED TO OPEN SESSION AGENDAS: Any writings or documents provided to a majority of the City Council regarding any item on this agenda after the posting of this agenda and not otherwise exempt from disclosure, will be made available for public review in the City Clerk’s Office located at City Hall, 401 Grove Street, Healdsburg, during normal business hours. If supplemental materials are made available to the members of the City Council at the meeting, a copy will be available for public review at the City Hall Council Chambers, 401 Grove Street, Healdsburg, CA 95448. These writings will be made available in appropriate alternative formats upon request by a person with a disability, as required by the Americans with Disabilities Act. DISABLED ACCOMMODATIONS: The City of Healdsburg will make reasonable accommodations for persons having special needs due to disabilities. Please contact Maria Curiel, City Clerk, at Healdsburg City Hall, 401 Grove Street, Healdsburg, California, 431-3317, at least 72 hours prior to the meeting, to ensure the necessary accommodations are made.

 

HEALDSBURG CITY COUNCIL REGULAR MEETING MINUTES

March 19, 2012 Healdsburg City Hall Council Chambers

401 Grove Street, Healdsburg

Present: Councilmembers: Chambers, Jones, and Mayor Plass Absent: Councilmembers: Babb and Wood CALL TO ORDER Mayor Plass called to order the regular meeting of the City Council of the City of Healdsburg at 6:01:10 PM. APPROVAL OF AGENDA The agenda was revised to remove New Business Item 8A. The matter would be agendized when at least four Councilmembers are in attendance. On a motion by Councilmember Chambers, seconded by Councilmember Jones, approved the March 19, 2012 City Council meeting agenda as revised. The motion carried on a voice vote City Councilmembers Babb and Wood noted as absent. (Ayes 3, Noes 0, Absent – Babb and Wood) APPROVAL OF MINUTES On a motion by Councilmember Jones, seconded by Councilmember Chambers, approved the March 5, 2012 regular meeting minutes as submitted. The motion carried on a voice vote with Councilmembers Babb and Wood noted as absent. (Ayes 3, Noes 0, Absent – Babb and Wood) ANNOUNCEMENTS/PRESENTATIONS None. COUNCIL REPORTS 6:03:03 PM Councilmember Jones reported she met with Occupy Healdsburg members and they are interested on how government works and would like to attend a Finance 101 presentation. Councilmember Jones further reported that she spoke to the first grade class at St. John’s School during International Women’s Week. Councilmember Chambers reported he also met with members of Occupy Healdsburg and that he attended the Sonoma County Transportation Authority (SCTA) and the Regional Climate Protection Authority (RCPA) meetings a week ago. A real time ride share pilot program is being provided by SCTA/RCPA

City Council/RDA Meeting Minutes March 19, 2012 Page 2   Councilmember Chambers further reported that the Central Healdsburg Avenue Special Study Area Committee held a meeting on March 6, 2012 to review the draft Plan. The Plan will be revised to include the comments received and recirculated to the public for further comment before it is referred to the Planning Commission and the City Council. The Committee expressed interest in revising the Growth Management Ordinance for the south Central Healdsburg Avenue area. Mayor Plass reported he traveled to Washington D.C. March 11-14, 2012 with the American Public Power Association rally. Mayor Plass further reported that Council received a letter from former Mayor and Councilmember Carla Howell asking Council to consider allowing short term rentals of homes similar to what Pacific Grove did. Mayor Plass asked staff to get a copy of Pacific Grove’s ordinance to see if that was something Healdsburg wanted to consider. Mayor Plass reported that he was invited to be a guest speaker at the Sonoma County Taxpayers Association’s meeting on May 17, 2012. PUBLIC COMMENTS ON NON-AGENDA ITEMS Ms. Ann Marie Montequello addressed Council regarding the negative impacts to downtown businesses of the barrel tasting event and expressed public safety and liability concerns. Ms. Montequello asked that Council get involved, in coordination with the Chamber of Commerce, and regulate the number of wineries that participate before the problems gets worse. Ms. Sue Sacks stated the barrel tasting participants are younger and consume excessive amounts of alcohol and she expressed concern that they are going to fall and hurt themselves. Ms. Sacks suggested the City work with the Chamber and form a task force to address the problem. CONSENT CALENDAR On a motion by Councilmember Jones, seconded by Councilmember Chambers, approved the Consent Calendar as follows: A. CHECK DISBURSEMENT REPORT By motion, approved the check disbursement report for checks issued by the City of Healdsburg

during the month of February 2012. (Ayes 3, Noes 0, Absent – Babb and Wood) B. MONTHLY INVESTMENT REPORT By motion, received the monthly Treasurer’s Investment Report as of February 2012. (Ayes 3,

Noes 0, Absent – Babb and Wood)

City Council/RDA Meeting Minutes March 19, 2012 Page 3   C. AMENDED ENFORCEABLE OBLIGATION PAYMENT SCHEDULE Acting as Successor Agency to the former Redevelopment Agency of the City of Healdsburg,

adopted Resolution No. 24-2012 entitled, “A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HEALDSBURG ACTING AS SUCCESSOR AGENCY TO THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF HEALDSBURG PURSUANT TO HEALTH AND SAFETY CODE SECTION 34171(j), ADOPTING AN AMENDED ENFORCEABLE OBLIGATION PAYMENT SCHEDULE PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177(a)(1).” (Ayes 3, Noes 0, Absent – Babb and Wood)

D. GARRISON AGREEMENT Adopted Resolution No. 25-2012 entitled, “A RESOLUTION OF THE CITY COUNCIL OF

THE CITY OF HEALDSBURG APPROVING AN AGREEMENT WITH GARRISON ENTERPRISES, INC. IN THE AMOUNT OF $26,900 FOR SOFTWARE IMPLEMENTATION AND MAINTENANCE SERVICES, AUTHORIZING THE CITY MANAGER TO EXECUTE THE AGREEMENT AND INCREASING BUDGET APPROPRIATIONS TO COVER THE COST OF THE AGREEMENT.” (Ayes 3, Noes 0, Absent – Babb and Wood)

E. PLANNING COMMISSION ACTIONS Noted receipt of the Planning Commission actions taken at its March 13, 2012 meeting. (Ayes 3,

Noes 0, Absent – Babb and Wood) The motion to approve the Consent Calendar as submitted carried on a roll call vote with Councilmembers Babb and Wood noted as absent. (Ayes 3, Noes 0, Absent – Babb and Wood) PUBLIC HEARING – CONDITIONAL USE PERMIT REVISIONS Planning and Building Director Nelson presented the staff report and reviewed the proposed revisions to the Municipal Code to; (1) revise Chapter 20.28, Conditional Use permits, to add circumstances under which conditional use permits may be revoked and notification procedures for revocation hearings, and delete the automatic suspension of conditional use permits due to a violation or failure to comply with conditions of approval; and (2) delete the conditional use permit requirement for surface mining permits because it is duplicative of the mining permit requirements contained in Chapter 20.24. Mayor Plass opened the public hearing. There being no public speakers, on a motion by Councilmember Chambers, seconded by Councilmember Jones, closed the public input portion of the hearing. The motion carried on a voice vote with Councilmembers Babb and Wood noted as absent. (Ayes 3, Noes 0, Absent – Babb and Wood)

City Council/RDA Meeting Minutes March 19, 2012 Page 4   Councilmember Jones, seconded by Councilmember Chambers, introduced for first reading an ordinance entitled “AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF HEALDSBURG AMENDING CHAPTER 20.28, ARTICLE V, CONDITIONAL USE PERMITS AND CHAPTER 20.24, ARTICLE IV, SURFACE MINING AND RECLAMATION, (LUA 11-3),” by title only and waiving further reading of the text. The motion carried on a roll call vote with Councilmembers Babb and Wood noted as absent. (Ayes 3, Noes 0, Absent – Babb and Wood) OLD BUSINESS None. RECEIPT OF BALLOT MEASURE FEASIBILITY STUDY This item was removed from the agenda. CITY MANAGER REPORTS No reports. CLOSED SESSION 6:22:42 PM The City Council adjourned to the conference room to meet in closed session to discuss the following: A. Conference with Legal Counsel regarding Existing Litigation [Govt. Code §54956.9(a)] Case Name: Monica C. Figueroa v. City of Healdsburg, Glenn Benjamin, and Dana G.

Diricco Benjamin, Superior Court Case No. 250334 and related cross- complaint: Glenn Benjamin and Dana G. Diricco Benjamin v. City of Healdsburg

B. Conference with Legal Counsel regarding initiation of litigation pursuant to Government

Code Section 54956.9(c): Number of cases: one (1) case In regards to Item A, Council unanimously rejected the claim submitted by Glenn Benjamin and Dana G. Diricco Benjamin. In regards to Item B, Council authorized Legal Counsel to initiate litigation. ADJOURNMENT There being no other City Council business to discuss, the meeting was adjourned at 6:40 P.M.

City Council/RDA Meeting Minutes March 19, 2012 Page 5   APPROVED: ATTEST: __________________________________ ___________________________________ Gary W Plass, Mayor Maria Curiel, City Clerk  

mcuriel

Typewritten Text

Item 2B

DI SPUT E S & I NVESTI GATI O N S • ECONOMI C S • F I NAN CI A L ADVI SO RY • MANAGEM E N T CONSULT I NG

©2012 Navigant Consulting, Inc.

April 2, 2012

WORKSHOP ON ELECTRICCOST OF SERVICE ANALYSISFOR THE CITY OF HEALDSBURG CITY COUNCIL

1©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

» Functionalize, classify and allocate the Fiscal Year Revenue Requirementrepresenting the costs of providing electric service to various types of customersbased on the “principle of Cost-Causation”.

– To attribute costs to different categories of customers based on how those customer cause coststo be incurred.

» Provide cost-causation support for recovering the utility’s Revenue Requirementthrough electric rates that are fair, just, and reasonable.

» Reduce inter-class and intra-class rate subsidies.

» Look out into the future - based on forecasted Fiscal Year (FY) RevenueRequirement quantify what future electric rates could become.

» Ensure the utility’s revenue stability and adequate cash flow.

The Objective of a Cost of Service Analysis (COSA) are to:

2©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

» Develop Revenue Requirement forthe Fiscal Year.

» Functionalize and Classify all CostCausation Components.

» Develop and DetermineAppropriate Allocation Method toAllocate Costs Across CustomerClasses Based on use of UtilityServices.

» Use Results as Guide toDevelop Electric Rates.

Flow of Rate Making Process

Revenue Requirement

Cost of Service

Cost Allocation

Rate Design

3©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

» Generation – Debt service, Operation & Maintenance, Fuel Costs

» Transmission – Capacity and Access Charges, Energy Costs

» Distribution – Fixed Costs, Operation, Maintenance, & Replacement costs

» Customer – Meters & Meter Reading, Customer Billing

» General and Administrative

Functional Components Comprising HED’s FY Revenue Requirement

4©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

Operating and Maintenance Expenses:

(Generation, Transmission, Distribution, and General)

Plus: Debt Service

Plus: Depreciation

Plus: Funding of Capital Projects (i.e. CIP budget)

Equals: Gross Electric Revenue Requirement

Less: Other Electric Revenues

Total: Net Revenue Requirement

“Typical” Fiscal Year Electric Revenue Requirement

5©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

FY2012-13 HED Revenue Requirement

Cost Component % of FY Expenses

Generation Fixed 33%

Generation Variable 18%

Transmission Fixed 3%

Transmission Variable 13%

Distribution Fixed 23%

Distribution Customer 6%

General 5%

FY Sum of Fixed Costs 69%

FY Sum of Variable Costs 31%

Functionalized Cost Components forFY2012-13 Expenditures

6©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

Revenue and expenditure forecasts without rate increases.

Expected HED Revenue Requirement for FY2012-2016

7©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

» HED Retail Electric Sales are projected to increase from FY10-11 Retail ElectricSales by less than 4 percent over the next four years.

» Current Electric Revenues are forecasted to be insufficient to cover the futureHED Revenue Requirement.

» The City of Healdsburg should approve and implement changes in electricrates to ensure HED will have sufficient revenues between FY12-13 throughFY15-16 to:

– cover annual operating costs and needed capital improvements

– financial obligations, commitments, Council approved Reserve Policies

» Phase in annual electric rate increase over the next several years that willreduce the “rate shock” to the customers and be favorable to the HED financialrating.

COSA Conclusions

8©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

» As is the City currently has 24 separate rates, many of which are redundant.Only nine rates are proposed but modifiers are required for low-incomediscounts, net-metering, and Green Rate.

» Electric Rate Schedules have been developed to improve clarity and insure thefair administration of the various rates.

» From the COSA, adjustments are required between the rate classes toimplement fair cost causation. This results in uneven adjustments in the firstyear with more consistent/gradual changes in future years.

» Medical Discounts that are provided today are not allowed under Proposition26.

» A monthly customer charge is included with each rate schedule.

» The proposed Electric Rates still compare favorably to PG&E’s electric rates.

Proposed Electric Rates

9©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

» * FY2013 Rate changes are for general reference and actual changes will depend upon each individualcustomer’s monthly consumption. Rate increases for FY2014 and beyond average 3.9%.

» **PG&E comparisons do not included surcharges, decommissioning fees, public purpose programs, TransferTrusts, ongoing Competitive Transition Charges (CTC), or various other charges included in PG&E’s monthlybills.

PG&E Rate Comparison

ELECTRIC RATE CLASSFY2013 RATE

CHANGE*SAVINGS

OVER PG&E**

Residential (D1) using 510kWhr/month 1.0% 16.2%

Residential (D4) using 750kWhr/month 0.5% 34.8%

Residential TOU (E7) using 660kWhr/month 15.9% 23.0%

Small Commercial (C1) using 1000kWhr/month -10.7% 21.5%

Small Commercial TOU (A6) using 1000kWhr/month 17.9% 24.4%

Medium Demand (P2) using 15,000kWhr/month -4.8% 35.9%

Large Industrial (E19) 95,000kWhr/month 13.0% 10.3%

10©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

PG&E Surcharge $/kWhr Healdsburg Surcharge $/kWhr

Public Purpose Programs $0.01610 Public Benefit Fund2.85%

($~0.00370)

California EnergyCommission (CEC)

$0.00022California EnergyCommission (CEC)

$0.00022

Nuclear Decommissioning $0.00055

DWR Bond Charge $0.00513

Ongoing CTC $0.00555

Energy Cost Recovery $0.00504

New System Generation $0.00120

Total Surcharge/kWh $0.03379 Total Surcharge/kWh $~0.00392

Comparison of Surcharges

11©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy. E N E R G Y

Questions?

Comparison With Other Municipalities and PG&E

KeyC O N T A C T S

©2010 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy.

KeyC O N T A C T S

©2010 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy.

KeyC O N T A C T S

©2010 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy.

KeyC O N T A C T S

©2012 Navigant Consulting, Inc.Confidential and proprietary. Do not distribute or copy.

12

E N E R G Y

Larry Riegle, Project MangerAssociate DirectorSacramento, CA(916) 631-3200lriegle@navigant.com

David CohenManaging ConsultantSacramento, CA(503) 708-7852dcohen@navigant.com

Eugene GranovskyManaging ConsultantChicago, IL(312) 583-5700eugene.granovsky@navigant.com

Refinancing CalPERS Side Fund Obligations

Mitigating Financial Risks

Presentation Prepared for the City of Healdsburg by

Investment Banking for California’s Communities

22 Battery Street, Suite 500 San Francisco, CA 94111 415-912-5630

April 2, 2012

Available Options

• Continue Side Fund Participation

Participants are currently paying into the Side Fund at an interest rate of 7.75%. Beginning with FY 2013-14, the rate will decrease to 7.50%.

• Pay Off Side Fund Obligation with Cash Participants could use cash reserves to pay off their Side Fund Obligations. • Pay Off Side Fund Obligation with a New Loan (Refunding) Participants could refinance their Side Fund Obligations by accessing the capital marketplace.

Access to Capital Markets • Local Banks • Municipal Bond Market

– Public Offering Method of Sale

Sold to public at large Credit rating required for optimal interest rate Official statement required Trustee required Continuing disclosure required

– Private Placement Method of Sale Direct loan from institutional investor such as a bank Bare bones version of public offering No credit rating required No official statement required No continuing disclosure required Trustee may be required

SUMMARY PRIVATE PLACEMENT REFUNDING

REFUNDING LOAN

Loan Payoff Amount as of 6/30/2012 $8,929,581

Cost of Issuance $119,419

Par Amount $9,049,000

Arbitrage Yield 4.60% [1]

All-In True Interest Cost 4.86%

TOTAL DEBT SERVICE

Refunding Loan $11,617,364

Existing [3] $12,536,294

Savings $918,930 [2] 7.33%

Net Present Value Savings $603,127 6.67%

(Continued)

SUMMARY PRIVATE PLACEMENT (CONTINUED)

AVERAGE FISCAL YEAR DEBT SERVICE

Refunding Loan $1,056,124

Existing [3] $1,139,663

Savings $83,539 [2]

[1] Rate is fixed for 10 years. After that, the City can payoff the loan, refinance the loan with another lender, or refinance the loan with the existing lender. The existing lender would offer to refinance the loan based on a similar term Treasury plus a spread. This rate would be calculated as of the date reset in 10 years. For the one year reset, the rate would be based on the one year Treasury (which currently is about .17%). We used a rate of 4.60% for the full term of the Side Fund obligation for this analysis. [2] Based on a 4.60% rate for the entire term of the loan, the savings are $83,539 per year, or about $918,930 in total. However, the rate is only locked for the first 10 years, so the savings are only known for that time. The savings for the first 10 years are $835,786 in total. The savings for the remaining year will vary depending on the rate and reset/refinancing structure after year 10. Based on today's rate of 4.60%, the savings for the last year are estimated at $83,144 in total. There will be approximately $874,000 outstanding on the refunding loan after year 10. [3] Based on a roll forward of CalPERS Actuarial Report dated October 2011 for June 30, 2010.

Financing Structure

General obligation of the agency from any legally available funds

Liability that goes on balance sheet

Collateral required on case by case basis depending on credit quality of the issuer

Trust Indenture, resolution to approve financing and all related documents, CalPERS payoff letter

Court Validation

• Debt Limit Entities (cities, counties, school districts) are required to get a court validation.

• Court is not validating legal principles but is validating the transaction itself

and all related documents.

• Before validation action is filed, it is necessary for the issuer to adopt a resolution authorizing the transaction and approving all related documents, including the validation action.

• Validation action is filed in the superior court of the county in which the issuer is located. The validation process takes about 90 days.

• Non-Debt Limit Entities (authorities, agencies, and special districts other than school districts) do not require validation action.

Private Placement Refunding Timeline with Validation

Timing

Week One

Week Three

Week Four

Week Five

Week Six

Week Twelve

Week Sixteen

Kick-off conference call with financing team to discuss elements of the Side Fund refunding 1st draft of documents due Comments on documents due Documents due for Agenda deadline Governing Body adopts resolution and authorizes bonds, validation action filed with superior court Validation judgment, 30-day appeal period begins Appeal period ends, validation complete, close transaction