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Board and council adopt joint resolution to defease and redeem certain SMSD obligations
Summary
The SMSD Board and City Council unanimously approved a joint resolution expressing intent to defease and redeem certain outstanding obligations. The board's motion passed 7-0 and the council recorded a matching 7-0 vote.
Presiding officers introduced a joint resolution setting out the district's intent to defease and redeem certain outstanding obligations. The minutes record the motion language "Approve the joint resolution as presented," and show Trustee Jacqueline Jean-Baptiste made the motion, seconded by Patricia Soza-Montelongo; the board vote was 7-0.
The City Council followed with a separate motion and recorded a 7-0 vote to adopt the same joint resolution. The minutes do not list the dollar amounts or specific bond series to be defeased; the resolution language appears as an intent and procedural step in the minutes rather than a completed defeasance. The action authorizes staff and legal counsel to proceed with the administrative steps necessary to implement defeasance consistent with the resolution.
