Jan 4 2022

Pool Bond Oversight Committee Appointed

City Council Makes Appointments to Bond Oversight Committee

At a special meeting on December 13, 2021, the City Council interviewed applicants and made appointments to the Bond Oversight Committee. Drawing on the talents of seventeen applicants for five vacancies, the City Council appointed:

John Chiang

Margaret Hiller

Al Lee

Patricia Leicher, Chair

Dirk tenGrotenhuis

Ms. Leicher was appointed as the Committee’s chair.

The committee members bring over 100 cumulative years of experience in
accounting, regulatory auditing, public fiduciary oversight, and financial and executive management.

This committee, required by Measure UU, was established by the City Council to focus on reviewing and reporting on the expenditure of the proceeds of the bonds, specifically:

• Informing the public how the City is expending the bond proceeds
• Review expenditure reports produced by the City to verify that bond proceeds were expended only for the purposes set forth in Measure UU.
• Produce an annual report which includes the following information:

o A statement indicating whether the bond proceeds used by the City have been expended only for the purposes set forth in Measure UU; and
o A summary of the Committee’s proceedings and activities for the preceding year.

The Bond Oversight Committee will meet twice per year and will terminate when the expenditure of the bond proceeds is complete.

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