Room 5209

43600 Mission Boulevard, Fremont, CA


Notes from Citizens’ Oversight Committee

March 6, 2006

Page 1 of 2 Pages UNADOPTED


MEMBERS PRESENT: Pat Danielson, Jim Laub, Ken Ballard, George Mathiesen,

Kathy Vennemeyer, Chris Gray, Leo Hinkel, Yao-Li Yuan





PRESENT: Dr. Treadway, Deanna Walston, Simon Barros, Joanne Schultz

OPEN MEETING: The meeting was called to order by Pat Danielson at 6:35 p.m.


The pledge of allegiance was directed by Pat Danielson.


from the Audience None


Communications It was noted that a student, Yao-Li Yuan, has joined the committee. He is also a member of the Student Senate.




1.                                                               Approval of notes from the October 3, 2005 Meeting

Notes were not available for the meeting, but several members offered to provide their own notes from the meeting to create a document of notes.


2.                                                               Approval of the Agenda



3.                                                                 Second Quarter Bond Report

Don Eichelberger reviewed the report with the committee. Several questions were raised: Has the mitigation of the burrowing owls been completed? It was noted that the mitigation involved contributing money toward a preserve near Patterson, and the birds were not actually individually relocated. Don stated that the mitigation costs, the land bank, toxic remediation and similar charges were shown in the construction costs. He also stated that soil from the building area has been removed to the back 50 acres.



4.                                                               Financial Audit

Joanne Schultz provided the report and pointed out several high points. She noted that page 4 of the independent auditors’ report shows that the audit was clean. Cash and cash equivalency was pointed out in the Fund 42 report and she discussed the Series B restricted cash and cash equivalency.


5.                                                               Guaranteed Investment Contract

AIG gave the best rate of return on investment of the funds (4.75%) generated, versus 4.61% interest cost to bond holders. Arti Damani tracks the budget, cash flow and arbitrage, if any.


6.                                                               Bond Performance Audit

The committee discussed the findings and found that there were no recommendations from the auditors. The committee also discussed the sample size used for analyzing expenditures. It was noted that, at 50 samples, the percentage reviewed will go down as there is more financial activity.


7.                                                               Bond Project Update Booklet

The committee discussed contents of the update booklet. It was also noted that the document will be available on the website. Activities and delays were discussed; i.e., water drainage toward the Bay, utility lines and negotiations, arrival of steel. Jim Laub requested a report on the geocoils proposed for the hybrid system. There was also debate regarding composite vs plastic material.


8.                                                               Bond Status Report – Newark, StudentServicesSupportBuilding, Other

Don gave an update on previous bid openings and the upcoming award of bids at the March 29th Board meeting. The rescinding of the Metal Panel bid award also noted and discussed.



9.                                                               Update on New Oversight Committee Membership

It was reported that nine applications have been received for six openings. The applicants will be interviewed and presented to the Board of Trustees for approval before the next scheduled Oversight Committee meeting. The committee also discussed the value and impact of the Committee and its purpose.

10. Next Oversight Committee Meeting

May 1, 2006 at 6:00 P.M.

At this meeting, notes will be provided from the October 3rd meeting.

There will be discussion of the Brown Act and Conflict of Interest.


The meeting was adjourned at 8:30 P.M.