|
<br />The motion carried unanimously, 7:0.
<br />
<br />e VI. RESOLUTION CONCERNING SUBMISSION OF A REFUNDING PLAN, APPOINTMENT OF
<br />FINANCIAL ADVISOR, AND DESIGNATION OF BOND COUNSEL
<br />
<br />City Manager Michael Gleason introduced the item. Finance Director Warren
<br />Wong gave the staff report. He said passage of the resolution will permit
<br />submission to the State Treasurer of a plan to refinance the Community
<br />Conference Center Certificates of Participation. He said the certificates
<br />were issued for $6.92 million in 1981 at 11.25 percent interest. The
<br />certificates were refunded in 1985 because interest rates dropped and the City
<br />saved about $300,000. He said interest rates have continued to drop and
<br />refinancing the Certificates of Participation again could save the City about
<br />$400,000. He said the certificates will not be refinanced until legal issues
<br />concerning tax increment financing have been settled.
<br />
<br />Answering questions from Ms. Bascom and Mr. Bennett, Mr. Wong said the
<br />certificates can be refinanced only twice. He said the spread in rates is 300
<br />base points.
<br />
<br />Res. No. 4021--A resolution approving an advance refunding
<br />plan and authorizing submittal of the advance
<br />refunding plan to the State Treasurer for his
<br />approval, appointing a financial advisor, and
<br />designating bond counsel.
<br />
<br />Ms. Bascom moved, seconded by Mr. Rutan, to adopt the
<br />~ resolution. The motion carried unanimously, 7:0.
<br />
<br />VII. APPROVAL OF CITY COUNCIL MINUTES OF: MEETINGS OF OCTOBER 8, 1986, AND
<br />OCTOBER 13, 1986; LUNCH/WORK SESSION-OF NOVEMBER 12, 1986; DINNER/WORK
<br />SESSION OF NOVEMBER 17, 1986; LUNCH/WORK SESSION OF NOVEMBER 19, 1986;
<br />DINNER/WORK SESSION OF DECEMBER 15, 1986; MEETING OF JANUARY 5, 1987,
<br />JANUARY 7,1987, AND JANUARY 12,1987; LUNCH/WORK SESSION AND MEETING
<br />OF JANUARY 14, 1987
<br />
<br />Ms. Bascom moved, seconded by Mr. Rutan, to approve the minutes
<br />of the City Council meetings of October 8, 1986, October 13,
<br />1986, November 12, 1986, November 17, 1986, November 19, 1986,
<br />December 15, 1986, January 5, 1987, January 12, 1987, and
<br />and January 14, 1987. The motion carried unanimously.
<br />Mr. Bennett abstained from voting on the minutes of October 8
<br />and 13, November 12,17, and 19, and December 15,1986,
<br />because he was not on the council then.
<br />
<br />Ms. Ehrman adjourned the meeting at 9:25 p.m.
<br />
<br />
<br />e
<br />
<br />Mi c all s n
<br />City"Manager
<br />(Recorded by Betty Lou Rarick)
<br />mncc0209
<br />
|