Minutes 03/09/1993 - Laserfiche WebLink

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O2O March 9~ t~92 8. Det. A1 Donker, 711 Crawford'Street, representing the Fra~vrna~ Order of Police spoke in supDort of the retirement benefits of the City Manager. 9. J. Brewer Moore, 308 Bobby Jones Drive, spoke on a Minister of ~ropaganda. !0. Larose M. Mann, 805 Jewell Avenue, spoke on senior citizens/handicapped tax freezes on personal property/real estate taxes. 11. Hank Fallon, 341 Park Manor Road, spoke on accountability of City employees. 12. Charles H. Bowens, II, 408 Beechdale Road,- spoke in favor of the City Council and the City Manager. 13. Roy W. Cherry, Deputy City Manager, presented Council with follow-up information about the retirement programs. None - Unfinished~Business - CITY MANAGER'S REPORT 93-102 Letter from the City Manager recommending adoption of a resolution to seek approval of the State Council on Local Debt and approving the refunding of bonds and an ordinance appropriating $40,000 to defray the anticiDated expsnditures necessary to issue refunding bonds. "The financial markets currently present opportunities for municipalities to issue debt including the refunding of existing debt we haye outstanding. Through the substitution of new debt at interest rates lower than when the bonds were originally issued (paying off the old more expensive debt), we have an opportunity to d~crease our annual payments. I have requested the Director of Finance to review all of the City's outstanding debt and determine if any of these previous issues would be eligible for refunding under the State requirements. He has determined that two prior issues, the general obligation series of 1987 and 1991 could be candidates for savings through refunding. To accomplish a refunding under the current State laws, it is necessary to apply to the State Council on Local Debt. The State Council is charged with reviewing the tentative refunding plan and determining that the estimates of the savings that could be achieved are realistic and comply with the State guidelines. Although a specific date has not been set, the best estimate at this time to close on the sale is on or about APril 1. A resolution adopted by the City Council-is necessary f~r our application to be considered by the State Council. A number of activities and expenditures need to take plac~ including the preparation and printing of the Official Statement, legal fees, advertising costs, postage, escrow agent and other expenditures associated with the.issuance. In order to begin this process, it is necessary for you to consider an appropriation for the anticipated costs associated with the sale. The attache~ ordinance will appropriate $30,000 from th.e Capital Improvements Fund and $10,000 from the Public Utility Capital Improvements Fund to be used for bond issuance expenses.