Minutes 12/10/1991 - Laserfiche WebLink

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!S4 December i0, 1991 Interest rates are~at the lowest levels they have been in the past decade. After consultation with the Municipal Finance Commission, the~y unanimously concur that we are in a position at this time to capture this low interest rate, and that we should take advantage of the timing and our need for additional financing for capital projects and issue bonds as soon as possible.~ . Although a specific date has not been set, the best estimate at this time is to take bids at the end of January. Prior to the's~ie occurring, however, a nu'mber of activities and expHndftUres~heed to take place including the preparation and p~fntin~ of the-Official Stateme~t~ legal fees, advertising costs, postagev financial advisor andTother expenditures associated with the issuance. In order to begin this process, it is necessary, for you to consider an~appropriation for ~he anticipated costs associated with the sale. The attached ordinance will appropriate $45,000 from the Capital Improvements 'Fuhd a~d $I5,000 from the Public utility Capital Improvements Fund ~o be.used for bond issuance expensesJ I therefore recommend that you authorize staff to begin to take the steps necessary for a bond issue and adopt this ordinance. I further recommend that the appropriation not be deferred as is the custom, but approved at this meeting so that the process can ~apid~y proceed on a timely schedule, with your final ~p~oval, the balanc~in ~he Capital Improvements Fund will be s14,i14,570 and the balance in the fund will be $16,129,507." Motion of Mr. Clemons and seconded by Mr. King, the following ordinance was adopted on first and final reading, and by the following vote: "AN ORDINANCE TO APPROPRIATE $45,000.00 FROM THE CAPITAL IMPROVEMENTS FUND AND $15,000.00 FROM THE PUBLIC UTILITY CAPiTAL~IMPROVEMENTS FUND TO DEFRAY THE ANTICIPATED EXPENDITURES NECESSARY TO ISSUE GENERAL OBLIGATION PUBLIC IMPROVEMENT BONDS " Ayes: Clemons, Corprew, Epperson, King, Hawks, Lucas, Webb Nays: None 91-432 - Letter from the City Manager recommending adoption of an ordinance to appropriate $860,000 from the Capital Improvement Plan to fund asbestos removal and demolition of the old Churchland High School site, and the award of the contracts to Asbestos Control Services, Inc. and International Crane Company. "with the opening of the new Churchland High School, the old school sit~ is b~ing turned over'to the City. The present site must be cleared for marketing for commercial development. Funds have been allocated in the 1991-96 Capital Improvement Program for demolition of the entire site. The demolition process will require removal of all asbestos:containing materi~ls. ' Separate bids were received on November 12, 1991 for the asbestos removal and demolition of the school. The bids received are competitive and favorable with today's construction market (see Attachment No. 1). The total anticipated project costs are calculated as follows: