INTRODUCTORY
The City Council of the City
of Columbia, Missouri met for a special meeting at 6:00 p.m., on Thursday,
May 20, 1999, in the Council Chamber of the City of Columbia, Missouri. The
roll was taken with the following results: Council Members COFFMAN, HINDMAN,
CRAYTON, JANKU, CROCKETT and JOHN were present. Member CAMPBELL was
absent. The City Manager, City Counselor, and City Clerk were also
present.
Mayor Hindman explained that
this special meeting was being held to adopt ordinances and related documents
in order for the City to participate in the State Revolving Loan Fund. He
asked that the bills be read together, but noted that they would be voted
on separately.
OLD BUSINESS
B147-99 Authorizing
a purchase agreement with the State Environmental Improvement and Energy
Resources
Authority and the Missouri Department of Natural Resources.
B148-99 Authorizing
a revolving fund agreement with the State Environmental Improvement
and
Energy
Resources Authority and the Missouri Department of Natural Resources.
B149-99 Authorizing the sale of sewage system revenue bonds.
The bills were given second
reading by the Clerk.
Mr. Beck explained that the
State Department of Natural Resources, through the Clean Water Commission,
has made grants and loans available to entities throughout the state. He
said the City has used the grant program to finance past improvements, including
the Wetlands project. Mr. Beck commented under the State Revolving
Loan Program, the State has made interest rates very attractive, particularly
for cities dealing with wastewater. Mr. Beck explained that the state
group sold their bonds for 4.656 per cent and they will buy our revenue bonds. He
said the net difference is that the City will actually be paying for the
use of the money at a rate of 1.268 percent. He stated over a 20-year
period, the City's interest savings will be at the rate of 3.388 percent. This
deals with the funding of the Wetlands project. Mr. Beck noted that
this fall, the City would probably be applying for additional funding for
some major trunk sewers.
Mayor Hindman noted an amendment
sheet for B149-99. He asked Mr. Boeckmann to explain it. Mr.
Boeckmann explained that there are a number of minor changes to the ordinance,
nothing very substantive. He pointed out with bond sales, when the
ordinance is introduced, they do not know what the interest rate will be
or any of the other figures. He said that Exhibit A, attached to the
ordinance, includes all of those numbers.
Mr. Janku made the motion
that B149-99 be amended per the amendment sheet. The motion was seconded
by Mr. Coffman and approved unanimously by voice vote.
Mayor Hindman said this was
a good thing for the City to be doing as it will obviously save a substantial
amount of interest. In effect, we would be paying back quite a bit
less than what we borrowed.
B147-99 was given third reading
with the vote recorded as follows: VOTING YES: COFFMAN, HINDMAN, CRAYTON,
JANKU, CROCKETT, JOHN. VOTING NO: NO ONE. ABSENT: CAMPBELL. Bill
declared enacted, reading as follows:
B148-99 was given third reading
with the vote recorded as follows: VOTING YES: COFFMAN, HINDMAN,
CRAYTON, JANKU, CROCKETT, JOHN. VOTING NO: NO ONE. ABSENT: CAMPBELL. Bill
declared enacted, reading as follows:
B149-99, as amended, was
given third reading with the vote recorded as follows: VOTING YES: COFFMAN,
HINDMAN, CRAYTON, JANKU, CROCKETT, JOHN. VOTING NO: NO ONE. ABSENT:
CAMPBELL. Bill declared enacted, reading as follows:
There being no further business the meeting adjourned at 6:10 p.m.
Respectfully submitted,
Penny
St. Romaine
City
Clerk
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