M I N U T E S
SPECIAL
CITY COUNCIL MEETING - COLUMBIA, MISSOURI
MAY 12, 2004
INTRODUCTORY
The City Council of the City of Columbia, Missouri met for a special meeting at 5:30 p.m., on Wednesday, May 12, 2004, in the Council Chamber of the City of Columbia, Missouri.� The roll was taken with the following results: Council Members CRAYTON, JANKU, HUTTON, LOVELESS, JOHN, ASH, and HINDMAN were present. The City Manager, City Counselor, City Clerk and Finance Director were also present.
B126-04�������� Authorizing participation in the State Revolving Loan Fund relating to the issuance of Sewerage System Revenue Bonds.
The bill was read by the Clerk.
Mr. Beck explained that the $650,000 would be used for trunk sewers.� He noted, in November 1997, the voters authorized $18,901,000 in sewerage bonds and this was from that sale.�
Ms. Fleming stated that she received the numbers this afternoon.� She pointed out the average coupon on this state bond was 4.6%, but due to the interest subsidy the City would receive by participating in this program, our subsidized rate was going to be closer to 1.6%.� She explained the City would recognize over a $200,000 savings over the life of the issue.� Last April, Ms. Fleming explained, the City participated in the program and at that point in time the state rate was closer to 4.1% with our subsidized rate being about 1.2%.� She noted this was done on a project by project basis which required extra paperwork.
Mr. Boeckmann explained the bill originally introduced required numbers to be inserted.
Mr. Hutton made the motion that B126-04 be amended to include the inserted numbers.���� The motion was seconded by Mr. Janku and approved unanimously by voice vote. �
B126-04, as amended, was read with the vote recorded as follows: VOTING YES: CRAYTON, JANKU, HUTTON, LOVELESS, JOHN, ASH, HINDMAN.� VOTING NO: NO ONE.� Bill declared enacted, reading as follows:�
Respectfully
submitted,
Sheela Amin
City Clerk
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