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<br />Council Meeting Minutes
<br />February 13,2001
<br />
<br />Page 3
<br />
<br />Council Business. continued
<br />
<br />Finance Director Margaret Egan presented the award ofthe sale of $9,005,000 Series A-C
<br />Bonds which will be used to finance street rehabilitation and tax increment.
<br />
<br />Dave MacGillivray, Fiscal Consultant, explained that the $2,020,000 General Obligation
<br />bond, Series 2001A, received four bids with the low bid from Cronin & Company at a net
<br />interest charge of 4.2093%. The $1,825,000 General Obligation Tax Increment Bond,
<br />Series 200 I B received three bids with the low bid from Cronin & Company at a net
<br />interest rate of 4.4492%. The $5,160,000 Taxable General Obligation Tax Increment
<br />Bond, Series 2001 C received four bids with the low bid from Griffin, Kubik, Stephens and
<br />Thompson at a net interest rate of 6.2979%. He added that the City received a very
<br />favorable, high A-I rating from Moody's.
<br />
<br />Motion by Hotfman, seconded by Gunderman, to WAIVE THE READING AND
<br />ADOPT THE RESOLUTION AWARDING THE $2,020,000 GENERAL
<br />OBLIGATION BONDS, SERIES 2001A.
<br />
<br />4 Ayes - 0 Nayes, Motion Carried.
<br />
<br />Motion by Hoffman, seconded by Gunderman, to WAIVE THE READING AND
<br />ADOPT THE RESOLUTION A WARDING THE $1,825,000 GENERAL
<br />OBLIGATION TAX INCREMENT BONDS, SERIES 2001B.
<br />
<br />4 Ayes - 0 Nayes, Motion Carried.
<br />
<br />Motion by Hoffman, seconded by Gunderman, to WAIVE THE READING AND
<br />ADOPT THE RESOLUTION AWARDING THE $5,160,000 TAXABLE GENERAL
<br />OBLIGATION TAX INCREMENT BONDS, SERIES 2001C.
<br />
<br />4 Ayes - 0 Nayes, Motion Carried.
<br />
<br />Fulton presented the amendment to City Code, Chapter 13, relating to Multi-housing
<br />Rental Properties. Formal discussions and input was held at the January 23, 2001,
<br />Council meeting. Concerns were expressed from rental communities regarding this
<br />ordinance, and there will be opportunities for staff and owners to discuss the success of
<br />this ordinance.
<br />
<br />Peter Coyle, Polynesian Village Attorney, said his client disagrees with the proposed
<br />procedures ofthe provisional license, and feels it could apply an unfair stigma to
<br />particular properties. They appreciate the opportunity to further discuss this ordinance
<br />with staff, and will do their best to comply. However, they feel the ordinance is flawed.
<br />
<br />Motion by Moore-Sykes, seconded by Hoffman, to WAIVE THE READING AND
<br />ADOPT THE ORDINANCE AMENDMENT TO CITY CODE, CHAPTER 13
<br />RELATING TO MULTI-HOUSING RENTAL PROPERTIES.
<br />
<br />4 Ayes - 0 Nayes, Motion Carried.
<br />
<br />Council Business
<br />
<br />Award of Series A-C
<br />Bonds
<br />Report 01-045
<br />Resolution 01-015
<br />Resolution 01-016
<br />Resol ution 01-017
<br />
<br />Amendment to City
<br />Code Chapter 13,
<br />Multi Housing Rental
<br />Properties
<br />Report 01-046
<br />Ordinance 679
<br />
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