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HomeMy WebLinkAbout1998-04-16city council minutesBook 39 Page 92 SPECIAL MEETING APRIL 16, 1998 12:00 NOON The Meeting was called to order by Mayor Nancolas. The Mayor requested that everyone stand for the Pledge of Allegiance to the Flag. The Roll of the City Council was called with the following members present: Earl, Ozuna, Langan, Wells, and Houchins. Absent: Evans. (CONSIDER BILL NO. 10 FOR CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 4) The Mayor explained that this was the time and place set for a Special City Council Meeting. The items on the Agenda were to consider approval of the Bond Purchase Agreement with Seattle Northwest Securities for the Consolidated Local Improvement District No. 4 and Bill No. 10 for the Consolidated Local Improvement District No. 4. Gene Enebo, of the City's Engineering Department, was recognized by the Mayor and stated that this was the consolidation of the five Local Improvement District last year and he would request that Mr. Floyd Ayers of Seattle - Northwest Securities Corporation present the background information. Mr. Ayers informed the City Council that he had the Bond Purchase Agreement for the Consolidated Local Improvement District No. 4. The interest rate was 4.79 for the ten years. This process was a repeat of what we have done for four years on consolidating the Local Improvement Districts to conserve the cost of issuance for the City. This works very well for them as well as for the City. It also makes the bond size larger so they can attract larger investors and that was why the interest rates were as low as they were. Mr. Ayers noted that Nick Miller, Attorney at Law, was now present at the meeting and would comment briefly on the legal portion of the process. Mr. Miller also commented that they have been doing this for several years and this documentation was very similar to the previous ones. He noted that this consolidation included five local improvement districts and briefly explained the total cost, the amount of the assessments, assessments paid in full and amounts that were unpaid, and pointed out the page regarding interest rates and the amount of the bonds. At the conclusion of his remarks, Mr. Miller suggested that the City Council waive the rule requiring that a bill be read at three separate times and that it be read in full for the one reading. The Mayor read Bill No. 10 by title only as follows: AN ORDINANCE PROVIDING FOR THE PAYMENT AND COLLECTION OF SPECIAL ASSESSMENTS LEVIED= IN LOCAL IMPROVEMENT DISTRICT NOS. 96 -2, 96 -5, 96 -6, 96 -7, AND 97 -1 FOR THE CITY OF CALDWELL, IDAHO; PROVIDING FOR THE HANDLING OF FUNDS RECEIVED FROM SPECIAL ASSESSMENTS AND THE CREATION AND ENFORCEMENT OF LIENS IN CONNECTION WITH THE SALE AND ISSUANCE OF BONDS; COMBINING AND CONSOLIDATING LOCAL IMPROVEMENT DISTRICT NOS. 96 -2, 96 -5, 96 -6, 96 -7, AND 97 -1 INTO A CONSOLIDATED DISTRICT DESIGNATED CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 4; AUTHORIZING THE ISSUANCE AND CONFIRMING THE SALE OF $310,366.37 CONSOLIDATED LOCAL Book 39 Page 93 IMPROVEMENT DISTRICT NO. 4 BONDS, SERIES 1998; CREATING CONSOLIDATED LOCAL IMPROVEMENT DISTRICT NO. 4 BOND FUND, INTEREST FUND AND PROJECT FUND; PROVIDING FOR PAYMENT FROM A GUARANTEE FUND; PROVIDING FOR A SYSTEM OF REGISTRATION THEREFOR; PRESCRIBING DETAILS CONCERNING THE FOREGOING; ALLOCATING TO THE DISTRICTS A PORTION OF THE CITY'S SMALL ISSUER AUTHORITY FOR PURPOSES OF EXEMPTION FROM ARBITRAGE REBATE; PROVIDING FOR A REASSESSMENT OF ASSESSMENTS AND THE REISSUE OF BONDS; REPEALING CONFLICTING PROCEEDINGS; ORDERING PUBLICATION; PROVIDING IRREPEALABILITY; PROVIDING SEVERABILITY; AND DECLARING AN EMERGENCY. MOVED by Earl, SECONDED by Ozuna to waive the rule requiring that a Bill be read at three separate times and read in full for the one reading. Roll call vote. Those voting yes: Earl, Ozuna, Langan, Wells, and Houchins. Those voting no: none. Absent and not voting: Evans. MOTION CARRIED MOVED by Earl, SECONDED by Houchins that Bill No. 10 be passed and entitled Ordinance No. 2231 after the one reading by title only. Roll call vote. Those voting yes: Earl, Ozuna, Langan, Wells, and Houchins. Those voting no: none. Absent and not voting: Evans. MOTION CARRIED (ADJOURNMENT) MOVED by Earl, SECONDED by Houchins that since there was no further business, the Special Meeting be adjourned at 12:25 p.m. APPROVED AS written THIS 20th DAY OF April , 1998. Mayor cilperi Councilperson ATTEST: City Clerk