HomeMy WebLinkAbout1998-04-16city council minutesBook 39
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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
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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