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HomeMy WebLinkAbout2001-06-20city council minutesBook 42 Page 114 SPECIAL MEETING JUNE 20, 2001 6:00 P.M. The Meeting was called to order by Mayor Nancolas. The Roll of the City Council was called with the following members present: Wells, Gable, Callsen, Hopper, Ozuna, and Langan. Absent: none. (CONSIDER BILL NO. 14 APPROVING THE SALE OF BONDS FOR THE TREATMENT PLANT PROJECT) The Mayor noted that there was a quorum present to address the items under New Business during this Special City Council Meeting. He stated that the first order of business was to consider approving the sale of bonds for the Treatment Plant Project. He recognized Mr. Ayers who was present to make that presentation. Floyd Ayers, representing Seattle Northwest Securities, noted that he was the City's investment banker on this project. He reviewed at some length the financial transactions of the project for the benefit of the Mayor and Council Members. During his discussion, he presented a summary of the schedule to the Council for their review. Mike Moore, Attorney at Law and Bond Counsel for the City from the firm of Moore Smith Buxton & Trucke located at 225 North Ninth, Suite 420 in Boise, was recognized and reviewed the legal aspect of this project. He explained that Bill No. 14 was the Bill for the sale of the bonds and he summarized the sections of this Bill for the Mayor and Council. Mr. Moore also stated that the last paragraph in the Bill authorized the publication of a summary of the Bill rather than having to publish the entire Ordinance. At the conclusion of their remarks, the Mayor stated that he would read Bill No. 14 by title only as follows: AN ORDINANCE OF THE CITY OF CALDWELL, IDAHO, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF PARITY LIEN SEWER REVENUE REFUNDING BONDS, SERIES 2001, IN THE PRINCIPAL AMOUNT OF $9,995,000, FOR THE PURPOSE OF CURRENTLY REFUNDING PROMISSORY NOTES ISSUED FOR THE PURPOSE OF FINANCING THE ACQUISITION OF IMPROVEMENTS TO THE SANITARY SEWER COLLECTION AND TREATMENT SYSTEM OF THE CITY; DESCRIBING THE BONDS; SPECIFYING THE DATE, FORM, MATURITIES, REGISTRATION, AND AUTHENTICATION OF TIIE BONDS; FIXING THE RATES OF INTEREST ON THE BONDS; PROVIDING FOR THE APPLICATION OF BOND PROCEEDS; ESTABLISHING FUNDS AND ACCOUNTS; PROVIDING FOR THE COLLECTION AND DISPOSITION OF REVENUES; PROVIDING COVENANTS RELATING TO THE BONDS AND TO THE TAX - EXEMPT STATUS OF THE INTEREST OF THE BONDS; PROVIDING FOR THE SALE AND DELIVERY OF TIIE BONDS; PROVIDING FOR A POLICY OF MUNICIPAL BOND INSURANCE TO SECURE THE PAYMENT OF TIIE BONDS; PROVIDING FOR RELATED MATTERS; AND PROVIDING AN EFFECTIVE DATE. MOVED by Wells, SECONDED by Callsen to waive the rules requiring that a bill be read at three separate times and read in full for the one reading and pass after the one reading by title only. Roll call vote. Those voting yes: Wells, Gable, Callsen, Hopper, Ozuna, and Langan. Those voting no: none. Absent and not voting: none. MOTION CARRIED MOVED by Langan, SECONDED by Wells that Bill No. 14 be passed and entitled Ordinance No. 2378 after the one reading by title only. Roll call vote. Those voting yes: Langan, Wells, Gable, Callsen, Hopper, and Ozuna. Those voting no: none. Absent and not voting: none. MOTION CARRIED Mr. Moore also noted that the Bond Sale Agreement was attached to the Ordinance and does not require an additional motion. However, there was a Resolution approving his contract for services as the Bond Counsel. Mayor Nancolas read Resolution 67 -01 by title only as follows A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CALDWELL, CANYON COUNTY, IDAHO, APPROVING AN AGREEMENT WITH THE LAW FIRM OF MOORE SMITH BUXTON & TRUCKE, CHARTERED, OF BOISE, IDAHO, FOR BOND COUNSEL SERVICES; AUTHORIZING THE MAYOR AND CITY CLERK, RESPECTIVELY TO EXECUTE AND ATTEST THE AGREEMENT; AND PROVIDING AN EFFECTIVE DATE. Book 42 Page 115 MOVED by Callsen, SECONDED by Ozuna that the Resolution as presented by Mr. Moore be approved. Roll call vote. Those voting yes: Callsen, Hopper, Ozuna, Langan, Wells, and Gable. Those voting no: none. Absent and not voting: none. MOTION CARRIED The Mayor called for a short recess for the purpose of signing the many documents regarding this matter. When completed, the Mayor called the meeting back to order and requested a motion to proceed into an Executive Session. (REQUEST FOR AN EXECUTIVE SESSION) MOVED by Hopper, SECONDED by Ozuna that pursuant to Idaho State Code, Section 67- 22345, the City Council convene into an Executive Session as requested by the City Attorney for the purpose of discussing pending litigation. Roll call vote. Those voting yes: Hopper, Ozuna, Langan, Wells, Gable, and Callsen. Those voting no: none. Absent and not voting: none. MOTION CARRIED (ADJOURN) The Council reconvened into their Regular Meeting and the Mayor stated that since there was no further business, he would accept a motion to adjourn. MOVED by Langan, SECONDED by Hopper that since there was no further business, the Meeting b e adjourned at 7:15 p.m. Roll call vote. Those voting yes: Langan, Wells, Gable, Callsen, Hopper, and Ozuna. Those voting no: none. Absent and not voting: none. APPROVED AS written THIS 2nd DAY OF duly , 2001. MOTION CARRIED &Aj� aj, City Clerk