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tonnuittite Zeport <br /> ipt oorrati at i Irina= totttutittitt <br /> The November 24, 2003 meeting of the Personnel and Finance Committee was called to order by <br /> its Chairperson, Council Member James Aranowski at 4:25 p.m. in the Council Informal Meeting <br /> Room. <br /> Persons in attendance included Council Members Pfeifer, Coleman, Kelly, White, Varner, <br /> Aranowski, King, Kirsits, and Kuspa; City Controller Rick 011ett, Terry Bland of the oath <br /> Vettlt Eributte, and Kathleen Cekanski-Farrand,Council Attorney. <br /> Council Member Aranowski noted that the Committee members include Council Members Kelly, <br /> Varner,King and himself. <br /> Council Member Aranowski then called for a presentation on Bill No. 90-03 (copy attached) which <br /> is a proposed ordinance which would authorize the Mayor and/or the Controller to make temporary <br /> loans to pay off previously issued temporary loan tax anticipation warrants and to issue new <br /> temporary loan tax anticipation time warrants to evidence such loans and appropriate and pledge <br /> taxes to be received in such funds to the payment of the new warrants including the interest. <br /> City Controller Frederick B. 011ett, III, made the presentation. He noted that the proposed <br /> ordinance would create a contingency in light of the tax reassessment. On May 12, 2003, the <br /> Council authorized he and the Mayor to make temporary loans to meet current operating expenses <br /> and to issue temporary loan tax anticipation warrants. The tax anticipation time warrant authorized <br /> by the passage of Ord. No. 9417-03 last May expire on December 31, 2003. He further noted that <br /> the tax levy which will produce the revenue to pay these new tax warrants is estimated to produce <br /> an amount equal or in excess of the principal and interest needed to pay the cost of making the <br /> temporary loans in order to retire the previously issued tax warrants. He concluded his remarks by <br /> stating that the tax payments are due on December 12, 2003. <br /> Following discussion, Dr. Varner made a motion, seconded by Council Member King that Bill <br /> No. 90-03 be recommended favorably to Council. The motion passed. <br /> There being no further business to come before the Committee, Council Member Aranowski <br /> adjourned the meeting at 4:28 p.m. <br /> Respectfully submitted, <br /> Council Member James Aranowski, Chairperson <br /> Personnel and Finance Committee <br /> KCF:kmf <br /> Attachments <br />