03-08-93 Personnel & Finance - Laserfiche WebLink

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Following further discussion, Council Member Ladewski made a motion seconded by Council Member Zakrzewski that Resolution 93-23 be recommended favorably to Council. The motion passed. Council Member Puzzello then noted that the City Administration is requesting a Suspension of the Rules to hear Bill No. 19-23 which is the Issuance of Revenue Bonds to refund outstanding sewage works bonds of the City. Mr. Horton noted that the bonds were issued at a rate of 7 1/2% were rated "BAA" . Under the new issuance, if approved by the Council, they would be insured and would be rated "AAA" . The bonds may be offered at a 5% interest rate. Through this process the $525, 000. 00 in escrow reserves would also be permitted for sewage works construction projects. The overall combined savings through this issuance of revenue bonds should save the City approximately $1, 000, 000. 00. The Committee complimented Mr. Horton, Mr. Dillon and their respective staffs for this savings. The then reviewed the Substitute Bill 19-93 along with the draft of that Bill showing the specific changes to it. It was also noted that there is a 1.25% coverage rate ratio which is required mandating that the City maintain rates for the sewage works that are reasonable in light of the bonds. Following further discussion, Council Member Zakrzewski made a motion seconded by Council Member Ladewski that Substitute Bill No. 19-93 be recommended for a Suspension of the Rules this evening to allow Public Hearing and Final Action and that it be recommended favorably to the full Council. The motion passed. There being no further business to come before the Committee, the meeting was adjourned at 5: 15 p.m. Respectfully submitted, Council Member Ann Puzzello, Chairperson Personnel and Finance Committee attachments