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ommttt*t deport: <br /> ttzttt 1ommitt e <br /> The October 22, 2001 meeting of the Utilities Committee was called to order by its Vice- <br /> Chairperson, Council Member Sean Coleman at 4:27 p.m. in the Council Informal Meeting <br /> Room. <br /> Persons in attendance included Council Members Aranowski, Kelly, King, Varner, Ujdak, <br /> Coleman, and White; Alan Feldman, Gary Gilot, Terry Bland of the Uti) Zrtbun , <br /> and Kathleen Cekanski-Farrand, Council Attorney. <br /> Council Member Coleman noted that the first item on the agenda was to review Substitute Bill No. <br /> 01-88 which would accept the terms of credit enhancement policies pertaining to the Sewage <br /> Works refunding revenue bonds of 2001. <br /> Public Works Director Gary Gilot made the presentation. Mr. Gilot noted that the City had hoped <br /> to save $ 200,000 but in light of the interest rates the overall net savings by the refinancing could <br /> be as high as $ 357,000. <br /> In response to a question from Dr. Varner, Mr. Gilot noted that the City would experience reduced <br /> payments over the life of the bond which would be paid off in 2008. The next savings would be <br /> approximately$65,000 per year. <br /> Mr. Feldman stated that the substitute bill was needed in light of scriveners errors in the original <br /> bill. <br /> Following discussion, Council Member Kelly made a motion, seconded by Council Member <br /> Aranowski that Substitute Bill No. 01-88 be recommended favorably to Council. The motion <br /> passed. <br /> There being no further business to come before the Committee, Council Member Coleman <br /> adjourned the meeting at 4:30 p.m. <br /> Respectfully submitted, <br /> Council Member Sean Coleman, Vice-Chairperson <br /> Utilities Committee <br /> KCF:kmf <br /> Attachments <br /> • <br /> 6 <br />