03-09-15 Community Investment - Laserfiche WebLink

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Committee Members Present: Citizen Members Present: Other Council Present: Others Present: MARCH 9, 2015 4:35 P.M. Gavin Ferlic, Henry Davis, Dr. David Varner, Dr. Fred Ferlic (AB) Bob Emery, Patrick Mullin (AB) Tim Scott, Valerie Schey, Oliver Davis (4:42), Karen White, Derek Dieter Cecil Eastman, John Murphy, Kathy Cekanski - Farrand, Erin Blasko, Andrew Perry, Denise Barkdull The Community Investment Committee met to consider a request from the Controller's office to amend language changes in the recently approved Park Bond. Committee Chair Gavin Ferlic, noting there was a quorum present, called upon City Controller John Murphy to make a presentation. John explained the changes were technical, in nature recommended by bond counsel, to insure the marketability of the bond and the AA rating of the City. He then turned to bond counsel Denise Barkdull to highlight the two proposes changes. Denise said the first change asked for a monthly repayment deposit rather than the current practice of depositing bond repayments semi - annually. The second change would boast the reserve balance from the 125% requirement to 150 %. Both these changes were easily accommodated by the City according to John Murphy. During the Council questions portion both Henry Davis and Valerie Schey asked why even issue a bond at all when the EDIT money used to repay the bond was readily available without bonding. John responded saying that receiving the money all at once through the bond gave the City more flexibility in prioritizing how bond proceeds would be spent. During the citizen comment portion Valerie Mora -Kraus expresses a similar opinion. Valerie Schey and Henry Davis further commented they felt the City need not incur the costs of bond issuance and bond interest when it appeared unnecessary. Closing discussion Gavin Ferlic motioned for favorable recommendation. Citizen member Bob Emery seconded and a majority supported. Gavin adjourned at 4:43 P.M.