HomeMy WebLinkAbout10-22-01 Utilities ommttt*t deport:
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The October 22, 2001 meeting of the Utilities Committee was called to order by its Vice-
Chairperson, Council Member Sean Coleman at 4:27 p.m. in the Council Informal Meeting
Room.
Persons in attendance included Council Members Aranowski, Kelly, King, Varner, Ujdak,
Coleman, and White; Alan Feldman, Gary Gilot, Terry Bland of the Uti) Zrtbun ,
and Kathleen Cekanski-Farrand, Council Attorney.
Council Member Coleman noted that the first item on the agenda was to review Substitute Bill No.
01-88 which would accept the terms of credit enhancement policies pertaining to the Sewage
Works refunding revenue bonds of 2001.
Public Works Director Gary Gilot made the presentation. Mr. Gilot noted that the City had hoped
to save $ 200,000 but in light of the interest rates the overall net savings by the refinancing could
be as high as $ 357,000.
In response to a question from Dr. Varner, Mr. Gilot noted that the City would experience reduced
payments over the life of the bond which would be paid off in 2008. The next savings would be
approximately$65,000 per year.
Mr. Feldman stated that the substitute bill was needed in light of scriveners errors in the original
bill.
Following discussion, Council Member Kelly made a motion, seconded by Council Member
Aranowski that Substitute Bill No. 01-88 be recommended favorably to Council. The motion
passed.
There being no further business to come before the Committee, Council Member Coleman
adjourned the meeting at 4:30 p.m.
Respectfully submitted,
Council Member Sean Coleman, Vice-Chairperson
Utilities Committee
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