HomeMy WebLinkAbout03-09-15 Community InvestmentCommittee 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.
Respectfully Submitted,
Z r
Gavin Ferlic, Chairperson
Community Investment Committee