08/18/2008 Meeting Minutes - Laserfiche WebLink

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Regular Council Meeting 8-18-08 Page 21 Mrs. Mills, seconded by Mr. Saponaro, made a motion to enact Ordinance No. 2008-29. Council President Pro Tem Marrie asked if there was any discussion. Mr. Marquardt asked why we are going after this money before we have the bids in for the police station. What is the objective? Mayor Rinker deferred to Mr. Miller, but he believes from bond counsel the purpose is for us to have this voted in place. It does not pre-empt the decision as to whether or not we accept the bids. It also allows us to reduce the amount. We can't exceed the amount. It sets an outside margin of what we need for this Note. Mayor Rinker's understanding is that in order to coordinate timing with the vote on the bid and the 30-day grace period we need from the point that Council would approve this note, it would allow us to dovetail those two. Again it does not preempt Council's decision as to whether or not we will even go forward. It gives us the option to be able to do that. Mr. Miller said that is correct. Dr. Parker said we are providing for an ordinance. That means we are not issuing a notice of sale, correct, or are we? Will there be a notice of sale once this is voted on? Mr. Miller said if this goes ahead, once we open bids and proceed, we will ask for a special meeting at Caucus in September. At that time, we would proceed with the sale and issue the notice. We would have our recommended hearing. Ms. Calta added this puts everything in place so that the timing can be coordinated. That is what it does. It had been reviewed by bond counsel. This is what they are recommending. Mr. Miller added that this will come due at the same time as the following one so that they have the same due date. We will be looking at one number next year for renewal. Mayor Rinker said the calculation is to reflect what we understand from our bid specs what we have estimated the cost of the project will be before getting the bids. Dr. Parker asked what we have total. Mayor Rinker replied we are at $6,750,000.00 total. We voted last year. We had a different number. That was all our discussion of this past year, the gap between the two. This is to cover that and to get them to coincide so that where we to go forward, Council would vote this and then a year from now for renewal, we would have one Note rather than doing the two which right now is cumbersome. Dr. Parker asked what the grand total that we are issuing of Notes. Mr. Saponaro replied $6.75 million Dr. Parker asked if there was anything else out there. Mayor Rinker said that is correct, adding that again this is all dependent upon the bids. The opening has been