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Minutes of the Regular Meeting of Council <br />Monday, July 15, 2013 <br />Page 15 <br /> <br /> <br />Mrs. Mills, seconded by Mr. Delguyd, made a motion to enact Ordinance No. 2013-12. <br />Council President Buckholtz asked, any discussion? <br />Mr. Wynne replied, just briefly. We currently have $2.4 million worth of Notes that mature on <br />August 29th. We generally pay those by taking cash out of our reserves and selling additional <br />Notes to pay the balance. We will be paying $500,000 down on those Notes and then selling <br />them for $1.9 million to pay off the balance of it. These Notes will mature one year from the <br />date of issuance. <br />Council President Buckholtz stated, I am trying to remember at Caucus whether you mentioned <br />the rate differences and what is happening in the marketplace. <br />Mr. Wynne stated, on the short term side, it's basically three years and in" the rates are still low. <br />We should be able to sell these Notes for at the highest, at a 1% interest rate. Most likely it will <br />be lower than that. <br />Council President Buckholtz stated, okay. Very good. Ar?,y other questions? There were none. <br />ROLL CALL: AYES: All <br />NAYS: None <br />Motion Carried <br />Ordinance Enacted <br />Motion to go into Executive Session for personnel matters to discuss departmental <br />staffing. <br /> <br />Mrs..Mills, seconded by Mrs. Cinco, made a motion to go into Executive Session for personnel <br />matters to discuss departmental staffing. <br />Roll Call: AYES: All Motion Carried <br />NAYS: None Adjournment Authorized <br />Council President Buckholtz advised the audience and Department Heads that we will not be <br />voting on any matters when we return. You are welcome to stay or welcome to go. Thank you <br />for coming. <br />Council adjourned for Executive Session at approximately 8:45 p.m. <br />Council readj ourned at approximately 9:03 p.m.