07/14/2003 Meeting Minutes (2) - Laserfiche WebLink

Home Browse Search

Caucus/Regular Council Mtg. 7-14-03 Page 9 refinance the debt we've already drawn down on and I said no, what we want to do is close out what we have, reopen a new line of credit if you will at the lower rate without the administrative fees. Again, I've laid out the debt service--essentially what we would have for debt service over the next 30 years-next 20 years--$300,000 old debt; $300,000 new debt; $600,000 total. Again, we're getting $80,000 a year from Progressive on special assessments dating back to the North Commons Blvd. project which is part of the SIB and the TIF revenues from the SOM Campus at Progressive. The third thing is bond anticipation notes for the next meeting. I am looking to issue 4.9 million dollars in bond anticipation notes. Only 3.9 really is attributable to our current debt load. So the projects that we currently have bond anticipation notes for, some of them are paid for, the Church will be paid for as of this next go around. We are required to pay down on the golf course which we have been doing but regardless of what we've done in the past, we're required to pay down on the golf course (per, I would imagine it's Ohio Revised Code); we will be paying down a portion on the golf course. What we are picking up are the Zako property, the Falkner property and the ballfields at south Parkview. We are rolling these into these bond anticipation notes. What I tried to give you a feel for in the memo is where I see the next 5 years going. That's going to take some adjusting given the other components that we looked at today with SIB. I still need to reconcile those 2 worksheets. But right now, we are going to have 4.9 million but the underlying bond anticipation notes are actually being drawn down considerably- about $600,000if I recall correctly. That last thing is I've asked for an executive session this evening to discuss personnel matters and I would like to discuss the particulars of that in executive session. I am open for questions at this time. Council President Buckholtz asked, of the 4.9 million, 3.9 is for current debt were you saying that other million is for Zako, Falkner and the ballfields? Mr. Brett replied exactly. Council President Buckholtz asked if there were any other questions at this point. We can revisit when we get to that item. [There were none.] POLICE Chief Dearden said we were notified last week by the Department of Justice that we have received a grant award of approximately $9,000 as it pertains to the bulletproof vest partnership program. Approximately half of those funds we will draw down on immediately for vests that we have purchased over the last 3 years. The main funds would be used as vests are replaced this year. In addition, I submitted a grant to the Governor's Office of Highway Safety with regards to covering some traffic engineering costs which would pertain to 3intersections-specifically a warrant study for S.O.M. and Sandalwood, for traffic signal appropriateness there; a study for Wilson Mills Road and Raleigh and also for Wilson Mills Road and Woton Park Drive in hopes of gaining some insight or ideas from the Traffic Engineer as to what we may or may not be able to do at those intersections to provide some benefit, some relief and some safety as it pertains to the traffic in those areas. PARKS & RECREATION