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HomeMy WebLinkAbout08/10/2004 Adjourned Meeting 300 ADJOURNED MEETING AUGUST 10, 2004 - 8 :30 A.M. COUNCIL CHAMBERS - CITY HALL 1. Roll Call Present: Council: Mayor Paul George, presiding, Council Members Ron Bonlender, Neil McClure, Mary Place, and Susan Whitman Staff: City Manager Zais, City Attorney Paolella and City Clerk Roberts Absent: Council Members Dave Edler and Bernard Sims 2. Consideration of Resolution authorizing the execution of a contract for the purchase of the City's (a) 2004 Unlimited Tax General Obligation (UTGO) Refunding Bonds and (b) 2004 Limited Tax General Obligation (LTGO) Refunding Bonds Mayor George opened the meeting and introduced Rita Anson, Finance and Budget Director. Ms. Anson explained that they have been looking at the market and considering refunding (refinancing) these bonds for some time. The decision was made to get the bonds out on the market and get them sold. It was a volatile market, and . we were very fortunate. With the unfortunate economic news on Friday, the market dropped allowing us to refinance at a 3.8% interest rate. As a result we are proposing to Council a savings of more than $350,000 on two existing bond issues, a 1995 voted bond issue for a Fire Station and a 1996 Councilmatic bond for phase 2 expansion of the convention center. Ms. Anson acknowledged the efforts of Tim Jensen, Treasury Service Officer, working with Seattle Northwest Securities, and Cindy Epperson, Accounting Manager, to accomplish this sale. Lindsay Sovde, Assistant Vice President of Seattle Northwest Securities, spoke about the long- standing relationship they have held with the City of Yakima. She recognized the tremendous efforts by City staff, emphasizing to get a bond issue done in two weeks and result in so much savings is amazing. She also spoke about the complimentary "A" credit rating the City of Yakima received from Standard and Poors who said it is the strong management of the City that brings the high rating. Council Members referred to the upcoming irrigation bond sales and they were advised that they are a much different type of bonds. They are expecting to obtain bond insurance as they are secured only by the revenues of the irrigation system. 3.07 AUGUST 10, 2004 — ADJOURNED MEETING The City Clerk read the resolution by title only; BONLENDER MOVED AND McCLURE SECONDED TO ADOPT THE RESOLUTION. The motion carried by unanimous voice vote; Edler and Sims absent. RESOLUTION NO. R- 2004 -124, A RESOLUTION authorizing the execution and delivery of a contract for purchase of the City's Unlimited Tax General Obligation Refunding Bonds, 2004, in the aggregate principal amount of $2,300,000 and Limited Tax General Obligation Refunding Bonds, 2004, in the aggregate principal amount of $4,175,000, fixing certain terms of the bonds, and approving the form of the official statement and insurance. 3. Adjournment BONLENDER MOVED AND McCLURE SECONDED TO ADJOURN. The motion carried by unanimous roll call vote; Edler and Sims absent. The meeting adjourned at 8:48 a.m. READ AND CERTIFIED ACCURATE BY �' �/ --4/ AL/014 e1 COUN I MEM: DATE < % 9' -1 / -d y COUNC EMBER DATE ATTEST: ketAA__ 7 Z, e - CITY CLERK PAUL P. GEORGE, MAYOR Minutes prepared by Linda Watkins. An audio and video tape of this meeting are available in the City Clerk's Office 2