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
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COUNC EMBER DATE
ATTEST:
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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
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