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HomeMy WebLinkAbout1998.08.31 Council Minutes MINUTES SPECIAL MEETING PASCO CITY COUNCIL AUGUST 31, 1998 CALL TO ORDER: The meeting was called to order at 7:00 P.M. by Charles D. Kilbury, Mayor. ROLL CALL: By Clerk. Councilmembers present: Joe Jackson, Chris Jenson, Charles Kilbury, Michael Garrison, Dan Lathim, and Rebecca Francik. Councilmembers absent: Carl Strode. Also present: Gary Crutchfield, City Manager; Leland B. Kerr, City Attorney; Dan Underwood, Finance Director; Bob Alberts, Public Works Director; Dave McDonald, City Planner; Paul Whitemarsh, Acting Parks & Rec. Director; Greg Garcia, Fire Chief; Denis Austin, Police Chief, Richard Smith, Community & Economic Dev. Director; Tim Arntzen, Management Assistant; and Kurt Luhrs, Personnel/Risk Manager. NEW BUSINESS: ORDINANCE NO. 3314 AN ORDINANCE relating to the waterworks utility of the City, including the sanitary sewerage system and the system of storm or surface water sewers as a part thereof; adopting a system or plan of additions to and betterments and extensions of the waterworks utility of the City; providing for the issuance and sale of $2,255,000 par value of Water and Sewer Revenue Bonds, 1998, Series A (Taxable), for the purpose of obtaining the funds with which to carry out the system or plan adopted by this ordinance and to pay the cost of issuing and selling those Series A Bonds; providing for the issuance and sale of $6,725,000 par value Water and Sewer Revenue Refunding Bonds, 1998, Series B (Tax- Exempt), for the purpose of obtaining the funds to advance refund the callable portion of the City's Water and Sewer Revenue Bonds, 1994, and to pay the administrative costs of such refunding and the costs of issuance and sale of those Series B Bonds; providing for the issuance and sale of $1,515,000 par value Water and Sewer Revenue Bonds, 1998, Series C (Tax- Exempt), for the purpose of obtaining the funds with which to pay the cost of improvements in Utility Local Improvement Districts Nos. 130 and 131 and to pay the costs of issuance and sale of those Series C Bonds; fixing the date, form, denomination, maturities, interest rates, terms and covenants of the bonds authorized herein; providing for and authorizing the purchase of certain obligations out of the proceeds of the sale of the Series B Bonds and for the use and application of the money derived from those investments; authorizing the execution of an agreement with Chase Manhattan Trust Company, National Association of Seattle, Washington, as refunding trustee; providing for the call, payment and redemption of the bonds to be refunded; providing for reserve insurance for the City's Water and Sewer Revenue Bonds, 1991, and the bonds authorized by this ordinance; providing for bond insurance; and providing for the sale and delivery of the bonds to BancAmerica ROBERTSON STEPHENS of Seattle, Washington. -1- MINUTES SPECIAL MEETING PASCO CITY COUNCIL AUGUST 31, 1998 MOTION: Ordinance No. 3314 was read by title only. Mr. Garrison moved to adopt Ordinance No. 3314, an ordinance authorizing the sale of Water and Sewer Utility Revenue Bonds for the purpose of carrying out additions and betterments and extensions of the Waterworks Utility, to refund a portion of current utility debt and to finance the costs of improvements for Utility Local Improvement Districts 130 and 131. Mr. Lathim seconded the motion. Motion carried by unanimous roll call vote. ADJOURNMENT: j1ther bu 'ness, the meeting was adjourned at 7:05 P.M. C r es D. Kilbury, ayor ATTEST: Catherine D. Seaman Deputy City Clerk PASSED and APPROVED this 8 day of September, 1998. -2-