M I N U T E S
SPECIAL CITY COUNCIL MEETING
SEPTEMBER 5, 2002
The City Council of the City of Columbia, Missouri met for a special meeting at 6:10 p.m., on Thursday, September 5, 2002, in the Council Chamber of the City of Columbia, Missouri. The roll was taken with the following results: Council Members JANKU, HUTTON, LOVELESS, JOHN, COFFMAN and HINDMAN were present. Member CRAYTON was absent. The City Manager, City Attorney, City Clerk and several department heads were also present.
R174-02 Awarding the bid for sale of $7,940,000 Sewerage System Revenue Bonds, Series 2002.
The resolution was read by the Clerk.
Mr. Beck noted that several outstanding bids had been received today. He said this sale would save the City over $1.4 million.
Ms. Fleming explained they conducted a public bid today for refunding the 1992 Sanitary Sewer Bonds which had a balance of $7,940,000. Six bids were received with the recommended bidder being Wachovia Bank at 3.6 percent. She pointed out that five bids came in on line and one as a phone bid. Ms. Fleming said this would save the City $1.447 million. Standard and Poor has reaffirmed our AA minus rating and still believes our sewer utility to be in sound financial shape with has a stable outlook.
The vote on R174-02 was recorded as follows: VOTING YES: JANKU, HUTTON, LOVELESS, JOHN, HINDMAN. VOTING NO: NO ONE. ABSENT: CRAYTON, COFFMAN. Resolution declared adopted, reading as follows:
B298-02 Authorizing the issuance of Sewerage System Revenue Bonds.
The bill was read by the Clerk.
Mayor Hindman noted that an amendment sheet had been prepared which fills in blanks that were not available until after the bids were received.
Mr. Hutton made the motion that B298-02 be amended per the amendment sheet. The motion was seconded by Mr. Janku and approved unanimously by voice vote.
Comments were called for with none received.
B298-02, as amended, was read with the vote recorded as follows: VOTING YES: JANKU, HUTTON, LOVELESS, JOHN, HINDMAN. VOTING NO: NO ONE. ABSENT: CRAYTON, COFFMAN. Bill declared enacted, reading as follows:
The meeting adjourned at 6:15 p.m.