M I N U T E S
CITY COUNCIL MEETING - COLUMBIA, MISSOURI
MAY 12, 2004
The City Council of the City of Columbia, Missouri met for a special meeting at 5:30 p.m., on Wednesday, May 12, 2004, in the Council Chamber of the City of Columbia, Missouri. The roll was taken with the following results: Council Members CRAYTON, JANKU, HUTTON, LOVELESS, JOHN, ASH, and HINDMAN were present. The City Manager, City Counselor, City Clerk and Finance Director were also present.
B126-04 Authorizing participation in the State Revolving Loan Fund relating to the issuance of Sewerage System Revenue Bonds.
The bill was read by the Clerk.
Mr. Beck explained that the $650,000 would be used for trunk sewers. He noted, in November 1997, the voters authorized $18,901,000 in sewerage bonds and this was from that sale.
Ms. Fleming stated that she received the numbers this afternoon. She pointed out the average coupon on this state bond was 4.6%, but due to the interest subsidy the City would receive by participating in this program, our subsidized rate was going to be closer to 1.6%. She explained the City would recognize over a $200,000 savings over the life of the issue. Last April, Ms. Fleming explained, the City participated in the program and at that point in time the state rate was closer to 4.1% with our subsidized rate being about 1.2%. She noted this was done on a project by project basis which required extra paperwork.
Mr. Boeckmann explained the bill originally introduced required numbers to be inserted.
Mr. Hutton made the motion that B126-04 be amended to include the inserted numbers. The motion was seconded by Mr. Janku and approved unanimously by voice vote.
B126-04, as amended, was read with the vote recorded as follows: VOTING YES: CRAYTON, JANKU, HUTTON, LOVELESS, JOHN, ASH, HINDMAN. VOTING NO: NO ONE. Bill declared enacted, reading as follows: