HomeMy WebLinkAboutMINUTES-11/29/1974-Speciala s�
November 29, 1974
`as COUNCIL OF THE CITY OF FORT COLLINS, COLORADO
Council -Manager Four of Government
Special Meeting - 7:00 A.M.
A Special Meeting of the Council of the City of Fort Collins was held on
Friday, November 29, 1974 at 7:00 A.M. in the Banquet Room of the Village Imi
Pancake House, Foothills Fashion Mall, 215 Foothills Parkway, Fort Collins
Colorado.
CALL OF MEETING
The Honorable Mayor and Members
of the City Council
Pursuant to the request of the Assistant Mayor, Nancy P. Gray of the City
of Fort Collins, a special meeting of the City Council of the City of
Fort Collins, is. hereby called for 1:00 A.M. on Friday November 29, 1974
in the Banquet Room of the Village Inn Pancake House, Foothills Fashion
Mall, 215 Foothills Parkway, Fort Collins, Colorado, for the purpose of
discussion on the refunding of water and sewer bonds.
Very truly yours,
Verna Lewis
City Clerk
Received a copy of the within Call of Meeting this 26th day of November
1974 an consent to ra\.
meJ
Pursuant to the above call, duly given, Mayor Fead called the meeting to I
order. There were present: Council members Fead, Gray, Preble, Reeves
and Wiikinson.
Absent: Cotuicilmen Bowling and Russell.
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Staff members present: Brunton, Cain and Lewis.
Also: Fiscal bents from Boettcher and Company, Dunn Krahl, Owen Moore
' and Tom Baxler.
Fiscal Agent, Dunn Krahl, gave an oral report on the advance refunding
under arbitrage laws. Boettcher and Company, under the proposals, would
refund General Obligation hater Bonds dated June 1, 1965, Sewer. Improvement
Revenue Bonds dated June 1, 1965 only, or Sewer Improvement Revenue Bonds
dated June 1, 1965 and Sewer Improvement Bonds dated June 1, 1974, using
the money to purchase direct obligations of the United States Government
or obligations unconditionally guaranteed by the United States Government.
The purpose being to save the City money and reduce debt service.
Cq Mr. Krahl stated the agency feels it is advantageous to the City to make
Mthe refunds at this time; using the provision of the Charter to refund the
t_> bonds. The proposals are further based on the interest rate available
C41 this week; the City would be assuming no risk in terms of expenses, the agency
-� assuming all risks.
Council discussed the refunding of the 1965 Sewer Improvement Bonds only,
and refunding both the 196S series and 1974 series jointly.
Mr. Krahl read the proposal on
refunding the
Seneral Obligation Plater Bonds
-at length, in which the potential
profit to
Boettcher and Company is dis-
closed.
(Councilman Nilkinson asked to
be excused at
this time, stating his con-
cUrrance with the proposals).
Councilwoman Gray inquired if the Administration
and City Attorney were com-
fortable with the proposals.
As outlined,
it was the concurrance that the
proposals wore advantageous to
the.City.
Councilwoman Gray made a motion, seconded by Councilwoman Preble, to approve
the proposal for refundinZ the General Obligation V;ater Bonds dated June 1,
1965 and authorize the Mayor and City Clerk to execute the agreement on
behalf of the City. Yeas: Council members Fead, Gray, Preble and Reeves.
Nays:. None.
Councilwoman Reeves made a motion, seconded by Councilwoman Gray, to approve
the proposal for refunding the Sewer Improvement Revenue Bonds dated June 1,
1965 and Sewer Improvement Bonds dated June 1., 1974, and authorize the Mayor
and City Clerk to execute the agreement on behalf of the City. Yeas:
Council members Fead, Gray,. Preble and Reeves. Nays:. None.
Adjournment
Councilwoman Preble made a motion, seconded by Coancilwt:man Reeves, that the
meeting adjourn. Yeas: Council members Fead, Gray, Preble and Reeves.
' Nays: None.
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