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HomeMy WebLinkAbout12142015 City Council Special Meeting Minutes City of Seward,Alaska City Council Special Meeting Minutes December 14, 2015 Volume 39,Page 561 IICALL TO ORDER The December 14, 2015 special meeting of the Seward City Council was called to order at 6:30 p.m.by Mayor Jean Bardarson. OPENING CEREMONY Police Chief Tom Clemons led the Pledge of Allegiance to the flag. ROLL CALL There were present: Jean Bardarson presiding and Marianna Keil Ristine Casagranda Dave Squires Dale Butts Sue McClure Deborah Altermatt comprising a quorum of the Council; and Ron Long, Assistant City Manager Eric Wohlforth, City Attorney Johanna Kinney, City Clerk Brenda Ballou, Deputy City Clerk Absent—None CITIZEN COMMENTS ON ANY SUBJECT EXCEPT THOSE ITEMS SCHEDULED FOR PUBLIC HEARING—None APPROVAL OF AGENDA AND CONSENT AGENDA Motion (Keil/Casagranda) Approval of Agenda and Consent Agenda Motion Passed Unanimous There were no consent agenda items. NEW BUSINESS Resolution 2015-114,Providing For The Issuance Of An Electric Revenue Refunding Bond Of The City In The Aggregate Principal Amount Of Not To Exceed$6,200,000 Refunding Certain Outstanding Electric Revenue Bonds Of The City;Fixing Certain Details Of Said Bonds And Providing For Related Matters. Motion (Keil/Casagranda) Approve Resolution 2015-114 City of Seward,Alaska City Council Special Meeting Minutes December 14, 2015 Volume 39,Page 562 Finance Director Kris Erchinger said this resolution and the one to follow on this agenda had come to council previously in order to take advantage of lower interest rates, but she hadn't acted on the previous resolutions because at that time there were too many bond participants and the city was forced to postpone.This current resolution would save approximately$350,000 over the life of the bond. The Net Present Value(NPV)target that Erchinger would consider was anything over 3%, and at this time it was 7.22%. In response to Keil,Erchinger said the timing was good now because the bond environment was favorable. In response to Butts, Erchinger expected to go to market around January 20, 2016. Motion Passed Unanimous Resolution 2015-115, Providing For The Issuance Of A Long Term Care Facility Revenue Refunding Bond Of The City In The Principal Amount Of Not To Exceed $25,900,000 To Refund Certain Outstanding Long Term Care Facility Revenue Bonds Of The City; Fixing Certain Details Of Such Bonds And Authorizing And Providing For Related Matters. Motion (Keil/Casagranda) Approve Resolution 2015-115 Erchinger said the outstanding balance was just over$23 million,and the refunding of these bonds would happen in conjunction with the electric bonds.The NPV savings would be acceptable to Erchinger if greater than 4%, and the market was currently at 7.1%. In response to Butts,Erchinger said there were some expenses that would be incurred to get through this process for underwriters,counsel,and staff.Erchinger anticipated less than$20,000 for all those expenses combined, and that cost would be rolled into the bonds. Motion Passed Unanimous Resolution 2015-116, Approving A Legal Services Agreement With Birch Horton Bittner& Cherot. Motion (Keil/C as agranda) Approve Resolution 2015-116 Long said administration was bringing forward this resolution at the direction of council, following a successful background check and interview process. In response to Squires, Long confirmed there had been no significant changes to this proposed contract following Motion Passed Yes: Butts, Keil, McClure, Altermatt, Squires,Bardarson No: Casagranda COUNCIL COMMENTS Keil encouraged the young people in the audience to stay for the next meeting. CITIZEN COMMENTS—None City of Seward,Alaska City Council Special Meeting Minutes December 14, 2015 Volume 39,Page 563 COUNCIL AND ADMINISTRATION RESPONSE TO CITIZEN COMMENTS—None ADJOURNMENT " The meeting was adjourned at 6:45 p.m. -, eC ') keUda4.,,ae"kl-/ Jo anna Ki fer, CMC , ean Bardarson C. Clerk Mayor (City Seal) ®®aa®aeeregae E OQ�pOi°C/Ugxe,}00gq cd'+�, :o2 .ate o / q o a � • —o ° ba A 0. Am �� gbgaqa ugkD d-- �*44 4'; OF f�0 so.