Laserfiche WebLink
Louisville City Council Meeting <br />November 6, 2002 <br />Page 4 <br /> <br />Simmons reviewed the option of a loan from the Fleet Management Fund and stated that <br />it is more economical to channel funds from existing accounts than to defer capital <br />principal proceeds. He stated that the needs of the fleet have been carefully analyzed and <br />there are sufficient funds for the loan. <br /> <br />Laus stated that several repayment scenarios were evaluated, and Staff recommends a <br />four-year loan. She stressed the number of years does not have to be determined tonight, <br />however Council must decide if they want to defer the principal portion of the bond. <br /> <br />Sisk opened the public hearing an asked if anyone in the audience wished to speak for or <br />against Ordinance No. 1402, Series 2002. There were no comments. <br /> <br />COUNCIL COMMENTS <br /> <br />Brown stressed the importance of refinancing the golf course bonds at a lower rate of <br />interest, which allows the golf course operations the flexibility to remain competitive <br />with other golf courses in the metro area. <br /> <br />Sisk stated that he and Council member Van Pelt have discussed the loan from the Fleet <br />Management Fund at the Finance Committee meeting. He asked if a multi-year payment <br />requires an amendment to the ordinance. <br /> <br />Laus stated that the intergovernmental loan is established by a resolution. <br /> <br />Sisk asked for public comments Hearing none, Sisk closed the public hearing. <br /> <br />MOTION: Brown moved that Ordinance No. 1402, Series 2002 be approved, seconded <br />by Levihn. <br /> <br />City Attorney Light asked that the repayment period for the inter-fund loan be included in <br />the motion. <br /> <br />Brown amended his motion to provide for a four-year repayment period for the inter-fund <br />loan. Levihn accepted the amendment. <br /> <br />VOTE: Roll call vote was taken. The motion passed by a vote of 5-0. Davidson <br />excused. Mayer absent. <br /> <br />Davidson returned to the meeting at 7:25 p.m. <br /> <br />ORDINANCE NO. 1403, SERIES 2002 - AN ORDINANCE APPROVING THE <br />VACATION OF A PORTION OF A UTILITY EASEMENT WITHIN LOT 3, <br /> nd <br />CHRISTOPHER VILLAGE FOURTH FILING SUBDIVISION- 2 reading- <br /> public hearing (advertised Daily Camera 10/19/02) <br /> <br />4 <br /> <br /> <br />