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Louisville City Council Meeting <br />November 19, 2002 <br />Page 6 <br /> <br />Sisk offered a friendly amendment that the Planning Commission's two recommended <br />conditions, which have been met, be inclUded in the motion. <br /> <br />Mayer and Levihn accepted the amendment. <br /> <br />VOTE: Roll call vote was taken. The motion passed by a vote of 7-0. <br /> <br />RESOLUTION NO. 41, SERIES 2002, A RESOLUTION CREATING AN <br />INTERFUND LOAN AGREEMENT FOR THE PAYMENT OF REFUNDING <br />BOND ISSUANCE AND CLOSING COSTS <br /> <br />Davidson called for Staff presentation. <br /> <br />Finance Director Charlene Laus reviewed that Resolution No. 41, Series 2002 Would <br />create an interfund loan in the amount of $125,000 between the Fleet Management Fund <br />and the Course Fund to pay for issuance and closing costs for the General Obligation <br />Refunding Bonds, Series 2002. The proposed repayment schedule is four years with an <br />interest rate of 3% to be paid each November 1 st. Laus reviewed the sale of the bonds, <br />which brought twelve bidders. She stated the lowest bidder was UBS PaineWebber, Inc., <br />at an interest rate of 3.269%. She noted the present value savings on the refunding of the <br />bonds would be approximately $110,000. <br /> <br />Sisk stated the sale of bonds was discussed at the Finance Committee. He noted the <br />UBS PaineWebber bid included insurance on the bond. He stated that Jim Manire, of <br />James Capital Advisors, Inc., complimented the City on the soundness of its finances. <br /> <br />COUNCIL COMMENTS <br /> <br />MOTION: Sisk moved that Council approve Resolution No. 41, Series 2002, seconded <br />by Keany. Roll call vote was taken. The motion passed by a vote of 7-0. <br /> <br />UPDATE - HIGHWAY 42/96TM STREET CONNECTION PROJECT <br /> <br />Davidson called for Staff presentation. <br /> <br />Public Works Director Tom Phare provided a brief update on the Highway 42/96th Street <br />Connection Project, which included the preliminary engineering work, an updated project <br />schedule and tentative time lines for future Council actions, such as right-of-way <br />acquisition. He noted the most challenging activity has been the approval of the railroad <br />bridge crossing. He reported that discussions continue with the railroad for determination <br />of City eligibility for supplemental funds, as provided by state statute. <br /> <br />Phare addressed the Coal Creek Bridge, where a two span structure is being considered, <br />with one foundation in the flood way. Preliminary work will determine whether this can <br /> <br /> <br />