City Council Minutes 1996 06 04 - Laserfiche WebLink

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RESOLUTION NO. 36, SERIES 1996 - RESERVING CERTAIN CASH INVESTMENTS IN THE WATER UTILITY FUND FOR THE PURPOSE OF REDEEMING THE 1989 WATER BOND Dianne Ray, Finance Director, passed out a revised copy of the resolution to replace the one in Council's packet. She stated that the Finance Committee had been looking at ways to reduce the City's debt. This resolution recommends that the amount of $4 million be reserved and set aside in a special portfolio to pay offa portion of the 1989 Water Bonds. The thinking is that by 1998, when the call date comes due, the City will possibly be able to pay the remainder of those bonds. Davidson stated that the City would be committing to repaying a Bond Issue substantially before its due and even before it could be called. Sisk asked about the savings to the City. Ray stated that they did cash projections thorough the year 2000. Comparing it with putting the money aside and just investing it vs. creating a special portfolio, it was a savings of about $150,000. Davidson stated that by them calling the bonds when they are due, the City would save in excess of $1 million. Sisk moved that Council approve Resolution No. 36, Series 1996, the revised one that had been passed out by the Finance Director. Seconded by Lathrop. Roll call was taken. Motion passed by a 6 - 0 vote with Howard being absent. PURCHASE OF PROPERTY -PURSUANT TO SECTION 2.92.010 OF THE LOUISVILLE MUNICIPAL CODE NOTICE WAS GIVEN THAT THE CITY COUNCIL WOULD MAKE A FINAL DETERMINATION AS TO THE PURCHASE OF AN 80 ACRE PARCEL OF LAND LOCA TED AT THE SOUTHWEST CORNER OF THE INTERSECTION OF DILLON ROAD AND 96TH STREET FOR THE PURPOSE OF ANNEXATION TO LOUISVILLE AND CREATING A BUFFER BETWEEN LOUISVILLE AND ANY NEARBY MUNICIPALITIES - STAFF RECOMMENDED THAT THIS ITEM BE CONTINUED TO THE JUNE 18, 1996, CITY COUNCIL MEETING. Bill Simmons, City Administrator, stated that this 78 - 80 acre parcel is at the corner of 96th Street and Dillon Road. Boulder County purchased this property May 23. The City had been negotiating with Boulder County about its level of participation in the purchase. The City had been looking at the resolution of the water rights on the property, finalize the conservation easements that would be exchanged on the east portion of the property, and there is a farm lease on the property that runs through December 1997. Those items had not been finalized. He requested that Council continue this item until June 18, 1996. Davidson called for Council discussion or motion. 7