City Council Minutes 1992 02 04 - Laserfiche WebLink

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Davidson asked for Council comments. Mayer: Briggs: Mr. Briggs, if we initiated proceedings tonight, how committed would the City be to the process? The commitment that I need is a policy direction from the Council to pursue the additional levels of security necessary to obtain bond insurance as we discussed. I, frankly, cannot guarantee that I can obtain bond insurance on the basis of those additional levels of security. I would suggest Council authorize me to offer those additional levels of security to one or more bond insurers to determine whether bond insurance is available at a reasonable price, that would accomplish the refunding within the financial parameters that we discussed. At that point, come back and seek a firm commitment, on the part of the City, to proceed with the transaction. That's a long way of saying that there is no commitment to do anything. Mayer moved that Council direct Mr. Briggs, of Kemper Securities Group, to explore the possibility of the refunding to see if the City could obtain triple "A" insurance for the refunding of the bonds, seconded by Sisk. Brand explained that the advantages of this are that it would shorten the bond issue by one year and save the City over $800,000.00 in interest, a substantial advantage. Roll call was taken. voting against. Motion passed by a 6-1 vote with Davidson DESIGNATION OF ECONOMIC DEVELOPMENT AGENT TO RECEIVE FUNDS FROM CO[~TY Howard commented that Council needs move on with the program, to designate the City of Louisville as the Economic Development Agency to the County and set aside the $52,000.00 to be earmarked for Chamber activities contingent upon the Chamber giving requests for funding in sufficient detail to release the fund on a project by project basis. The Economic Development Committee's goal being to advise staff to look into when the City is at Build-out. What kind of revenue increases do we have to have so the City can survive?