City Council Minutes 2017 03 21 - Laserfiche WebLink

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City Council Meeting Minutes March 21, 2017 Page 5 of 11 Member Keany, Council Member Leh, Council Member Maloney. Recused: Mayor Pro Tem Lipton. Motion passed 3. ORDINANCE NO. 1735, SERIES 2017 — AN EMERGENCY ORDINANCE AUTHORIZING THE ISSUANCE OF CITY OF LOUISVILLE, COLORADO LIMITED TAX GENERAL OBLIGATION BONDS, SERIES 2017 —1ST AND FINAL READING — PUBLIC HEARING — Adoption as Emergency Ordinance Attomey Light introduced the ordinance by title noting this is an emergency ordinance. Mayor Muckle opened the public hearing. Director Watson stated this Ordinance authorizes the issuance of the bonds to fund the improvements of the Recreation Center and Memory Square Expansion Project. He introduced Jim Manire, the municipal advisor for the bond transaction. Mr. Manire stated they have been carefully watching the interest rates. The ballot language allowed for some variance in the bond but interest rates are rising. This is an emergency ordinance in order to grant the authorization for issuance as quickly as possible. We are currently experiencing a rising interest rate environment and we believe it is in the best interest of the City not to delay the issuance of the bonds to minimize interest rate risks. The City is currently in the process of getting a bond rating from Standard and Poor's. The hope is to be able to market the bonds in two weeks. Mayor Pro Tem Lipton asked why the advisors are recommending the bonds be sold at a premium. Mr. Manire stated this should create a higher demand for the bonds. Mayor Pro Tem Lipton asked if Louisville residents would be able to purchase bonds. Mr. Manire stated local retail investors will get priority Mayor Pro Tem Lipton asked staff to advertise this purchase option for residents. Councilmember Maloney stated his concem that the higher interest rate may mean the City can't build under the cap set by the ballot. Mr. Manire stated that if there is another one-quarter percent rise in rates that could be a concem. He stated the target interest rate is 4% Public Comments — None Mayor Muckle closed the public hearing. Councilmember Maloney moved to approve Ordinance Number 1735, Councilmember Loo seconded the motion. Motion carried by unanimous roll call vote. ORDINANCE NO. 1734, SERIES 2017 — AN ORDINANCE APPROVING THE VACATION OF A 10 FOOT WIDE DRAINAGE EASEMENT ON LOTS 1, 16, and 17, BLOCK 2, COLORADO TECHNOLOGICAL CENTER, FILING NO. 1 — 2nd READING — PUBLIC HEARING (advertised Daily Camera 3/12/17)