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City Council <br />Meeting Minutes <br />February 16, 2010 <br />Page 12 of 15 <br />Mayor Sisk requested public comment and hearing none, closed the public <br />hearing. <br />MOTION: Councilor Dalton moved to approve Ordinance No. 1565, Series 2010, <br />seconded by Councilor Yarnell. Roll call vote was taken. The motion carried by <br />a vote of 6-0. Absent: Councilor Muckle. <br />ORDINANCE No. 1566, SERIES 2010, AN ORDINANCE AUTHORIZING <br /> A LOAN FROM THE WATER AND WASTEWATER UTILITY FUND TO THE <br />GOLF COURSE FUND FOR FISCAL YEAR 2010 – 2nd READING – <br />PUBLIC HEARING <br />Mayor Sisk requested a City Attorney introduction. <br />City Attorney Light read Ordinance No. 1566 Ordinance, Series 2010. <br />Mayor Sisk opened the public hearing and requested a Staff presentation. <br />Finance Director Watson explained Ordinance No. 1566, Series 2010 was <br />intended to defease the Golf Course General Obligation Bonds. He requested <br />this matter be continued to March 2, 2010. <br />COUNCIL COMMENTS <br />Councilor Dalton suggested the defeasance of the bonds would be necessary if <br />any action was taken, such as proceeding with the RFQ and RFP process. <br />Finance Director Watson stated if the City does not contract with WGP, the City <br />could defease the bonds and pay for them upfront. City Attorney Light explained <br />defeasance of the bonds would not be necessary if the City proceeded with the <br />current contract and operations of the golf course. The only other option would <br />be to limit payments received to less than 10% of their present value of the debt <br />service. That would limit payments to the entity or waive the payment. <br />Mayor Sisk asked Finance Director Watson if the golf course was running on a <br />more profitable basis, would the defeasance of the bonds be necessary. Finance <br />Director Watson confirmed the defeasance of the bonds would not be necessary. <br />MOTION: Mayor Sisk moved to continue the public hearing on Ordinance No. <br />1566, Series 2010, to March 2, 2010, seconded by Councilor Sackett. All in <br />favor. Absent: Councilor Muckle. <br />RESOLUTION No. 5, SERIES 2010 – A RESOLUTION AMENDING THE 2010 <br />BUDGET BY INCREASING APPROPRIATIONS IN THE WASTEWATER <br />UTILITY FUND AND THE GOLF COURSE FUND AND ADJUSTING <br />BUDGETED REVENUE IN THE GOLF COURSE FUND – PUBLIC HEARING <br />îê <br /> <br />