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<br />City Council <br />Meeting Minutes <br />April 6, 2010 <br />Page 10 of 17 <br /> <br />Mayor Sisk commended Councilor Sackett for his leadership and his recommendation <br />for a Golf Course Advisory Board. He thanked Parks and Recreation Director Stevens <br />for his work and Mr. Gambon for his participation. <br /> <br />Councilor Sackett voiced his belief the resolution represents democracy in process. He <br />noted many Louisville golfers support a Golf Course Advisory Board. <br /> <br />MOTION: Councilor Sackett moved to approve Resolution No. 15, Series 2010, <br />seconded by Councilor Muckle. All were in favor. <br /> <br />ORDINANCE No. 1566, SERIES 2010 - AN ORDINANCE AUTHORIZING A LOAN <br />FROM THE WATER AND WASTEWATER UTILITY FUND TO THE GOLF COURSE <br />FUND FOR FISCAL YEAR 2010 -Public hearing <br /> <br />Mayor Sisk requested a City Attorney introduction. <br /> <br />City Attorney Light read Ordinance No. 1566, Series 2010. <br /> <br />Mayor Sisk opened the public hearing and requested a Staff presentation. <br /> <br />Finance Director Watson explained the City Council approved the execution of a Golf <br />Course Operating Management Services Agreement with Western Golf Properties to <br />operate and maintain the Coal Creek Golf Course. To allow for the restructured <br />compensation program under the Agreement, the 2002 Golf Course General Obligation <br />Refunding Bonds must be defeased. The bond will be defeased by placing $800,000 in <br />an escrow account to be used for the payment of principal and interest on the Bonds, as <br />payments become due under the existing payment schedule. Once this amount is <br />placed in escrow the defeasance is complete, the bonds are no longer a legal debt to <br />the City and will be removed from the City's financial statements. Staff proposes this <br />loan be made from the Water and Wastewater Utility Fund per Section 13-3(b) of the <br />City of Louisville Charter. This must be accomplished by ordinance. <br /> <br />COUNCIL COMMENTS <br /> <br />Councilor Muckle voiced his concern this loan is from the Water and Wastewater Utility <br />Fund and noted it was discussed at the Water Committee meeting. Mayor Sisk shared <br />Councilor Muckle's concern. He thanked Councilor Muckle and Dalton for their review. <br /> <br />Mayor Sisk requested public comment and hearing none, closed the public hearing. <br /> <br />MOTION: Councilor Dalton moved to approve Ordinance No. 1566, Series 2010, <br />seconded by Mayor Pro Tem Marsella. Roll call vote was taken. The motion carried by <br />a vote of 7-0. <br />