HomeMy WebLinkAbout1999 07 26 Consent Item D
COMMISSION AGENDA
ITEM D
Consent X
Informational
Public Hearings
Regular
July 26. 1999
Regular Meeting
Mgr. / Dept.
Authorization
CONSENT
D. City Clerk's Office
Approval of the Minutesfor the Special Meeting of July 8, 1999.
CITY OF WINTER SPRINGS
MINUTES
CITY COMMISSION
SPECIAL MEETING
JULY 8, 1999
I. CALL TO ORDER
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The Special Meeting of the City Commission was called to order by Mayor Paul P.
Partyka at 6:00 p.m. in the Commission Chambers of the Municipal Building (City Hall,
1126 East State Road 434, Winter Springs, Florida 32708).
ROLL CALL:
Mayor Paul P. Partyka, present
Deputy Mayor Cindy Gennell, absent
Commissioner Robert S. Miller, present
Commissioner Michael S. Blake, absent
Commissioner Edward Martinez, Jr., present
Commissioner David W. McLeod, present
City Manager Ronald W. McLemore, present
Law Firm of Frank Kruppenbacher, P.A., Robert Guthrie, present
II. AGENDA
A. City Manager
Approval of the 1999 Improvement Revenue Bonds Sale
Mr. Jim Lentz, Financial Advisor with the First Southwest Company); Mr. Jeff Larsen,
Investment Banker with Hanifen, Imhoff Inc., and Mr. Mike Williams, Bond Counsel
with Carlton Fields all addressed the Commission.
Mr. Lentz began by saying that we were ready to go to market on June 14t\ 1999, but as
the market was "shaky" they held off. He then mentioned the anticipated actions of the
Federal Reserve.
Mr. Lentz explained that the wait had allowed us to "Save about $100,000 in debt
service, as well as another $20,000 in present value cash that you are getting" - "So, the
decision to hold was worth about $125,000".
Mr. Larsen reviewed the City's rating, and how "For the first time, the City of Winter
Springs on their own merits, were able to achieve an "A" category rating from two (2) of
the rating agencies". Mr. Larsen added "That this was not easy. It took a lot of work,
and it needed a vision from your City Manager and I think very strong financial
management from your financial staff here as well".
CITY OF WINTER SPRINGS
MINUTES
CITY COMMISSION
SPECIAL MEETING - JULY 8, 1999
PAGE 20F2
Mr. Larsen then elaborated on bond ratings; planning for the future; historical ratings;
comparable interest rates; yields; refunding bonds; and he reviewed a comparison of
several markets across the county.
Regarding "The sources and uses statement - the bond issue came in just a tad below
eight million, magically enough, because you only authorized us to do up to eight
million; so we can't go over that. You'll see that the balance of the money goes into your
construction fund, that will earn interest". Mr. Larsen then briefly mentioned the bond
net service; the aggregate debt service; net present value savings; and ratings.
Mr. Williams briefly discussed the Resolutions that will be signed tonight. A "good
faith" check, in the amount of $80,000 was presented to the City. The dates for the Pre-
Closing and the transfer of money was then mentioned.
"MOTION TO APPROVE" (THE RESOLUTION). MOTION BY
COMMISSIONER MARTINEZ. SECONDED BY COMMISSIONER MILLER.
DISCUSSION. VOTE: COMMISSIONER McLEOD: AYE; COMMISSIONER
MARTINEZ: AYE; COMMISSIONER MILLER: AYE. MOTION CARRIED.
III. ADJOURNMENT
Mayor Partyka adjourned the Meeting at 6:24 p.m.
Respectfully Submitted By: Andrea Lorenzo-Luaces
Interim City Clerk
APPROVED:
PAUL P. P ARTYKA, MAYOR
NOTE: These minutes were approved at the
, 1999 City Commission Meeting.