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<br />August 23, 2005 <br /> <br />voting: Vote 5 - O. Yeas (5) - Cobbe, Reynolds, Roop, Ferrill, Clark. Nays (0) - <br />None. <br /> <br />Council considered the need to conduct a public hearing and consider <br /> <br /> <br />adoption of an Ordinance [Attachment A] authorizing the issuance of General <br /> <br /> <br />Obligation Refunding Bonds. Bond Counsel, Paul Jacobson, explained that <br /> <br /> <br />this is a refinance of bonds issued in 1999 at a lower rate. It will not extend <br /> <br /> <br />the term of the loan and the lending institute is Patrick Henry National Bank. <br /> <br /> <br />Mayor Cobbe opened the Public Hearing. There were no speakers, and the <br /> <br /> <br />Public Hearing was closed. Council Member Roop moved to adopt the <br /> <br /> <br />Ordinance; the motion was duly seconded and carried by the following roll call <br /> <br />vote, all members voting: Vote: 5-0. Yeas: (5) Cobbe, Reynolds, Roop, Ferrill, <br />Clark. Nays: (0) None. <br /> <br />Council considered authorizing the School Board to apply for a Literary <br /> <br /> <br />Fund Loan for $2.5 million for the renovations to Patrick Henry Elementary <br /> <br /> <br />School. Dr. Kizner, School Superintendent, said that it would be <br /> <br /> <br />approximately 39 months before the funds are received and City Manager <br /> <br /> <br />Collins indicated that this will replace the interim funding and become the <br /> <br /> <br />permanent loan. Council Member Roop moved to authorize the application; the <br /> <br /> <br />motion was duly seconded and carried by the following vote, all members voting: <br /> <br /> <br />Vote: 5-0. Yeas: (5) Cobbe, Reynolds, Roop, Ferrill, Clark. Nays: (0) None. <br />