Agenda 03/09/1999 - Laserfiche WebLink

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to inclement weather there was no one present to receive the delayed until further notice. 12 TUESDAY, FEBRUARY 23, 1999 award, so the adoption of this resolution was Council next considered approval, on second reading, of Ordinance No. 99-3 amending the City' s Business, Professional, Occupational License Tax Ordinance. The Ordinance was approved as shown below, (attached and made a part of these Minutes), by the following vote, all members voting: Vote: 4-0 Yeas: (4) Dallas, Haskell, Roop, Teague. Nays: (0) None. Council next considered the need to conduct a Public Heating regarding the issuance of · $7,500,000 in General Obligation Notes for funding Albert Harris School renovations. Mr. Reynolds reviewed the estimated cost and finance strategy for the project. Vice Mayor Teague opened the Public Hearing, there were no speakers, and the Hearing was closed. Council Member Haskell asked for comment by the City's Bond Counsel, represented by Ms. Mary G. Morris of the law finn of Sands, Anderson, Marks, and Miller of Richmond, Virginia. Ms. Morris stated that the process of financing this project would be somewhat different than the previous school project done by the City, in that this would be a public offering and that the City would get a bond rating before going to market. Council Member- Haskell asked what interest rate the City might expect to get and Ms. Morris replied that she could not say, but that overall interest rates remained low and the City should do well. There was no further comment on this item. Council next considered approval of the City' s Overall Economic Development Program Priority Projects list for 1999-2000 as a part of the West Piedmont Planning District Commission's 1999 Regional OEDP, and authorization of the City Manager to execute a letter expressing the City's desire to maintain its status as a Redevelopment Area under the Economic Development Administration. Tom Hamed,