Agenda 05/11/1999 - Laserfiche WebLink

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TUESDAY, MARCH 23, 1999 Transferred $3,705 from 01-310100-5204000 Radio Maintenance in the Police Budget and $3,705 from 01-330100-5406000--Jail Supplies in the Sheriffs Jail Budget in the General Fund to the Capital Reserve Fund to be expended from 16-950510-7133010---Jail Major Tools/Equipment to cover the City' s share of the cost of the Live-Scan Unit for the Jail. 45 Council next considered a Staff Report, consisting of a Financial Report for the month ending 2/28/99, provided by Wade Bartlett, Finance Director. Some discussion took place conceming the need to improve the City's General Fund balance, as noted by comments from bond rating firms during the City's recent bond rating effort, as well as the need to establish a better financial investment policy for the City. Mayor Crabtree asked what the interest rate spread might be on the $7.5 million in bonds that would be issued when the interim notes were converted, and was told that the arbitrage spread would probably be about 2.5%, with potential arbitrage earnings of as much as $200,000. Mr. Bartlett then noted improved tax collections revenues as a result of the ability to withhold car tax refunds until taxes are paid. Under items not on the Agenda, Council discussed the upcoming community-wide Hazardous Waste Collection Day on March 27, 1999, and the recent groundbreaking ceremonies at Albert Harris School. Council next considered the need to meet in Executive Session. In accordance with Section 2.1- 344 (A) of the CODE OF VIRGINIA (1950, and as amended) and upon motion, duly seconded, and by unanimous recorded vote, Council convened in Executive Session for the purpose of discussing the following matters: Appointment/Reappointment to the Dan River ASAP Policy Board, as authorized by Subsection 1. Possible acquisition of real property for public use, as authorized by Subsection 3. Possible acquisition of real property for public use, as authorized by Subsection 3.