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