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TUESDAY, MARCH <br /> <br />Council considered adoption, on first reading, of Ordinance No. 91T1 am~nding <br /> <br />Article VIII--Disconnection and Re~onnection, Section 8.1--Disconnection for <br /> <br />Non-=Payment, of the Terms and Conditions for Electric Services, and Article <br /> <br />IX,-Disconnection and Reconnection, Section 9.1--Disconnection for Non' <br /> <br />Payment, of the Terms and Conditions for Water and Sewer Services. Mr. Brown <br />explained that the ordinance (which was first brought to Council during its <br />February 12, 1991 meeting) had been revised to eliminate the door knob hanger <br />requirement but, in accordance with instructions from Council, the length of <br />time from the date of billing to cutoff of service had been kept <br />approximately the same. Upon motion, duly seconded and by unanimous vote, <br />the Ordinance was adopted on first reading. <br /> <br />Council considered responses to the Request for Proposals for a loan or <br />lease/purchase agreement for school buses in the amount of $343,208. Mr. <br />Brown recommended that Council accept the proposal offered by Patrick Henry <br />National Bank, which offered a fixed interest rate of 6% with either annual <br />or monthly payments. Mr. Brown said that, because the funds would not be <br />needed prior to August 15, Council had the option of rejecting all bids and <br />issuing another Request for Proposals in June to attempt to obtain a more <br />favorable'interest rate. Mr. Brown, however, recommended against rejecting <br />/the bids. Councilman Oakes offered a motion to accept the proposalgiven by <br />Patrick Henry National Bank offering monthly payments. This motion was <br />seconded by Councilman Williams. Mayor McClain noted that one of the bids <br />was for64% of the prime rate, which if taken as of this date, would amount <br />to a rate of 5.76%, which is lower than the 6% offered by Patrick Henry <br />National Bank. (It was later revealed that this rate was offered by Crestar <br />'Bank.) Mayor McClain, however, noted that this rate was only guaranteed for <br />one year. Councilman Oakes stated that he felt 6% was a good rate and that <br />the City should take advantage of this fixed rate. Vice-Mayor Groden stated <br /> <br /> <br />