Minutes 03/27/1990 - Laserfiche WebLink

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294 TUESDAY,'MARCH 27, 1990 Upon motion, duly seconded, and upon unanimous vote, Council authorized the use of Electric Capital Reserve funds to finance the asbestos removal project for the School System through June 30, 1990. City Manager Brown reported that it is intended that the money be borrowed from the Electric Capital Reserve Fund until more permanent financing is achieved, with the Electric Capital Reserve Fund being repaid at the same interest rate which will be paid on the bonds or other financing method. Meanwhile, Administration is proceeding with develop- ing Requests for Proposals for Bond Counsel services and Financial Consultant services needed to go through with the proposed bond issue. The current plan is to anticipate a referendum on the issuance of bonds in November, 1990, with interim financing possible from a local bank during the period of July 1, 1990, until the bonds can be issued. In response to a question by Councilman Cole, Mr. Brown explained that it may be possible to obtain a favorable interest rate for interim financing with a local bank as compared to using the Electric Capital Reserve funds after July 1, 1990, althou~ such a favorable balance does not seem to be indicated at the current time. CouncilI acknowledged a status report on proposed improvements to the City Jail to provide more bed space and the financing of the project. City Manager Brown commented that he m~ticipated that Administration would have a full report on cost estimates for the proposed improvements and possible state financing for the next meeting. Council acknowledged a report from the City Mm~ager on concerns expressed about the lack of space for certain programs at the Senior Center. Mr. Brown ex- plained that he and Herb Hughes, Director of Parks and Recreation, had met with Mrs. Audrey Minter of the Senior Center and were able to reach an agreement