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TUESDAY, MAY 11, 1999 <br />whether the City would consider selling the property, and Mr. Reynolds stated that consideration had been <br /> <br />given to this. <br /> <br /> Council next considered the need to conduct a public hearing and consider adoption of an <br />Ordinance authorizing the issuance of up to $4,200,000 principal amount of General Obligation <br />Refunding Bonds ofthe City. Mr. Reynolds gave a summary ofthe issue at hand, stating that the <br />proposed action would be a refunding of debt authorized by Council several years before, including $1 <br />million in Capital Construction for the schools, $1 million in Technology money for the schools, and $2 <br />million in funds for City Public Property improvements, further noting that all but $600,000 in Public <br />Property improvement moneys had been spent. Mr. Reynolds stated that the capital finance plan which <br />had been structured and presented by the City' s financial advisors, Davenport and Associates, several <br />months before had recommended the conversion of the notes under consideration into long term bonds in <br />order to provide a long term and cost effective alternative to the current situation- Council Member Roop <br />asked what the term of the proposed bonds and their annual cost would be, and was told that the term <br />would be twenty years with annual debt service at approximately $330,000 per year. Mr. Reynolds added <br />that use would be made of bond insurance to further reduce the interest rate, if this proved to be cost <br />effective for the City, thus further reducing the annual debt service. Council Member Haskell asked when <br />the bonds would be sold, and was told May 25, 1999, or the next Tuesday thereafter. Mayor Crabtree <br />asked whether any and all bond sales organizations could participate, and was told that it was a <br />completely open process. Council Member Haskell asked how someone might purchase the bonds, and <br />Mr. Reynolds responded that persons would just need to contact the Davenport offices in Roanoke, <br />Virginia. He also noted that the bond denominations would be $5,000. Mayor Crabtree then opened the <br />Public Hearing. There were no speakers, and the Public Hearing was closed. The following Ordinance <br />was then adopted by the following.~ all members voting: <br /> <br /> <br />