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June 15,2000 <br /> <br />references gave excellent ratings, and they insure bid bonds, payments bonds, <br />liquidated damages, and retainage." <br /> Butch Joyce of Joyce Engineering, stated, "The final report of unlined facilities is <br />due July 1,2000. The interim report was not very conclusive." <br /> Council Member Haskell stated, "lt's in our favor by moving forward in fixing a <br />problem ." <br /> City Manager Ead B. Reynolds, Jr., stated, "The calculated cost is $4.9 million, of <br /> which $1.8 million is post-closure. <br /> Robert Lauterberg and Howard Estes of the Virginia Resources Authority, and <br /> Ellen Wood of SunTrust Bank, presented information regarding bond programs and <br /> financing. Mr. Lauterberg stated, "The VRA offers a bond program with AA-rated bonds <br /> backed by moral obligation, pooled loan bond program with shared issuance costs and <br /> interest rate savings, interim financing with streamlined loan approval and turnaround at <br /> competitive interest rates, revolving loan funds with subsidized interest rates, and <br /> assistance throughout the financing process. The interest rate on our last project was <br /> 5.2 percent." Vice Mayor Teague asked, "What are we eaming on $4.9 million?" Wade <br /> Bartlett, Director of Finance, replied, "Approximately 6.1 to 6.3 percent." <br /> There being no further business to come before Council during their work <br /> session meeting, upon motion by Vice Mayor Teague, duly seconded, by unanimous <br /> vote, Mayor Crabtree declared the meeting adjourned at 11:25 A.M. <br /> <br />Johnathan B. Phillips <br />Clerk of Council <br /> <br />Mark A. Crabtree <br />Mayor <br /> <br /> <br />