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July 25, 2000 <br /> <br />The principal concept is pooling of money. We already have the money, but arbitrage <br />would be a better option." Mayor Crabtree declared the Public Hearing open. Mr. J. B. <br />Trayis, of 401 Fifth Street, asked, "It almost sounds too good to be true. Are there any <br />risks?" City Manager Reynolds replied, "lt's the same concept as the school [Albert <br />Harris] project." Mr. Sanders asked, "Is there a penalty for early pay off?" Paul <br />Jacobson, bond counsel of Sands, Anderson, Marks and Miller, replied, "There is no <br />penalty for prepayment." Mayor Crabtree declared the Public Hearing closed. Council <br />Member Roop moved to adopt the attached Ordinance (Attachme.nt A); the motion was <br />duly seconded and carried by the following vote, with all members voting: Vote 5 - 0; <br />Yeas (5) - Crabtree, Dallas, Ferrill, Roop, Teague; Nays (0) - None. <br /> <br /> Council Member Ferrill moved to adopt the following Consent Agenda, accepting <br />and appropriating the following items received from State Forfeited Assets in the <br />General Fund for FY1999-2000; the motion was duly seconded and carried by the <br />following vote, with all members voting: Vote 5 - 0; Yeas (5) - Crabtree, Dallas, Ferrill, <br />Roop, Teague; Nays (0) - None: <br /> <br /> 1. $530.93 - Revenue 01101917-442402, Expenditure <br /> 01221082-506105 - Commonwealth Attorney. <br /> 2. $4,153.83- Revenue 01101917-442401, Expenditure <br /> 01311085-506078 - Police. <br /> <br /> Michael Rogers, Chief of Police, stated, "Our National Night Out will be held on <br /> August 1, 2000, in the Broad Street Parking Lot, sponsored by all constitutional <br /> officers.' <br /> <br /> City Manager Reynolds stated, "A group photograph of Council is scheduled for <br /> August 8, 2000, 7:00 P. M. A work session to discuss the compensation program is <br /> scheduled for August 10, 2000, 10:00 A. M.- 12:00 P. M. <br /> <br /> <br />