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references gave excellent ratings, <br />liquidated damages, and retainage." <br /> <br />June 15,2000 <br /> <br />and they insum bid bonds, payments bonds, <br /> <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 /> <br /> Council Member Haskell stated, "lt's in our favor by moving forward in fixing a <br />problem." <br /> <br /> City Manager Earl B. Reynolds, Jr., stated, "The calculated cost is $4.9 million, of <br />which $1.8 million is post-closure. <br /> <br /> Robert Lauterberg and Howard Estes, of the Virginia Resources Authority, and <br />Ellen Wood, of SunTrust, 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 earning on $4.9 million?" Wade <br />Bartlett, Director of Finance, replied, "Approximately 6.1 to 6.3 percent." <br /> <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 />Jo~Phillips <br />Clerk of Council <br /> <br /> ar . Cra tree <br />M kA b <br />Mayor <br /> <br /> <br />