HomeMy WebLinkAboutMinutes 04-18-1985 SpecialCITY COUNCIL.
SPECIAL MEETING
APRIL 18, 1985
A SPECIAL MEETING OF THE CITY COUNCIL OF THE CITY OF CAPE
CANAVERAL, FLORIDA, WAS HELD ON APRIL 16, 2905,
THE MEETING WAS CALLED TO ORDER AT 7.:00 P.M. BY MAYOR
RUTHERFORD. THE ROLL WAS CALLED BY THE CITY CLERK. OFFICIALS PRESENT
WERE MAYOR W. RUTHERFORD, COUNCIL MEMBERS J.. FISCHETTI AND M.
MARCHETTI. ALSO PRESENT WERE CITY MANAGER F. NUTT, CITY ATTORNEY
' J. SCOTT, CITY CLERK J. LESSER AND DEPUTY TREASURER B. BOUCHER.,
MR.NICHOLAS AND MR. WINCHESTER WERE NOT IN ATTENDANCE.'
NEW BUSINESS
ITEM 1. RESOLUTION NO. 85-26 'REi AUTHORIZING SHORT
TERM FINANCING OF ITL
REVENUE CERTIFICATES
POSTPONE
'MAYOR RUTHERFORD READ THE TITLE OF THE RESOLUTION AS FOLLOWS:
A RESOLUTION AUTHORIZING THE ISSUANCE OF
$1,000,000 1985 SANITARY, SEWER REVENUE CERTIF.
'ICATE ANTICIPATION. NOTES IN ANTICIPATION OF
THE ISSUANCE OF $2,500,000 SANITARY SEWER
REVENUE CERTIFICATES; AMENDING CERTAIN OTHER
PROVISIONS OF THE RESOLUTION AUTHORIZING. THE
ISSUANCE OF SUCH CERTIFICATES AND PROVIDING
FOR AN EFFECTIVE DATE.
MAYOR RUTHERFORD MOVED FOR ADOPTION. MR. FISCHETTI SECONDED
MOTION,
MR. MITCH, OWENS, VICE-PRESIDENT OF. HOUGH AND COMPANY„ WAS IN
ATTENDANCE AND ADDRESSED COUNCIL AT THIS TIME. MR. OWENS
EXPLAINED THAT THE .AMOUNT OF THE NOTE IS NOW $1..000,000: DUE TO A
PAY -DOWN OF $500,000. - THE RATE OF INTEREST IS 8.5%, WHICH IS
COMPATIBLE WITH THE CURRENT MARKET, MR. OWENS ALSO NOTED THAT
THE CITY HAS APPROXIMATELY 20 MONTHS REMAINING TO ROLL-OVER THE NOTE
AND THAT POSSIBLY AT THE END OF THIS TIME. THE CITY COULD TAKE OUT
' A SIMPLE NOTE.
MR. OWENS ADVISED COUNCIL.THAT:IN REVIEWING THE CITYIS
INVESTMENT STRATEGIES'HE NOTED SEVERAL LIMITATIONS BECAUSE OF CHARTER
PROVISIONS. HE SUGGESTED THE CITY CONSIDER USING A LARGER SCOPE
OF INVESTMENTS. MR. OWENS AND CITY ADMINISTRATION ARE TO PREPARE.
A RECOMMENDATION FOR COUNCIL.
CITY 00=31, SPECIAL MEETING
APRIL 18. 1985'
PAGE 1 OF 2.
MICROFILMED AUG 87
VOTE ON THE MOTION WAS UNANIMOUS. RESOLUTION NO. 85-26
WAS ADOPTED.
THE SPECIAL MEETING WAS ADJOURNED AT 7 : 13 P.M.
APPROVED THIS 7th DAY OF May , 1985 .
ayor
ATTEST:
A4/ ,/,6,4„_,
C ty Clerk
CITY COUNCIL SPECIAL MEETING
APRIL 18, 1985
PAGE 2 OF 2
VOTE ON .THE MOTION WAS UNANIMOUS. RESOLUTION NO. 85-26
?:AS ADOPTED.