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Home My WebLink About03-25-1993 Special CITY COUNCIL SPECIAL MEETING MARCH 25, 1993 A Special Meeting of the Cape Canaveral City Council was held on March 25, 1993 , at the City Hall Annex, 111 Polk Avenue, Cape Canaveral, Florida. The meeting was called to order at 7 : 02 P.M. by Mayor Salamone. ROLL CALL: Mayor Joy Salamone Present Mayor Pro Tem John Porter Present Councilmember Robert Abbott Present Councilmember Joan Calvert Present Councilmember Rocky Randels Present City Manager Bennett Boucher. Present Assistant City Attorney Kevin Markey Present Deputy City Clerk (Acting) Sharon Hoover Present BUSINESS: 1. Discussion & Motion Re: Funding options for Wastewater/Wetlands Project. Mr. Boucher advised Council that the purpose of this meeting, continued from March 24 , 1993 , would be to decide whether to fund the wastewater project by requesting funds from the State revolving loan fund, pursue conventional financing, or pursue conventional financing with the possibility of State fund refinancing. Mr. Boucher stated that should the Council decide to pursue the State funding the engineering studies should begin immediately in order to comply with the June 1, 1993 , deadline. He stated that he felt it would not be possible to meet the required deadline for State funding. He reviewed the steps necessary, the advantages, and potential disadvantages involved in obtaining funds from the State. He also reviewed the options involved in obtaining conventional financing. A discussion was held regarding financing for twenty years as opposed to financing for thirty years. Council felt the burden for repaying the dept would be more equitable if rates were spread over a thirty year period. Mayor Salamone stated that she had understood from the previous meeting that Mr. Gerald Hartman, Hartman and Associates, had indicated that it would be possible to meet the June 1, 1993 , State revolving fund application deadline. Mr. Boucher advised that Mr. Hartman had referred to the engineering studies required, not the entire application process. Mayor Salamone expressed concern that since discussions had been held in the past indicating interest in the State funds why the necessary steps had not been initiated. Mr. Boucher replied that if the wastewater project team had been selected at an earlier date the process would be further along. Mr. Randels expressed his opinion that it would be impossible to prepare all paperwork necessary to apply for State funds by the June 1, 1993 , deadline. He also stated that he was not comfortable committing to the approximate $475, 000 necessary for the State fund application. Mr. Porter stated that he felt with the proper time to study the engineering requirements for the State revolving fund application, it could be discovered that much of the information could be done by City staff or would be information that was already in-house and therefore the cost would be less than quoted by Hartman and Associates to prepare the report. City of Cape Canaveral, Florida Special City Council Meeting March 25, 1993 Page 2 Council questioned the necessity of the Comprehensive Annual Financial Report that Council had authorized in the past. It was felt that at the time of approval, Council was under the impression that the report was necessary in order to obtain funding for the wastewater project. Mr. John White, William R. Hough & Company, advised that while the report was not required, it was a very valuable tool for the City and would very favorably received by the financial market. He felt the $9, 000. 00 cost would be very worthwhile to the City. Mr. White reviewed the process leading up to advertising for bids on the wastewater project and indicated that the loan process should begin immediately. He stated that William A. Hough Company would provide Council with a schedule of events necessary for the funding process. Mayor Salamone emphasized that Council had not committed to any plans for the wastewater/wetlands project and that the financing being requested was for potential projects that would require approval by Council. Motion by Mrs. Calvert, seconded by Mr. Porter to approve pursuing thirty (30) year revenue bonds while retaining the option of looking into refunding the bonds with State revolving loan funds in 1994. Motion carried with members voting as follows: Mayor Salamone, For Mayor Protein Porter For Councilman Abbott Against Councilwoman Calvert For Councilman Randels For There being no further business, the meeting adjourned at 8 : 14 P.M. Approved this 6th day of April , 1993 . °J.tYw r Salamone, MAYOR ATTEST: Sharon A. Hoover, Deputy City Clerk (Acting)