HomeMy Public PortalAboutCouncil Minutes 2004 10/18MINUTES
McCall City Council
Special Meeting
Monday, October 18, 2004
Table of Contents
Call to Order and Roll Call
Business
Adjournment
CALL TO ORDER AND ROLL CALL
Council President Robertson called the special meeting of the McCall City
Council to order at 6:03 p.m. Council Member Robertson, Council Member Muller
and Council Member Greer answered roll call. Council Member Bertram arrived
at 6:09 p.m. Mayor Eimers was excused. A quorum was present.
City staff members present were Amanda Townsend, Treasurer and Dan Irwin,
City Clerk.
BUSINESS
AB 04-163 Resolution 04-15, Idaho Bond Bank
Council Member Muller stated that he understands the cost of issuance for the bond will
be reflected in the total interest over the life of the loan. He stated that the biggest
benefit in refinancing the loan is the ability to eliminate the reserve account that is
required under the current loan. Council Member Muller asked how much money is
currently being held in the reserve account.
Amanda Townsend, City Treasurer, stated that the City currently has $46,000 in the
reserve account for the Department of Environmental Quality loan. She stated that the
City would have to place $100,000 in the reserve account prior to November 1st if the
loan wasn't refinanced through the Idaho Bond Bank.
Printed 10/28/2004
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City Council Minutes
Council Member Muller stated that the net cash savings that will be seen by the City by
refinancing the loan is $917.
Council Member Robertson stated that another benefit that will be seen as a result of
the loan refinance is the ability for DEQ to reissue the loan amount to other
municipalities as the money will be free again.
Council Member Muller moved to adopt Resolution 04-15 and authorized the
Mayor to sign all necessary documents. Council Member Robertson seconded
the motion. In a roll call vote, Council Member Greer voted aye, Council Member
Muller voted aye, and Council Member Robertson voted aye. The motion carried.
Amanda Townsend stated that the November Council Meeting is currently scheduled
for November 11tn which is Veterans Day. The Council determined to reschedule the
meeting to November 18tn
ADJOURNMENT
Without further business, Council Member Robertson moved to adjourn. Council
Member Muller seconded the motion. All Council Members voted aye. The
motion carried. The Council adjourned at 6:10 p.m.
cv:
Kirk L. Eimers, Mayor
ATTEST:
Dan Irwin, City Clerk
Printed 10/28/2004
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October 18, 2004
City Council Minutes