HomeMy WebLinkAbout~Master - Special Meeting of the Ames City Council 04/21/1993MINUTES OF THE SPECIAL MEETING
OF THE AMES CITY COUNCIL
AMES, IOWA APRIL 21, 1993
The Ames City Council met in special session at 4:35 p.m., April 21, 1993, in the City Council
Chambers in the City Hall, 515 Clark Avenue, pursuant to law with Mayor Larry Curtis presiding
and the following Council Members present: Campbell, Hertz, Parks, and Wirth. Council Member
Hoffman arrived late and Council Member Brown was absent.
SALE AND ISSUANCE OF ELECTRIC REVENUE REFUNDING BONDS, SERIES 1993:
David Dirks, Financial Consultant from Evensen Dodge, reviewed a tabular analysis of interest rate
volatility on the refunding bonds. He said in December 1992 when the City first considered the
refunding issue, the present value savings of the bonds was $109,782 and $145,417 cumulative
savings. He said due in part to the combined efforts of Staff and bond counsel from Dorsey and
Whitney who developed a different way of handling the debt service reserve fund, that savings
increased in February 1993 to a present value savings of $753,889 and a cumulative savings of
$1,057,967. He said when Council voted to reject the bids for sale of these bonds on March 29,
1993, the present value savings were at $584,544 and cumulative savings at $772,519.
Mr. Dirks said the original low bidder on March 29, 1993 was again the low bidder on today's
negotiated sale of $20,745,000 Electric Revenue Refunding Bonds, Series 1993. He said the savings
generated by their bid which has a net interest rate of 5.27% represents an increase in cumulative
savings from March 29 of $415,000 to a level of $1,188,000.
Council Member Hoffman arrived at 4:35 p.m.
Motion by Parks, Second by Hertz, to adopt RESOLUTION NO. 93-151 providing for the sale and
issuance and securing the payment of Electric Revenue Refunding Bonds, Series 1993.
Roll Call Vote: 5-0. Resolution declared adopted unanimously, signed by the Mayor, and hereby
made a portion of these minutes.
COMMENTS: Coun. Wirth noted Council had received letters regarding recent action taken
regarding the Cy-Ride transfer point on Main and Clark. She said she has learned Staff is revisiting
that issue for other reasons, and felt it would be appropriate for them to consider the letters received
by Council while doing so.
Motion by Wirth, Second by Parks, to refer to Staff the letters received in Council packet regarding
the Cy-Ride transfer point on Main and Clark.
Vote on Motion: 5-0. Motion declared carried unanimously.
ADJOURNMENT: The meeting was adjourned at 4:40 p.m.
_______________________________ _____________________________
Sandra L. Ryan, City Clerk Larry R. Curtis, Mayor