The City Council met in special session on January 9, 2012 at 12:00 P.M. in the Council Chambers of City Hall.
Mayor Walker presided:
City employee present was Clerk Kennedy.
The meeting was called to order for the purpose of providing for the issuance of a water revenue refunding bond, series 2012.
Cameron Arial explained that the market is in our favor. Right now in the municipal bond world not much is being sold right now especially in Idaho. We are estimating $200,000 savings by refunding.
Stephanie Bonney explained that Ordinance #871 authorizes refunding of the 2003 water bonds. They will be sold to the Idaho Bond Bank and then the bond bank sells to the public. This ordinance is a parameters ordinance that sets maximum amounts. The bonds can’t be called right now so the funds are deposited in an escrow account and then on the call date they will be paid in full.
ORDINANCE NO. 871
(Ordinance No. 871 in its entirety on file in the City’s Ordinance File)
AN ORDINANCE OF GRANGEVILLE, IDAHO, AUTHORIZING AND PROVIDING FOR THE ISSUANCE OF A WATER REVENUE REFUNDING BOND, SERIES 2012, IN A PRINCIPAL AMOUNT NOT TO EXCEED $3,105,000, FOR THE PURPOSE OF REFUNDING A PORTION OF THE CITY’S OUTSTANDING WATER REVENUE BONDS, SERIES 2003; DESCRIBING THE BOND; PROVIDING FOR THE COLLECTION OF REVENUE TO PAY THE PRINCIPAL OF AND INTEREST ON THE BOND; ESTABLISHING FUNDS AND ACCOUNTS; PROVIDING COVENANTS RELATING TO THE BOND; PROVIDING FOR THE SALE OF THE BOND TO AND APPROVING A FORM OF LOAN AGREEMENT WITH THE IDAHO BOND BANK AUTHORITY; PROVIDING FOR RELATED MATTERS; AND PROVIDING AN EFFECTIVE DATE
On motion by Councilman Lester, second by Councilman Peterson to waive the three readings and read the water refunding bond ordinance by title only. Motion carried by a unanimous vote of the Council present.
The Ordinance was read by title only.
On motion by Councilman Lester, second by Councilman Houger to adopt Ordinance No. 871 and move for it’s passage and adoption. ROLL CALL VOTE: YES: Dumas, Houger, Lester, Lorentz, Peterson. NO: none. The motion passed. Mayor Walker then declared Ordinance No. 871 duly approved and adopted.
The meeting adjourned at 12:20 P.M.
Bruce Walker – Mayor
Tonya Kennedy – Clerk