05 - 08/22/2016 COUNCIL MINUTES - Laserfiche WebLink

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Regular Council Meeting August 22, 2016 Page 6 20. Discuss bond status and the possibility of selling bonds for streets. Mayor Hashmi said he had asked the city manager to give them an update with regard to how much money the City owed, status of bonds, and what bonds were maturing. Finance Director Gene Anderson said three issues were outstanding, which included a general obligation refunding done in 2010 in the amount of $1,800,000 which will be paid off in 2020; certificates of obligation issued in 2010 in the amount of 3,156,000 which will be paid off in 2030; and general obligation bonds issued in 2012 in the amount of $2,457,000 which will be paid off in 2022. Mr. Anderson also reviewed the water and sewer supported debt of three outstanding issues. Mayor Hashmi inquired the total debt amount. Mr. Anderson said roughly the tax supported debt was $7,400,000 and the water and sewer support debt was in the amount of $51,979,000, which included principal and interest. Mr. Anderson said the City was in adequate financial condition to pay this debt without a problem. Mayor Hashmi inquired the effect to a home owner's property tax if they were to have a $30,000,000 dollar bond and the cost to the City should they divide the amount over a specific number of years. Mr. Anderson estimated that the City would probably have to have an annual debt payment in the amount of $1,000,000 to $2,000,000 depending on the interest rate. Mayor Hashmi inquired about the current interest rate and Mr. Anderson said it was 3.5% to 4 %, but changed every day. Mr. Anderson also said that one penny on the tax rate would bring in about $150,000 and estimated that it would take fifteen cents to fund it. Mayor Hashmi inquired what that would mean to the average property owner. Mr. Anderson said if it took fifteen cents to fund it that would mean about an additional $150.00 per year on $100,000. Mayor Hashmi asked Mr. Anderson to calculate actual numbers and get back to the Council with those numbers. 21. Discuss and act on improvements to the city website and an automated public access channel. Mayor Hashmi said he requested this item and it was discussed in the past, but the Council did not move forward due to the cost involved in hiring additional staff and old technology. He proposed that they look at creating an animated public channel for residents, also accessible by computer and that it be under the IT Department. Mayor Hashmi said information on this channel could include applying for permits, rules and regulations and various ordinances of the City. Mayor Hashmi also said the current website should be easier to navigate instead of having to click on numerous links to find what one needs. He inquired if this could be accomplished using the funds that were set aside from the cable franchise as previously discussed. Mr. Anderson said it was his understanding that it would need to be set up through cable in order to use those funds. He also said the funds had to be spent on capital expenses, not operational expenses. Mayor Hashmi asked about the possibility of going through the cable company and whether or not they could then link it to the City website. Mr. Anderson said it might be a possibility but would have to explore it. Mayor Hashmi asked that Mr. Anderson do that and bring it back to the Council. Council Member Drake said in any event, they needed to improve the City website to make it more user - friendly. Mr. Anderson said it would cost $20,000 to $25,000 to upgrade the City website platform.