08 Council Minutes (08/27/01) - Laserfiche WebLink

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Special City Council Meeting August 27, 2001 Page 6 City Manager Malone advised that the recommendation of the architect regarding the installation of a window, was to replace the entire door with one having a factory window in it. The City Manager stated that Wendell Moore had looked at the project and stated that he could use the existing doors and put windows in each of the north side doors of the main terminal at Cox Field Airport. The estimated cost to place windows in each of the existing doors is $575.00 and to place a window in just one of the doors would cost $365.00. A motion was made by Mayor Pro Tem Manning, seconded by Councilman Bell, to approve placing windows in both doors for a cost of $575.00. The motion carried 7 ayes, 0 nays. Mayor Pfiester called for presentation of a plan of finance by Dan Almon of Southwest Securities, Inc., for the negotiated sale of bonds. Mr. Dan Almon, with Southwest Securities, Inc., came forward giving copies of the official statement that is used for sale of the bonds. He told the City Council that he was presenting a proposal to the City Council regarding the refunding for achieving savings from the 1999 Bond Issue. This is a bond issue that the city had outstanding historically. Mr. Almon explained that refunding is done by refinancing at a lower rate in order to save money, and some refunding is done by restructuring. He discussed the history of the outstanding bond and C.O. issues and the federal and state regulations that are applicable. Mr. Almon went through the calculations in order to explain to the City Council the type of savings that they were talking about and how it was structured and how it is going to effect the city. ORDINANCE NO. 2001-049 AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF CITY OF