02 Council Minutes (12/10/01) - Laserfiche WebLink

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Minutes of the City Council December 14, 2001 Page 13 thousand dollars. City Manager Malone said this cost would not include the cost of moving, the cost of moving the communications, site preparation, nor the extension of utilities. Chief Louis explained that the department's calls continue to increase and that in this one year period they have made over 2,800 arrests. He stated that the department has the technology that is needed and the personnel that is needed, and have everything they need except the appropriate facility. Chief Louis asked the City Council for consideration to allow this project to go forward. Dan Almon with Southwest Securities, financial advisor for the City, was present. He discussed the issuance of certificates of obligation as well as the issuance of bonds through an election. He noted that the present interest rate is one of the lowest in forty years. Mayor Pfiester stated that if the city went through the time it takes to have a bond election, the interest rate may be on the rise by March. He felt that it would be better to issue certificates of obligations in order to get the project moving. Mr. Almon explained that the difference in the certificate of obligation bonds and the general obligation bonds is the time it would take to hold the election, which would be approximately four months. On a question by Councilman Manning regarding the increase in taxes, Mr. Almon said it would be close to five cents per $100.00 of valuation if the city issued the 6 million dollars in certificates of obligation. After further discussion, a motion was made by Councilman Gray to issue the six million dollars certificate of obligation bonds. The motion was seconded by Councilman Carter, and carried 6 ayes, 1 nay, Mayor Pro Tem Manning voting no. Mr. Almon said that when the city actually gives him instructions through the