05/10/1994-CC-Minutes-Work Session £ ' "''
MINUTES: City Council workshop
May 10, 1994
MEMBERS
PRESENT: Mayor Nel Armstrong, Councilman Russell Madden,
Councilman Tommy Kincaid, Councilman Joe Bell, and
. Councilman Jack Richardson.
MEMBERS
ABSENT: - Councilman Jerry Jenkins anal Councilwoman Margie
~ raxton
OTHERS
PRESENT: City Administrator John Hamilton, City Secretary Rosalie
Chavez, and Glenn Ervin
1. Mayor Armstrong called the meeting to order.
2. Discussion Regarding Financing Options For Capital Improvements
Program
City Council proceeded with. discussion of financing options to
proceed with the Capital Improvements Program
City Administrator proceeded by advising Council that the Library did
not get the grant funding.
Council then continued with discussing the two options for financing
on the Capital Projects.
Council discussed that Dan Almon, City's Financial Advisor, had
recommended that the City pass a resolution where the Council would
pledge to put $1 i7,9a9 into the bank as a Reserve Fund for the
General. Fund. This would be a reserve account put into the bank
within a three year period. Mr. Almon's thinking was if this was done,
1VIoody's would give the City the Bond Rating it needed so that it could
proceed as planned.
Council also discussed financing the two major streets, Keaton Road
and Willow, and the new library with a five year loan from GNB.
Mayor Armstrong recommended that Council review the pros and
the cons of the two financing options.
Discussion continued regarding the following issues:
{a}. The construction cost for the new Litrrary.
{b}. Establishing the Reserve Fund for the General Fund.
{c}. Proposed Budget 94-95 and some of the proposed capital
expenditures for this fiscal year were briefly discussed.
Council's consensus to pass the Resolution apt the regular City Council
Meeting to avoid any delays in proceeding as planned.
3. Meeting adjourned.
City Secretary
MINUTES:
MEMBERS
PRESENT:
®THERS
PRESENT:
City Council Meeting
May 23, 1994
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Mayor Nel Armstrong, Councilwoman Margie Braxton,
Councilman Jerry Jenkins, C auncilman Tommy Kincaid,
Councilman Joe Bell and Councilman Jack Richardson
City Administrator John Hamilton, City Secretary Rosalie
Chavez, Public Works Superintendent Chuck Tucker,
Electric Superintendent Larry iroast, Chief of Police Benny
Erwin, Sally Stratso-Sanger Courier, Russell Madden,
Glenn Ervin, and Craig Waggoner
1. Mayor Armstrong called the meeting to order. Councilman Joe Bell
gave the invocation which was followed by the pledge to the flag.
2. Gath of Office
Mayor Armstrong administered the oath of office to Councilwoman
Braxton.
3. Appointment of Mayor Pro-Tem
Councilman Kincaid made the motion to elect Councilman Jerry
Jenkins as Mayor Pro-Tem by acclal-nation. Seconded by
Councilwoman Braxton. Motion carried.
4. CONSENT AGENDA
a). Approve Minutes
b). Disbursements
Motion was made by Councilman Jenkins to approve Consent Agenda.
5ecanded by Councilman Richardson. Motion carried.
5. Citizen's Input -None
. Consider and Possible Action Regarding Resolution #R4-94 -General
Fund Reserve
Mayor Armstrong advised that the City did not get good news
concerning the Resolution that Council wanted to pass that would
satisfy Moody's Investors Service.
City Administrator also stated that the intent of the Resolution was to
satisfy Moody's; however, Moody's informed Mr. Almon that not only
did the City need to raise taxes, the City also needs to raise all the
utility rates.