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FINANCE AND ADMINISTRATION
MINUTES
Monday, April 27, 2009
Minutes of a regular meeting of the Finance and Administration Committee of the City of O’Fallon, held in the Mayor’s Conference Room, City Hall, 255 S. Lincoln, O’Fallon, Illinois on April 27, 2009. CALL TO ORDER: Time: 5:30 p.m.
ROLL CALL: |
MEMBERS: |
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Drolet J. |
X |
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Medford |
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True |
X |
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Chairman Grogan |
X |
Alderman Bennett |
X |
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Alderman Albrecht |
X |
STAFF LIASON: |
Dean Rich |
X |
Alderman N.Drolet |
X |
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Walter Denton |
X |
Alderman Reckamp |
X |
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Pam Funk |
X |
Alderman Schmitt |
X |
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Approval of minutes from March 23, 2009
Item A: Surplus Vehicles: Clerk provided draft Ordinance declaring vehicles and equipment as surplus property and for sale or disposal pursuant to 65ILCS 5/11-76-4. Motion to pass to Council by John Drolet, second by True. All ayes.
Item B: Amendment to Telecommunication Tax Ordinance: Ordinance 3366 regarding the Simplified Municipal Telecommunications Tax Rate Change has a sunset clause “for a period of ten years”. Since the ordinance was passed the tax has stabilized at approximately a $3.44 a month per house and if the sunset clause is lifted, it will favorably affect our bond rating. The rate was increased from 1% to 5% to cover the purchase of 20 acres of park land. If the sunset clause is lifted, the city will get a better interest rate and should be able to bond enough extra funds to finish the second phase of the Family Sports Park. Motion to pass to Council by True, second by Grogin.
Aye:True, Grogan, No: J.Drolet
Item C: Bond Refinancing and Sale: Director of Finance proposed an Ordinance providing for the issuance of General Obligation Refunding Bonds, Series 2009, to refinance “Prior 2006 Bonds”. This is the $21M Bond used to refinance Prop S, build a Conference Center and Phase One of the Family Sports Park. With the lifting of the sunset clause in the Telecommunication Tax Ordinance and the resulting increase in the City bond rating from AA- to AA, the City can refinance the bonds from 20 years to 30 years with same annual payments and receive $10,000,000 to complete Phase Two of the Family Sports Park. This would include basically four more ball diamonds, two professional soccer fields and related parking, concessions and rest
rooms. Alderman J.Drolet continues to question spending money on the Sports Park. Motion to pass to Council by True, second by Grogan. Aye: True, Grogan No: J. Drolet
Director of Finance proposed an Ordinance providing for the issuance of General Obligation Bonds, series 2009A to expand the library. Mr. Vernon Ohlendorf left the library $2.3M and the library wishes to sell $2M in bonds to expand the library, invest the gift and pay off the bonds over 18 years and have $2M for an annuity at the end. Motion to pass to Council by True, second by Grogan. All ayes.
ADJOURNMENT: 6:18 p.m. PREPARED BY: Dean Rich
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