11-06-1972 Special Meeting
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MINUTES
SPECIAL MEETING
NQ
843
A Special Meeting of the City Council of the City of Clermont was held in the
Council Chambers on Monday, November 6, 1972. The meeting was called to order
at 7:30 P.M. by Mayor Don E. Smith with the following members present: Councilwoman
Watson and Councilmen Schroede1, Beals and Smoak. Other officials present were:
City Manager Hopkins, City Controller Fleming, City Clerk Carroll, City Attorney
Langley and Chief of Police Tynda1. Others present were: Mrs. Sheila Langley
and the Messrs. Willard Hoebeke, Robert Wagner and W. Shepard.
The meeting was called to consider a proposal by Stone and Youngberg, Municipal
Financing Consultants, Inc. for the refunding of the city's water and sewer
revenue bonds, and a brief resume of this proposal was given by Mr. Wagner.
Council was advised there would be a savings in the amount of $171,923.00 with
a new issue of the bonds as proposed.
Councilman Smoak inquired if any other bond houses had been contacted with regards
this matter and he was advised in the negative. Controller Fleming reported that
inquiries had been made to the city previously and information has been furnished
to them, however, they had never suggested nor presented a proposal. Councilman
Smoak advised that he had no qualms about the proposal as submitted by Mr. Wagner,
but that he felt Council should have more time to consider any and/or other
alternatives. Councilman Smoak inquired of Mr. Wagner if there be any cost to the
city incident to the issuing of the new bonds whereupon Mr. Wagner replied that
all such costs were to be borne by them and were specifically listed in the
proposal, but that he would verbally advise at this time that there would be no
cost to the City of Clermont incident to his company purchasing the present bonds
and the issuance of new ones.
Motion was made by Councilman Beals and seconded by Councilwoman Watson that
the offer of Stone & Youngberg to purchase the City of Clermont Water and Sewer
Revenue Refunding Bonds in the amount of $1,540,000 and per the agreement submitted
under date of November 6, 1972 be accepted and the Mayor and Clerk be authorized
to execute the agreement. Upon roll call vote on passage of the motion, the
result was: Ayes: Schroede1, Watson and Beals. Total Ayes: Three. Nayes: Smith
and Smoak. Total Nayes: Two. The motion carried.
The meeting was adjourned by Mayor Smith. ~ ~ ~
Don E. Smith, Mayor
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Do ores W. Carroll, City Clerk