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Session 1925 June 21,2004 follows: AYES: Ms. Brungardt, Mr. Wagner, Ms. Brot, Ms. Welsch, Mr. Sharpe, Ms. Colquitt and Mayor Adams; NAYS: none. Bill 8716 passed and became Ordinance 6484. 3. BILL 8717 - FIXING THE COMPENSATION TO BE PAID TO THE FIRE CAPTAINS AND FIREFIGHTERS AS ENUMERATED HEREIN FROM AND AFTER JUNE 30, 2004, AND REPEALING ORDINANCE NO. 6430. The bill was given its second reading. The bill was given its third reading. Ms. Colquitt moved adoption and Ms. Welsch seconded. The roll call vote was as follows: AYES: Mr. Wagner, Ms. Brot, Ms. Welsch, Mr. Sharpe, Ms. Colquitt, Ms. Brungardt, and Mayor Adams; NAYS: none. Bill 8717 passed and became Ordinance 6485. 4. BILL 8718 - APPROVING THE DELIVERY OF NOT TO EXCEED $6,490,000 PRINCIPAL AMOUNT OF CERTIFICATES OF PARTICIPATION (CITY OF UNIVERSITY CITY, MISSOURI, LESSEE), SERIES 2004, FOR THE PURPOSE OF PROVIDING FUNDS TO PAY THE COSTS OF A PROJECT IN THE CITY OF UNIVERSITY CITY, MISSOURI; AUTHORIZING AND APPROVING CERTAIN DOCUMENTS IN CONNECTION WITH THE DELIVERY OF THE CERTIFICATES; AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION WITH THE DELIVERY OF THE CERTIFICATES. The bill was given its second reading. Mr. Ollendorff said this ordinance approved selling bonds to A.G. Edwards and Sons, Inc., for an interest rate of 4.333361 per cent. The issuance of these bonds results in placing into the construction account $5,365,000 to be used for several projects; the rehab and addition to the fires station on North and South Road; phase one of the City Hall rehab to include heating, cooling and life safety equipment in the building and the new console for the Police and Fire Dispatch system; and the balance of funding need for the Recreation Center at Heman Park. Once the ordinance for selling the bonds is adopted, this is how the money raised will be spent. Ms. Welsch said the figure she had was, $6,490,000, not $6.2 million. Mr. Ollendorff asked Sean Flynn, bond counsel, to explain. He said the discrepancy resulted from not being able to predict "the exact par amount of the bonds" two weeks ago, so "a not to exceed amount" was inserted until the exact par amount of the bonds could be determined, at $6,245,000, under the first amount stated. He said the form of the ordinance was approved by the City Attorney, John Mulligan, Jr. Mr. Ollendorff added a figure based upon the City allocating $500,000 a year of sales tax revenue to pay off the amount borrowed. The final dollar amount of funds received by the City are determined by the bid of interest rate, times the amount the City is willing to spend each year, to yield the final dollar amount Page 6