06/06/05 Regular - Laserfiche WebLink

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Regular meeting June 6, 2005 The bill was given its third reading. Mr. Ollendorff said that the bond sale took place this morning. Standard and Poor gave the City an A+ rating. The sale produced nine bidders, which is an unusually high number and the best bid from Stearns was at an interest rate of 3.33%. This reflects the good work of our bond counsel and more importantly, the standing that the City has in the bond community. 3.33% is an astoundingly good rate. It will probably result in the property tax rate, which the voters approved last fall; being substantially less than the rate they were given. We had advised voters that it would take a 5.6¢ property tax rate to retire these bonds in ten years. The low rating that University City has earned means that the property tax rate will be at the lowest possible level. Mr. Wagner moved adoption and Mr. Sharpe seconded. Mr. Wagner congratulated University City for our high rating in the financial world. The Roll Call vote was as follows: AYES: Ms. Brungardt, Mr. Wagner, Ms. Brot, Ms. Welsch, Mr. Sharpe, Ms. Colquitt and Mayor Adams. Bill 8786 passed and became Ordinance number 6556. BILL NO. 8787 - AMENDING 5.08 OF THE UNVERSITY CITY MUNICIPAL CODE, RELATING TO ALCOHOLIC BEVERAGES, BY REPEALING SECTION 5.08.090 THEREOF, RELATING TO CLASSIFICATION OF LICENSES-FEES, TERMS AND REGULATIONS, AND SECTION 5.08.240 THEREOF, RELATING TO HOURS OF SALE AND CLOSING –SALE ON SUNDAY, AND ENACTING IN LIEU THEREOF, NEW SECTIONS TO BE KNOWN AS “SECTION 5.08.090 CLASSIFICATION OF LICENSES-FEES, TERMS AND REGULATIONS” AND “SECTION 5.08.240 HOURS OF SALE AND CLOSING-SALE ON SUNDAY,” THEREBY AMENDING SAID SECTIONS SO AS TO AUTHORIZE THE ISSUANCE OF INTOXICATING LIQUOR AND MALT LIQUOR AND WINE LICENSES TO CERTAIN MOVIE THEATRES, AND AUTHORIZE SALE ON SUNDAY; CONTAINING A SAVINGS CLAUSE AND PROVIDING A PENALTY. The bill was given its second reading. The bill was given its third reading. Mr. Ollendorff explained that in the past, per local law, we have not been able to issue liquor licenses for sale by the drink except at restaurants; places that have more than 50% of their sales in food. Over the years we have made exceptions. We have exceptions for religious institutions, not for profits and now the Council has approved, at the last meeting, a license to sell beer and wine by the drink at the Tivoli theatre. To make this official, the ordinance has to be amended and this is what is before the Council this evening. As written, it would give the Council the authority to give either beer or wine licenses or licenses to sell all types of intoxicating liquor by the drink. This Page 10