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K. CONSENT AGENDA <br /> <br />L. CITY MANAGER’S REPORT <br /> <br />Mr. Walker recognized Janet Watson, the Finance Director for her services to the City <br />as she will be joining the City of Clayton as the Director of Finance and Administration. <br />He wished her well in her new position. <br /> <br />1. <br />Purchase of side loading alley dumpsters to the lowest bidder, Downing Sales and <br />Service for $38,875. <br /> <br />Mr. Glickert moved to approve the contract with Downing Sales and Service, was <br />seconded by Mr. Sharpe and the motion carried unanimously. <br /> <br />2. <br />Olive Blvd Streetscape improvements (Phase III) – construction of additional ADA <br />improvements and supplemental construction engineering services agreement. The <br />project was funded by an enhancement grant from East-West Gateway which <br />covered 79 percent of the eligible costs and the City’s 21 percent portion is funded <br />by the Economic Development Retail Sales Tax fund for a total cost of $138,720.38 <br />to Concrete Design and Horner and Shifrin. <br /> <br />Mr. Price moved to approve Phase III of Olive Blvd. streetscape improvements, was <br />seconded by Mr. Crow and the motion carried unanimously. <br /> <br />3. <br />The City has four outstanding bond issuances which were evaluated by Joy Howard <br />with WM Financial Strategies to determine if money could be saved in debt service <br />through refinancing. The Series 2003 Certificates of Participation issued included <br />Centennial Commons, swimming pool improvements and refinancing of the parking <br />garage. The Series 2004 Certificates of Participation issued for renovation of City <br />Hall and Fire Station 2. This item was on the agenda for discussion purposes to <br />see if the Council would like the City to move forward with it. <br /> <br />Ms. Howard, 11710 Administration Dr, Maryland Heights <br />She had previously worked with the City to get an upgrade of City’s Standardand <br />Poor’s rating. Ms. Howard said that the decision on refinancing of bonds depended <br />on how close it is to their call-date, and current interest rates are what needs to be <br />considered. She said now is a good time because of the rating upgrade which will <br />give the City a better credit rating resulting in a lower interest rate; municipal interest <br />rates which are near historical lows; and the maturity is shorter now than at the time <br />the City did the financing. Ms. Howard said it takes about three months to complete <br />the refinancing. She said the potential savings could be around ½ million dollars. <br /> <br />Ms. Ricci asked if the $88,000 was a one-time expense. Ms. Howard said this <br />would be paid from the issued proceeds; was calculated in the potential savings; <br />and was a one-time fee. Ms. Ricci asked why the need for Title Insurance and Ms. <br />Howard said it was for the collateral used (City Hall, the recreation center, firehouse, <br />and a parking lot). <br /> <br />Mr. Crow asked about the section that states “the City could apply a portion of its <br />reserves to further reduce the size of the Refunding Certificate of Participation <br />issue.” He asked what reserves this referred to. Ms. Howard said it would be from <br /> 5 <br /> <br /> <br />