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the City’s Reserves. She said she would also explore an option of paying down <br />some of the City’s debts but this had nothing to do with this transaction. <br /> <br />Mr. Price asked for Ms. Howard to repeat her previous statement about opting out. She <br />said if the interest rates would rise in the three months it would take to put the <br />refinancing together, the City could opt out of continuing. Mr. Price asked if this was <br />based on points. Ms. Howard recommended the Present Value Savings equals three <br />percent. <br /> <br />Mr. Crow asked if the City opted out would Gilmore and Bell’s expenses still have to be <br />paid. Ms. Howard said they are on a contingent basis, so there would not be a charge. <br /> <br />Mr. Sharpe asked what happens if the firehouse is removed from the refinancing. Ms. <br />Howard said this involved the firehouse that was recently renovated. <br /> <br />Mr. Walker said that Ms. Howard was to walk through the analysis she completed and if <br />Council recommends moving forward the City will come back with additional information <br />and more specific recommendation from Ms. Howard. <br /> <br />Mr. Sharpe asked how soon the City was contemplating moving forward on it. Mr. <br />Walker said it would be at one of the two November Council meetings. <br /> <br />Ms. Watson said the next step would be to pass a resolution to go forward, hire a bond <br />counsel and a financial advisor. <br /> <br />L. COUNCIL REPORTS AND DISCUSSION <br />1. <br />Council Liaison reports on Boards and Commissions <br /> <br />Mr. Price proposed that the Council form some type of commission to look at long- <br />term creative funding for capital improvements. <br /> <br />Ms. Ricci would like to look at how the City budgets for it first. She noted the way it <br />is in the budget book is a challenge to understand where the City has been. <br /> <br />Mayor Welsch asked any member of Council who would like to work on a subgroup <br />to contact her within the next week. <br /> <br />Mr. Sharpe, a MML director, announced there is a new web site where you get any <br />information you may need from various other cities. <br /> <br />Mayor Welsch announced the Make A Difference Day on Saturday was a success <br />with 80 volunteers helping. They collected two tons of trash, spread mulch around <br />playground in Heman Park, and removed limbs and overgrowth in River des Peres. <br />She thanked all who helped. She said she was continuing to attend meetings with <br />other Mayors to discuss sales tax distribution plans. Mayor Welsch said in their <br />discussion on Rules & Procedures, the idea to include the Infill Review Board as part <br />of the Plan commission was being discussed. Lastly she repeated a comment made <br />by Tom Durkin with the Attorney General’s office in his presentation at City Hall. He <br />said on cell phone use for texting purposes, for best practices, suggested that <br />members of a public body who attend a public meeting, refrain from using a cell <br /> 6 <br /> <br /> <br />