2012-02-13 Regular City Council Session

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Paulette Carr, 7901 Gannon Avenue Ms. Carr said she was glad to hear of the postponement of the compensation for the City Clerk. She looked forward to following the budget this year. N. NEW BUSINESS RESOLUTIONS BILLS Introduced by Mr. Sharpe 1. BILL 9149 - An ordinance declaring 8342 Delcrest Drive redevelopment area blighted under the Land Clearance for Redevelopment Authority law; approving a redevelopment plan for the area; and finding that the redeveloper is qualified for tax abatement. Introduced by Mr. Price 2. BILL 9150 - An ordinance establishing the Delmar/Delcrest Community Improvement District and making necessary findings and authorizing certain actions related thereto. Mr. Walker noted that the Bond Series should be 2004 instead of 2003. Introduced by Mr. Crow 3. BILL 9151 - An ordinance authorizing the City of University City, Missouri, to enter into a lease purchase transaction, the proceeds of which will be used to pay the costs of currently refunding the City’s outstanding Certificates of Participation (City of University City, Missouri, lessee), Series 2004 and advance refunding the City’s outstanding Certificates of Participation (City of University City, Missouri, lessee), Series 2004; and authorizing the execution of certain documents and actions in connection therewith. Mr. Walker said to the Council that they may recall an Ordinance regarding outstanding certificates of participation. The Financial Consultant, Joy Howard was present and would like to speak briefly about this because this is a timing issue that may be helpful to Council in regards to background information. Ms. Howard gave an update and said that when she returns in two weeks, the underwriter would have already marketed the certificates and they would have the final savings at this time. She said the process involved getting rating on the certificates, which they receive from Standard & Poor’s. The rating the City received was an AA rating. Ms. Howard said the certificates are rated AA minus, which is one grade lower than you get on your general obligation bonds because they are a little less secure. O. CITIZEN PARTICIPATION (continued if needed) . P. COUNCIL COMMENTS Ms. Ricci said that she is not on Council to just go along, but rather to do a job to the best of her ability. She said that when she is asked to make a decision, she is thoughtful about it. Ms. Ricci stated that if Council does not want to scrutinize Boards and Commission applications, the policy can be changed and you can appoint anyone. She stated she is entitled to give her opinion on what should be done. Ms. Ricci said that since objections have never been done before, the Boards and Commission have had consequences. One is that there is a 2 million dollar deficit. The former Mayor was buying alcohol on the City’s money, 6