City Council

MINUTES OF'THE CITY OF'BRISTOL, TENNESSEE SPECIAL CITY COUNCIL MEETING August 20,2013 CALL TO ORDER: The City of Bristol, Tennessee City Council meeting was called to order by Mayor Michelle Dolan on Tuesday, August 20,2013, at7:00 p.m. in the Easley Municipal Annex Building (City Hall Annex). ROLL CALL: Present: Mayor Michelle Dolan, Vice-Mayor Lea Powers, Councilwoman Margaret Feierabend, Councilman Chad Keen, and Councilman Jack Young. Others Present: Interim City Manager William L. Sorah; City Attorney Jack Hyder; City Recorder Tara Musick; Secretary Megahn Eads; and members of City staff. ORDINANCES AND RESOLUTIONS: A. Resolutions: Resolution 13-68 - A Resolution Authorwing the Issuance of Not to Exceed S31,000,000 in Aggregate Principal Amount of Electric System Revenue Bonds, Series 2013 of the City of Bristol Tennessee; Making Provisions for the fssuance, Sale and Payment of Said Bonds; Establishing the Terms Thereof and the Disposition of Proceeds Therefrom; Providing for the Collection and Disposition of Revenues from the Electric Power Distribution System of the Municipality; and Making Provision for the Operation of Said System. Interim City Manager Sorah reviewed this Resolution which authorizes the issuance of up to a maximum of $31,000,000 in Electric System Revenue Refunding and Improvement Bonds. This issuance will be completed as a negotiated sale that will provide $7,500,000 in new money for capital projects and $23,500,000 being issued to refund debt incurred in 2005. The refunding of the 2005 debt should result in a savings of $425,126 or 2.07% of the refunded principal. Interim City Manager Sorah noted that this Resolution had been previously reviewed at the July Council V/ork Session and that the 2013 refunding would not extend the maturity of the 2005 bonds. Councilman Chad Keen asked Mike Browder, BTES CEO, if this would take place immediately. Mr. Browder indicated that the process would be beginning soon. Councilman Keen moved to approve the Resolution, and Vice-Mayor Powers seconded. The motion passed by unanimous roll call vote.  Special City Council Meeting August 20,20t3 Page2 of2 There being no further business, the meeting was adjourned at7:07 p.m. Mayor ã* f.n'*.Á Tara E. City Recorder