Board of Mayor & Aldermen

MINUTES BOARD OF MAYOR AND ALDERMEN SPECIAL MEETING OCTOBER 23, 2012 Board present Staff present Mayor Billy P. Carneal City Manager Paul John Nutting Alderman James Hubbard Asst. City Manager Gina Holt Alderman Willie Mason City Recorder Jane Shugart Murphy Alderman Ann Schneider City Clerk Connie W. Watson Vice Mayor Jerome Ellis Alderman Shane Shoemaker Board absent Alderman Bruce Head 1.0 Call to order Mayor Billy P. Carneal called to order the special meeting of the Board of Mayor and Aldermen at 7:00 p.m. 2.0 Legislative 2.1 The City Manager provided an overview of the City’s plan to issue bonds in December and January and explained the purposes the bond proceeds will be used for. Mr. Nutting stated that Resolutions 12-24 and 12-25 deal with issuance of approximately $9,760,000 in general obligation public improvement bonds to refund the 2008 TML Bond Fund Loan and to construct drainage improvements in the Queen Ann Court and Bill Jones Industrial Drive area. This bond sale will take place in December. The January bond issue would be in the amount of approximately $10,000,000 to finance wastewater system rehabilitation to meet the requirements of the EPA’s Administrative Order on Consent, to construct a new central office facility for the Water/Wastewater Department, and other smaller projects that the Board wishes to construct. Alderman Ellis arrived late.  The Board discussed potential projects to fund with the January bond issue. No action was taken. 2.2 Alderman Hubbard moved for the approval of Resolution 12-24, a resolution authorizing the issuance of general obligation public improvement bonds, in an amount not to exceed one million dollars ($1,000,000). The motion was seconded and passed by 6-0 roll call vote. 2.3 Alderman Mason moved for the approval of Resolution 12-25, a resolution authorizing the issuance of general obligation refunding and public improvement bonds in an amount not to exceed nine million seven hundred sixty thousand dollars ($9,760,000) in aggregate principal amount, making provision for the issuance, sale and payment of said bonds; establishing the terms thereof and the disposition of proceeds therefrom; and providing for the levy of taxes for the payment of principal, of premium, if any, and interest on the bonds. The motion was seconded and passed by 6-0 roll call vote. 2.4 Alderman Shoemaker moved for the approval of Resolution 12-26, a resolution adopting policies and procedures for the administration of federally tax-exempt debt obligations. The motion was seconded and passed by 6-0 roll call vote. 2.5 Alderman Hubbard moved for the approval of Resolution 12-27, a resolution authorizing the appropriation of funds in the fiscal year 2013 annual budget for the financial aid of nonprofit charitable and nonprofit civic organizations in accordance with Section 6-54-111, Tennessee Code Annotated. The motion was seconded. Alderman Schneider informed the Board that due to being on the YMCA board, and some of the funds being used for a YMCA program, she would abstain from casting a vote. The motion was brought back and passed by 5-0-1 roll call vote. Ayes: Carneal, Shoemaker, Mason, Ellis, Hubbard Nayes: 0 Abstain: Schneider Tom and Ashley McAnulty with Stephens, Inc. were present to brief the Board on the upcoming bond offering process and answer questions. Mr. Ashley McAnulty addressed the Board and outlined their duties as the Independent Financial Advisor (Licensed by the State and SEC) and the process of coordinating the bond issuance in accordance with Tennessee Code Annotated 12-4-106. Alderman Ellis made a request that staff present an estimate of cost for the installation of an elevator at the Center, and the construction of trails and a sidewalk at Travis Price Park at the regular board meeting of November 20, 2012. 3.0 Adjournment With no further business to discuss, the meeting adjourned. ______________________________ Billy P. Carneal, Mayor Attest: ______________________________ Jane Shugart Murphy, City Recorder