City Council

Page 1 of 2 The regular meeting of the Mayor and Council was held by Teleconference April 13, 2020 at 5:30 P.M. with Mayor Steven M. Tramell presiding. Members Participated: Members Non-Participate: Mayor Pro-Tempore Henry Hutchinson Councilmember Joseph R. Downs III Councilmember Gloria R. Marshall Councilmember Gerald W. Ledbetter Councilmember Sandra Thornton Councilmember Deedee Williams Councilmember Gerald W. Ledbetter gave the opening prayer. Mayor Tramell called the meeting of the Council to order and welcomed everyone. MINUTES Mayor Tramell stated there were no minutes for approval due to the COVID-19 situation. FINANCIAL REPORT Mayor Tramell stated there were no financial report for approval due to the COVID-19 situation. AGENDA Mayor Tramell asked for a motion to approve the agenda. Councilmember Sandra Thornton made said motion and seconded by Councilmember Gerald W. Ledbetter and passed unanimously. 1 Page 2 of 2 NEW BUSINESS  RESOLUTION REQUESTING THE WEST POINT DEVELOPMENT AUTHORITY ISSUE REFUNDING REVENUE BONDS ON BEHALF OF THE CITY WATER & SEWER REFUNDING Andrew Tritt, Representative of Stifel gave the Mayor and Council an overview of the refinancing of the City Water and Sewer debt. He stated his firm is seeking the most efficient and effective method of refinancing the debt. He also stated in 2012 the City of West Point used the West Point Development Authority as a conduit for financing SPLOST projects and he believe that would be the best option for the current Water and Sewer refinancing. Councilmember Deedee Williams asked were any other issuers considered, what is the net savings, and was Jon Pernell going to be the bond attorney. Andrew Tritt stated the only other Authority issuer was Troup County and he thought the City of West Point would rather use the Authority within the City. The net savings is fluid but Andrew believe it would be around 1.6 million over 30 years. He stated the City has the option to choose their own bond attorney. He also stated it would take approximately 45 days before having something to bring back to the Mayor and Council. Councilmember Sandra Thornton made a motion to request the West Point Development Authority to serve as an conduit to issue refunding revenue bonds on behalf of the City of West Point with the maximum aggregate principal amount of $19,750,000 ( the “Series 2020 Bonds”) in accordance with the provisions of a bond resolution to be prepared by the authority, for the purpose of the City’s Water and Sewer debt. If the West Point Development Authority agrees, the final agreement will be brought back to the Mayor and Council for approval. Councilmember Gerald W. Ledbetter seconded the motion; passed unanimously. OTHER Councilmember Sandra Thornton offered condolences on behalf of the Council to Councilmember Gerald W. Ledbetter for the passing of his mother. Councilmember Gloria offered condolences to Councilmember Sandra Thornton for the passing of her brother. ADJOURN Mayor Tramell asked for a motion to adjourn. Councilmember Henry Hutchinson made said motion and seconded by Councilmember Sandra Thornton; passed unanimously. There being no further business, the meeting was adjourned. ________________________ ______________________ Richard McCoy Steven M. Tramell City Clerk Mayor 2