| Special City Commission Meeting | Mayor Morris Presiding |
CALL TO ORDER: 2:35 PM
ROLL CALL:City Commissioners present: Gayle Morris, Joan Bennett, Bob Deming, Vicki Everson and John Gilbert. Also present were the City Manager, City Attorney, Directors of Community Development, and the City Clerk.
The purpose of Resolution 8696 is to modify the amount of the American Ethanol Tax Increment Industrial Infrastructure Bond issue. The funds needed for reserves was inadvertently left out of the calculations when the various parties involved prepared Resolution 8693 which was adopted by the City Commission on November 1, 1994.
The City Commission was asked to amend the bond issuance from $18,500,000 to $20,000,000. It is important to note that this amendment does not change the size of the project, it merely incorporates the necessary reserves and costs of issuance into the calculations.
The Series 1994 bonds will be in two series, Tax Exempt Series 1994A in the aggregate principal amount up to $11,700,000 (a $2,000,000 increase from Resolution 8693) and Series 1994B in the aggregate principal amount up to $8,300,000 (a $400,000 decrease from Resolution 8693).
Commissioner Gilbert moved, seconded by Commissioner Everson, that the City Commission adopt Resolution 8696.
City Manager, John Lawton, explained that he received a telephone call Wednesday (November 2, 1994) and was told that a mistake had been made when calculating the bond amount. He stated that in the process of transmitting numbers between the parties involved, funds for necessary reserves and some costs of issuance were inadvertently omitted. He added that this correction does not affect the project or the City's involvement with it. The action by the City Commission was merely to correct an error.
Commissioner Gilbert stated that this action is not all that significant since the documents were rushed in order to meet the City Commission's deadlines. Commissioner Bennett added that because of the complexity of the documents involved, other Commission action may be necessary.
There being no further discussion, Commissioner Deming called for the question. Motion carried 5-0.
There being no further business to come before the Commission, the regular meeting of November 4, 1994, adjourned at 2:41 p.m.
/S/
Gayle Morris, Mayor
/S/
Peggy J. Bourne, City Clerk