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September 24, 2019 — Meeting Minutes
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09-24-19 BOA Minutes September 24, 2019 Page 1 of 7
THE CITY OF CLAYTON
Board of Aldermen City Hall – 10 N. Bemiston Avenue September 24, 2019 7:04 p.m. Minutes
Mayor Harris called the meeting to order and requested a roll call. The following individuals were in attendance:
Aldermen: Mark Winings, Richard Lintz, Ira Berkowitz, Bridget McAndrew, and Susan Buse. Mayor Harris Interim City Manager Watson City Attorney O’Keefe
Absent: Joanne Boulton
Motion made by Alderman Lintz to approve the September 11, 2019 minutes. Alderman Berkowitz seconded. Motion to approve the minutes passed unanimously on a voice vote. PUBLIC REQUESTS AND PETITIONS
None
AN ORDINANCE TO CONSIDER APPROVING THE SALE OF SPECIAL OBLIGATION REFUNDING AND IMPROVEMENT BONDS – 2nd Reading
Interim City Manager Watson reported that the City is issuing bonds for two items. The first purpose of the bonds is the cost of one-half of the renovations and expansion of The Center of Clayton. The other purpose is for the refunding of the 2009B outstanding bond issue where the City can experience approximately $720,000 in savings over the lifetime of the bonds. The total estimated amount of bonds to be issued is $12,975,000. The sale of the bonds occurred today, and Hilltop Securities was the successful bidder with an exceptional interest rate of 1.77% which is outstanding. The City’s current bond rating for Special Obligation bonds has been AA+ (AAA when issuing general obligation bonds).
The sale of the bonds occurred today, and Hilltop Securities was the successful bidder with an exceptional interest rate of 1.77% which is outstanding. The City’s current bond rating for Special Obligation bonds has been AA+ (AAA when issuing general obligation bonds). City staff, financial advisor and bond counsel participated in a bond credit rating call on August 15, 2019 and the City received notice that Standard and Poors has affirmed the City’s current rating. Todd Goffoy, Financial Advisor, Piper Jaffray and Mark Grimm, Bond Counsel, Gilmore & Bell, addressed the Board to answer questions. Motion made by Alderman Winings to amend Bill No. 6750 to include the rates as received today from bond counsel. Alderman Lintz seconded.
09-24-19 BOA Minutes September 24, 2019 Page 2 of 7
The motion passed unanimously on a voice vote. Alderman Winings introduced Bill No. 6750, an ordinance to authorize and direct the issuance, sale and delivery of the Special Obligation Refunding and Improvement Bonds, Series 2019 as amended to be read for the second time by title only. Alderman Lintz seconded. City Attorney O’Keefe reads Bill No. 6750, second reading, an ordinance to Direct the Issuance, Sale and Delivery of the Special Obligation Refunding and Improvement Bonds, Series 2019 by title only. The motion passed on a roll call vote: Alderman Winings – Aye; Alderman Lintz – Aye; Alderman Berkowitz – Aye; Alderman McAndrew – Aye; Alderman Buse – Aye; and Mayor Harris – Aye. The bill, having received majority approval was adopted and became Ordinance No. 6619 of the City of Clayton. AN ORDINANCE TO APPROVE SETTING THE TAX YEAR 2019 PROPERTY TAX LEVIES FOR FY2020 BUDGET – 2nd READING
Interim City Manager Watson reported that the Board held a public hearing to seek public input on the proposed tax rates on August 27, 2019. The proposed ordinance was tabled on September 11 due to not having received final assessed valuation data from St. Louis County. As of today, the levies have been revised due to the county Board of Equalization process, which is now complete as noted in the Board’s packet. In general, the assessed values decreased, and new construction amounts increased from the Board of Equalization process.