Citation in context
February 10, 2015 — Meeting Minutes
Cited passage
02-10-15 BOA Minutes February 10, 2015 Page 4 of 6
City Attorney O’Keefe reads Bill No. 6482, an Ordinance Approving a Pledge Agreement Between the Eric P. and Evelyn F. Newman Foundation, the School District of Clayton, the Clayton Century Foundation and the City of Clayton for a Contribution to Fund Improvements to Mark Twain Circle, to Now Be Titled “Newman Green” for the first time by title only. The motion passed unanimously by a voice vote. Mayor Sanger moved that the Board give unanimous consent to consideration for adoption of Bill No. 6482 on the day of its introduction. Alderman Garnholz seconded. The motion passed unanimously by a voice vote. Alderman Harris introduced Bill No. 6482, an ordinance to consider approving an agreement between the Eric P. and Evelyn F. Newman Foundation, the Clayton School District, the Clayton Century Foundation and the City of Clayton for a contribution to fund improvements to Mark Twain Circle, to be read for the second time by title only. Alderman Garnholz seconded. City Attorney O’Keefe reads Bill No. 6482, an Ordinance Approving a Pledge Agreement between the Eric P. and Evelyn F. Newman Foundation, the School District of Clayton, the Clayton Century Foundation and the City of Clayton for a Contribution to Fund Improvements to Mark Twain Circle, to Now Be Titled “Newman Green” for the second time by title only. Alderman Harris commented that this is another great example of collaboration between entities. Mayor Sanger received clarification as to the location of the project.
This agreement outlines the following terms:
The Donor would make a gift to the CCF of $100,000. In consideration of their gift, the improved area will be designated as the “Newman Green” in honor of the donor’s family. The City would pay for and make improvements to the property that would include an irrigation system, a diverse collection of plantings and trees, two to four benches and general landscaping enhancements. CCF would make a grant to the City for all costs associated with the work. The District would consent to the City’s installation on their property in consideration of the City’s commitment to install the improvements. The City would maintain the property (with the exception of the area known as Centene Plaza) for the term of the agreement which is twenty-five years. CCF will make grants to the City to the extent needed to fund regular and necessary maintenance of the site. The District will allow the irrigation system to connect to the District’s water service and will pay for and supply all water used for irrigation during the term of the agreement. The City and District agree that during the initial term of the agreement they will respectively preserve the area as open and passive in usage. If approved by all parties, this work would begin promptly with a target completion timeline of July 31, 2015. Staff recommendation is to approve the Pledge Agreement for improvements to Mark Twain Circle as submitted.
If approved by all parties, this work would begin promptly with a target completion timeline of July 31, 2015. Staff recommendation is to approve the Pledge Agreement for improvements to Mark Twain Circle as submitted. In response to Alderman Lintz’ question regarding the art work and the Public Art Advisory Committee involvement, Alderman Harris confirmed that the art aspect of the project has been removed. Alderman Harris introduced Bill No. 6482, an ordinance to consider approving an agreement between the Eric P. and Evelyn F. Newman Foundation, the Clayton School District, the Clayton Century Foundation and the City of Clayton for a contribution to fund improvements to Mark Twain Circle, to be read for the first time by title only. Alderman Garnholz seconded.
Alderman Harris commented that this is another great example of collaboration between entities. Mayor Sanger received clarification as to the location of the project. Alderman Harris – Aye; Alderman Garnholz – Aye; Alderman Winings – Aye; Alderman Berger – Aye; Alderman Lintz – Aye; And Mayor Sanger – Aye. The bill was adopted and became Ordinance No. 6356 of the City of Clayton. A RESOLUTION TO CONSIDER APPROVING A CHANGE OF THE PAYING AGENT FOR THE BUILD AMERICA BONDS, SERIES 2009A AND 2009B
City Manager Owens reported that when the City passed the two recent bond issues, the City entered into an escrow trust agreement with UMB Bank, N.A. (“UMB”) to serve as the City’s escrow agent. This agreement named UMB as the escrow agent on the new bond issues, as well as provided authority for UMB to act as paying agent on all outstanding City bond issues. The reason the City would want to combine to only one paying agent is for efficiency in sending large transfers of funds for bond payments, centralized communication of important information, and the need to assure our continuing disclosure requirements are met with only one entity. There are two remaining bond issues, Build America Bonds Series 2009A and 2009B, which are still registered with the previous paying agent. These bonds are currently registered with The Bank of New York Mellon Trust Company, N.A. (successor to BNY Trust Company of Missouri and the Bank of New York Trust Company, N.A.) (“BNY”).
There are two remaining bond issues, Build America Bonds Series 2009A and 2009B, which are still registered with the previous paying agent. These bonds are currently registered with The Bank of New York Mellon Trust Company, N.A. (successor to BNY Trust Company of Missouri and the Bank of New York Trust Company, N.A.) (“BNY”). The attached resolution authorizes the City to execute the necessary documents to transfer the paying agent from BNY to UMB on the Build America Bonds. Staff recommends approving the attached resolution transferring the paying agent from BNY to UMB for the Build America Bonds, Series 2009A and 2009B.