HomeMy WebLinkAboutCouncil.Minutes.04-01-1993.Special 65
Proceedings of the City Council, City of Cape Girardeau, Mo.
Special $@SSIOtI April 1 1993
SLL.73703
SPECIAL SESSION - APRIL 1, 1993
Council convened in a special session on Thursday, April 1, 1993, at 5:00 p.m. with
Mayor Francis E. Rhodes presiding and Council Members Melvin Gateley, David
Limbaugh, Doug Richards, A1 Spradling III, and Mary Wulfers present.
The following bill was given first, second and third readings:
BILL NO. 93-70 AN ORDINANCE AUTHORIZING TFIE CITY OF CAPE
GIRARDEAU, MISSOURI TO LEASE TO T�IE CAPE
GIRARDEAU(NIISSOURI)PUBLIC FACILITIES AUTHORITY
CERTAIN REAL ESTATE OF THE CITY; APPROVING THE
ISSUANCE OF$3,795,000 PRINCIPAL AMOUNT OF CITY OF
CAPE GIRARDEAU, MISSOURI CERTIFICATES OF
PARTICIPATION (CONVENTION AND VISITORS
RECREATION FACILITIES PROJECI�, SERIES 1993, FOR
THE PURPOSE OF PROVIDING FUNDS TO PAY THE COST
OF A PROJECT FOR THE CITY; AND AUTHORIZING AND
APPROVING CERTAIN DOCUMENTS AND OTI-�R
ACTIONS IN CONNECTION WITH THE ISSUANCE OF SAID
CERTTFICATES
The first, second and third readings of BILL NO. 93-70 were approved and the
ordinance adopted upon Mr. Spradling's motion, Ms. Wulfers' second, and the following
vote: Ayes, Gateley, Limbaugh, Rhodes, Spradling, Wulfers. Nays, none. (Mr.
Richards was not present for this vote). BILL NO. 93-70 is ORDINANCE NO. 1325.
BILL NO. 93-75 was presented as follows:
A RESOLUTION AUTHORIZING THE OFFERING FOR SALE OF GFNF_R,a i_
OBLIGATION REFUNDING BONDS OF THE CITY OF CAPE GIRARDEAU,
MISSOURI
The reading of BILL NO. 93-75 was approved and the resolution adopted upon Mr.
Spradling's motion, Mr. Limbaugh's second, and the following vote: Ayes, Gateley,
Limbaugh, Rhodes, Spradling, Wulfers. Nays, none. (Mr. Richards was not present for
this vote). BILL NO. 93-75 is RESOLLTITON NO. 811.
n'�'. Jack Dillingham of Piper, Jaffray & Hopwood, Inc., presented to the Council a
summary of the financing for the Convention and Visitors Bonds and a summary on the
! refunding of the Show Me Center Bonds. He also explained the advantage of refunding
i these bonds.
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Ms. Amelia Bond of A. G. Edwards & Sons, explained the options of refunding the
remaining Public Facilities Bonds and the advantages and disadvantages thereto. She
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Proceedings of the City Council, City of Cape Girardeau, Mo.
special Sessloll April i 19 93
SLL.13703
recommended that the City consider refunding these bonds when the savings range
reaches one to two percent. Mr. Dillingham further explained that the Convention and
Recreation Bonds will not be bank qualified in order to allow the City to refund the
remaining Public Facilities Bonds at a future date.
There being no further business, the Council adjourned upon Mr. Spradling's motion,
Mr. Limbaugh's second, and the following vote: Ayes, Gateley, Limbaugh, rhodes,
Richards, Spradling, Wulfers. Nays, none.
Francis E. Rhodes, Mayor
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Gayle . Conrad, Deputy City Clerk