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HomeMy WebLinkAboutMinutes - City Council - 07/27/1981CITY COUNCIL JULY 27, 1981 The South Burlington City Council held a Special Meeting in the conference room of the City Hall on Dorset Street at 8:00 P.M. on Monday, July 27, 1981. MEMBERS PRESENT Paul A. Farrar, Chairman; Michael Flaherty, William Burgess MEMBERS ABSENT Martin Paulsen, John Towne OTHERS PRESENT William J. Szymanski, City Manager; Maragret Picard, City Clerk; Richard Ward, Zoning Administrative Officer, Pat Burgmeier, The Other Paper. Interview Candidates for position of Assistant City Manager Chairman Farrar opened the meeting at 8:00 P.M. Mr. Szymanski said that there were originally three candidates to be interviewed, but Mr. Frank Chapman of Waitsfield, Vermont had called that afternoon and withdrawn his name from the list of applicants. The Councilmen then proceeded to interview Mr. David E. Minnich of Saginaw, Michigan and Mr. Robert Snyder of South Burlington, for the position of Assistant City Manager. ADDED TO THE AGENDA: Consider disposition of outstanding bond anticipation notes through the Vermont Municipal Bond Bank Bill Szymanski explained that the City had three outstanding bond anticipation notes, they are as follows: 1. Municipal Building $1,508,800 2. Phase V Sewers 93,750 3. Bartletts Bay Sewers 69,800 Also, the City Water Department for water mains in the amount of $55,000 These issues total $1,727,350. Bill Szymanski recommended that this amount be rounded off to $1,725,000 and submitted to the bond bank. He stated that the consultants for the State, Crowell, England and Company requested a commitment from the City. They expect to go to the market and sell the bonds at an interest rate of 10 to 11%. After some discussion on interest rates the Council members present felt that rates may drop, and that $1,000,000 be offered for sale with the bond bank and the remainder of $725,000 stay with the local banks as short term notes. Mr. Burgess made the motion that $1,000,000 be offered for sale through the Vermont Municipal Bond Bank and that the remainder of approximately $725,000 remain as short term renewable notes with local banks. There was no discussion and it was seconded by Mr. Flaherty. All were in favor. Mr. Flaherty made the motion to adjourn at 9:30 P.M. Mr. Burgess seconded, all were in favor. Clerk Published by ClerkBase ©2019 by Clerkbase. No Claim to Original Government Works.