CITY OF PICKERINGTON

                                           FINANCE COMMITTEE OF COUNCIL

                                               CITY HALL, 100 LOCKVILLE ROAD

                                                   TUESDAY, FEBRUARY 1, 2005

                                                                      7:15 P.M.

 

                                                   SPECIAL MEETING AGENDA

 

1.         ROLL CALL.  Mrs. Riggs called the meeting to order at 7:15 P.M., with roll call as follows:  Mr. Wisniewski, Mr. Hackworth, Mrs. Riggs, and Mr. Wright were present.  No members were absent.  Others present were:  Judy Gilleland, Lynda Yartin, Linda Fersch, Dennis Schwallie, and others. 

 

2.         SCHEDULED MATTERS:

 

A.        Review and request for motion to approve draft ordinance consolidating two bond anticipation note issues of the City of Pickerington, Ohio, into a consolidated note issue, and establishing the terms of such consolidated note issue, and declaring an emergency and immediate necessity so that notes previously issued to finance improvements related to such notes may be renewed in a timely manner, the orderly financing of such improvements may be provided for, and such renewal notes may be sold on terms that are advantageous to the City of Pickerington.  Mrs. Riggs stated these issues were discussed at the Finance Committee meeting on January 20th, and forwarded to Council contingent upon the Committee members having the opportunity to review the legislation prior to the Council meeting.  Mrs. Riggs stated the legislation had been provided to the Committee in their Council packets and Mr. Schwallie was present to answer any questions anyone may have.  Mr. Schwallie stated there are three pieces of legislation.  Two draft ordinances authorize the renewal of notes, and this first ordinance authorizes the consolidation of the notes.  He stated these notes were discussed at the Finance Committee meeting on January 20th.  Mr. Schwallie further stated the intent is to combine the two note issues coming due into a larger note issue to obtain better interest rates.  Mr. Schwallie stated as the street notes will mature on March 10th, he was asking that Council consider these for passage no later than February 15th and to declare the emergency.  Mr. Schwallie stated the dollar amount is slightly higher than the note issue as the cost of issuance has been added into the legislation.  Mr. Hackworth moved to approve and forward to Council; Mr. Wright seconded the motion.  Roll call was taken with Mr. Wisniewski, Mr. Wright, Mrs. Riggs, and Mr. Hackworth voting “Yea.”  Motion passed, 4-0. 

 

B.         Review and request for motion to approve draft ordinance providing for the issuance of not to exceed $2,180,000 of notes by the City of Pickerington, Ohio, in anticipation of the issuance of bonds, for the purpose of renewing three series of notes previously issued for the purpose of paying part of the costs of constructing improvements to Diley Road in the City, street improvements known as the Courtright Road Realignment, including constructing streets, sidewalks, curbs and gutters, and street improvements in the downtown area of the City, and declaring an emergency and immediate necessity so that notes previously issued to finance such improvements may be renewed in a timely manner, and the orderly financing of such improvements may be provided for.  Mr. Wright moved to approve and forward to Council; Mr. Hackworth seconded the motion.  Roll call was taken with Mr. Wisniewski, Mrs. Riggs, Mr. Hackworth, and Mr. Wright voting “Yea.”  Motion passed, 4-0. 

 

C.        Review and request for motion to approve draft ordinance providing for the issuance of not to exceed $980,000 of notes by the City of Pickerington, Ohio, in anticipation of the issuance of bonds, for the purpose of renewing notes previously issued for the purpose of paying part of the cost of acquiring and constructing improvements to the water supply and waterworks system of the City, and declaring an emergency and immediate necessity so that notes previously issued to finance such improvements may be renewed in a timely manner, and the orderly financing of such improvements may be provided for.  Mr. Wright moved to approve and forward to Council; Mr. Hackworth seconded the motion.  Roll call was taken with Mr. Hackworth, Mr. Wright, Mrs. Riggs, and Mr. Wisniewski voting “Yea.”  Motion passed, 4-0. 

 

3.         ADJOURNMENT.  There being nothing further Mr. Wright moved to adjourn; Mr. Wisniewski seconded the motion.  Mr. Wright, Mrs. Riggs, Mr. Wisniewski, and Mr. Hackworth voted “Aye.”  Motion carried, 4-0.  The Special Finance Committee adjourned at 7:24 P.M., February 1, 2005. 

 

RESPECTFULLY SUBMITTED:

 

 

 

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Lynda D. Yartin, Municipal Clerk