SPECIAL CITY COUNCIL MEETING MINUTES
COUNCIL CHAMBERS – CITY HALL
1000 CITY CENTER CIRCLE
APRIL 17, 2012
THE SPECIAL CITY COUNCIL MEETING of the City of Port Orange was called to order by Mayor Allen Green at 6:01 p.m.
Pledge of Allegiance
Roll Call: Present: Councilman Bob Ford
Councilman Donald Burnette
Councilman Dennis Kennedy
Vice Mayor Bob Pohlmann
Mayor Allen Green
Also Present: Kenneth W. Parker, City Manager
Margaret T. Roberts, City Attorney
Robin Fenwick, Deputy City Clerk
Mr. Parker gave background details on what will be covered in the meeting and what materials were included in the agenda packets. The purpose of the workshop is to discuss approval of the financial plan and calendar for the refunding of the City's Water and Sewer Refunding Revenue Bonds, Series 2003. The discussion will include options available related to rates, long term debt reduction, and increasing the City's contribution to the Renewal and Replacement Fund.
Toby Wagner, Financial Advisor, gave further details on how the City has reduced debt and interest rates previously this year and last. Mr. Wagner provided details regarding the Bond and options available to buy down the debt. He asked Council for direction on if they want to buy down the debt and asked which option they would like to take advantage of.
Councilman Ford supports the $800,000 savings per year option and the savings going into R&R.
Councilman Burnette agrees with Councilman Ford.
Vice Mayor Pohlmann and Councilman Kennedy also support the savings per year and have it go into the renewal and replacement fund.
Mayor Green also agreed.
Mr. Parker explained that Staff will work on the rating packet and will schedule meetings on same.
Mayor Allen Green
Kenneth W. Parker, City Manager