HomeMy WebLinkAbout2003-12-08 (Special) Meeting Minutes•
I. Call lo Order
ENGLEWOOD CITY COUNCIL
ENGL EWOO1>, ARAPAHOE COUNTY , COLORADO
Special Meeting
Mond ay, Dece m!Jer 8, 2003
The spcc inl meetin g of the Englewood City Co unci l was called to order by Mayor Garrett at 6: 10 p.m.
2. Invocation
The invocation was give n by Council Member Barrentine.
3. Pledge or Allegiance
Th• Pledge of Allegi ance was led by Mayor Garrett.
4. Roll Call
Sb
Present: Council Members Tomasso, Moore, Barrentine, Garrett, Bra dshaw ,
Wol osyn
Abs..nt: Council Member Yurchick
A quorum was prese nt
(C lerk 's Note : Co uncil Member Yurchick arrived at 6:12 p.m.)
Also present : City Manager Scars
5, Regular Agenda
City Attorney Brotzman
Assi stant City Manager Flaherty
O.puty City Clerk White
Director Gryglewicz, Finance & Administrati ve Serv ices
(a) Approval of Ordinances on First Readin g
Mayor Garrett sai d thi s is a spec ial meetin g with one item ,)n the agend a, Council Bill No . 92 , and that is
all we will discuss this evening.
(i) Director Gryglcwicz prese nted a rcco mmcndo.tion from the Dtpartment of
Fin ance and Ad1 .iinistrative Services to o.dopt an Emergency Bill for an Ordino.nce o.uthoriz.ing the issuance
of Golf Course Enterprise Revenue Refunding Bonds. He said this will estab li sh an escrow accou nt for the
proceeds of th ose bonds to pay off the current 1994 Go lf Course Bond s. He noted it prescribes the form or
bonds , provides for payments of debt service and o:her detail s related to the bo nd s. The Golf Co urse
Bonds were issued in 1994 for $4,045 ,000 .00. Those are th e bonds th at built the nine-hole par three course,
ex panded the Cl ub House and also bui h 1he teaching iac ilit y. Director Oryglewicz said we arc refund ing
this year for a co uple of rea so ns. First of all , we are going 10 take adva ntage of low inte rest rates, whi ch arc
prob.ii ·ya littl e over 2 percent on the short end nnd 5.1 perce nt on th e long end . He stated we arc, also,
going to extend 1he matur ity of these bo nd s th at wo uld have bee n paid off in 10 years, to a nother 10 years.
It is going to reduce debt se rvice payments. whic h will give the golf co urse a lot more flexibility. especially
during th is time of much more competition . and it will all ow us to keep o ur rates lower. In 10 years if it
looks li ke we ha ve buil t up our retai ned earni ngs, we will retire some of th ese bonds, and realize more
savings . Directe r Gryglcwicz said currently debt se rvice s averages almost $380,000 .00 a year. With this
rcfundin@ , we arc looking at abo ut S240,000 .00, whic h will provide us a lot of flexibility .
Englewood Cit y Co unc il
December 8, 2003
Page 2
Mr . Gryg lewicz sa id we arc lookin g at seco nd reading a wee k fr om today .
Mayor Ga rren asked if there were any que sti ons .
C 'un cil Member Yurch:c k asked how mu ch add it io nal intere st wo uld we pa y in mta l by ex 1ending th ese
bo nd s.
Direct or Gryglcwicz sa id we ha ve n·, fini shed the entire deal yet, but we will pa y a little bi t. As I said
earli er. we will loo k at refundin g so me of the long bo nd s in ten years. so we wi ll have savi ngs . When I ge t
that entirely fi ni shed, I will have tha1 fo r yo u.
Mayor Garre ll ask ed if there we re any other que stions. There wert none.
COUNCIL MEMBER BRADSHAW MOVED, AND IT WAS SECONDED, TO APPROVE
AGENDA IT EM 5 (a) (I) -COUNCIL BILL NO. 92 .
COUNC IL BILL NO . 92 . SE RIES Ol' 2003, INTR ODUCED BY COUNCIL . BER BRA DSHAW
A Bill FOR AN ORDINANCE AUTHORIZI NG THE ISSUANCE OF GOLF COU RS E ENTERPRISE
REVENUE REFUNDING BO NDS .
Vote Results:
Motion carried .
Ayes: Council Members Barrentine , Mor re, Brad shaw, Gmctt, \Volosy n,
Yurchi ck, Toma sso
Nays : None
6.
M
Adjournment
D TO ADJOURN . The me eting adj ourned 016:15 p.m.
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