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Mr. Pico urged the Council to leave the project at status quo. <br /> <br />The roll call vote was as follows: <br />AYES: Councilmembers Mob. r, Scribner and Mayor Tarver <br />NOES: Councilmembers Dennis and Pico <br />ABSENT: None <br />ABSTAIN: None <br /> <br />Item 10e <br />Ap~horiTation for Various Actions in Anticipation of ReFmancing the 1987 and 1988 <br />Certificates of Participation (COP) (SR94:62) <br /> <br /> Ms. Rossi presented the staff report. <br /> <br /> Mr. Pico asked what the total amount of outstanding bonded indebtedness that is going <br />to be refunded. He also asked what the total cost will be to the City this refinancing. <br /> <br /> Ms. Rossi answered indebtedness is approximately $21 million dollars. Principal and <br />interest are paid by a combination of the General Fund, development fees and water and sewer <br />charges. The total cost to refmance would be $100,000+ and the old Certificates of <br />Participation would have to be called (cost unknown). All of the costs would be included in the <br />refinancing. They are already netted out. In response to Mayor Tarver's inquiry, Ms. Rossi <br />then explained how funds from the General Fund flow to the Capital Improvement Program. <br /> <br /> It was moved by Scribner, and seconded by Ms. Mohr, that Resolution No. 94-22, be <br />adopted, authorizing the staff to enter into a contract with Barfie Wells Association for financial <br />advisory services not to exceed $45,000 plus out of pocket expenses; authorize the City <br />Attorney's office to enter into a contract for Bond Counsel services; and authorize the <br />advancement of funds from the General Fund until reimbursement can be made from the <br />proceeds of the 1978 and 1988 Certificates of Participation refinancing. <br /> <br />The roll call vote was as follows: <br />AYES: Councilmembers Dennis, Mohr, Pico, Scribner and Mayor Tarvet <br />NOES: None <br />ABSENT: None <br />ABSTAIN: None <br /> <br />02/15/94 13 <br /> <br /> <br />