HomeMy WebLinkAbout1994-03-14 Committee of the Whole MinutesMarch 14, 1994
10:36 p.m.
CALL TO ORDER
COUNCILMEMBERS
PRESENT
Councilmember
absent.
OFFICIALS
SPECIAL ISSUES
A resolution
regulating basic
cable rates.
An ord auth issuance
or $6 million bond
issue /Comm Ctr/Fire
Sta; an ord amend.
1994 budget to
allocate $6 million
in Limited Tax
Obligation Bonds.
TUKWILA CITY COUNCIL
COMMITTEE OF THE WHOLE
MEETING MINUTES
Tukwila City Hall
Council Chambers
Council President Mullet called the Committee of The Whole Meeting of
the Tukwila City Council to order.
STEVE MULLET, Council President; JOAN
HERNANDEZ, DENNIS ROBERTSON, ALLAN EKBERG, JOYCE
CRAFT, DOROTHY De RODAS.
Councilmember Duffie was absent due to his Military
commitment.
JOHN MCFARLAND, City Administrator; RHONDA BERRY,
ASSISTANT; LINDA COHEN, City Attorney; LUCY LAUTERBACH,
Council Analyst; ROSS EARNST/RON CAMERON/DOUG
MICHEAU, Public Works; RICK BEELER/DENNI SHEFRIN, DCD.
Doug Micheau, Public Works Coordinator, informed the
Council that the formal certification of the City
initiated a 120 day period in which the City must
adopt another resolution providing rules and procedures for the basic
cable rate regulation process in Tukwila. He stated that adoption of the
resolution must take place by May 5.
It was the consensus of the Council to forward the resolution establishing
rules and regulations for the regulation of basic cable rates to the next
Regular Meeting Consent Agenda.
Robertson inquired of Doerschel what is the City
rating currently. Doerschel responded that our
existing rating is A -1. However, he hoping for
double (AA) rating at the conclusion of Moody's site
visit. The stated that the difference between A -1
and double (AA) is about $100 thousand dollars over
the life of the bond (about 5 to 10 basic points).
The City hasn't been rated since 1978. On Monday, March 21, the Bond
Council and Lehman Brothers will be present with the revised contract
and ordinance for Council adoption. Lehman's contractual fee is $125
thousand dollars and includes Bond Council, discount, underwriters fees,
Moody's, printing of the bonds, etc.
Robertson inquired about the City's investments.
Doerschel explained that the he's had all of the City's money in the state
pool for the last two years.
Committee of The Whole Meeting Minutes
March 14, 1994
Page 2
Limited Tax
Obligation Bonds
(Cont'd).
RCAA funding -1994.
REPORTS
ADJOURNMENT
11:30 P.M.
Robertson requested Doreschel make available a review
of all the investments transactions.
It was the consensus of the Council to forward the ordinance authorizing
the issuance of $6 million bond issue and Lehman Bros. Contract; and the
ordinance amending the 1994 budget to receipt and allocate $6 million in
Limited Tax Obligation Bonds to the March 21 Regular Council.
Peter Townsend, former president of RCAA, reported on the status of
the other four cities who are funding RCAA: Des Moines has signed a
contract for $15 thousand; Normandy Park passed a resolution for $15
thousand plus office space; Burien held a hearing to approve a minimum
of $16 thousand; and the City of Federal Way will draw up a contract for
$15 thousand subject to two conditions: 1) That the four cities of ACC
pass the same amount; and 2) That an update be provided them every
quarter on what has transpired. Townsend said they will be ready to hire
an Executive Director. They won't be able to, of course, until they know
the status of Tukwila's and Federal Way's contributions.
It was the Consensus of the Council to authorize the Mayor to prepare a
contract for a total amount of $15 thousand dollars to be disbursed
quarterly after a report is presented; and that the other cities contract for
a like or greater amount. The Council agreed to forward this issue to the
next Regular Council Meeting.
11:00 P.M. It was the consensus of the Council to extend the meeting by 30 minutes.
The Mayor reported that the Puget Sound Regional Council and
Suburban Cities met last Wednesday night. Mary McComber made a
presentation on Transportation and Growth Management. She did a
superb job.
Hernandez reported that at the Finance and Safety Committee meeting
two unbudgeted requests were approved: one was for a new recording
system to be used in the Council Chambers which cost approx. $6
thousand dollars and would come out of the Capital Equipment line item;
and the other was a 12.5 foot inflatable rescue boat for the Fire
Department costing $2,705.
MOVED BY HERNANDEZ, SECONDED BY ROBERTSON TO
URN TO THE COMMITTEE OF THE WHOLE. MOTION
TED.
ulle Council President
Celia Squark; Deputy City Clerk