Laserfiche WebLink
<br />/ <br /> <br />r:: <br /> <br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: December 12, 2005 <br /> <br />Bud~et <br /> <br />Requested By: Michael noll'Y <br /> <br />Source of Funds: <br /> <br />N/A <br /> <br />Department: Fillallce <br /> <br />Account Number: <br /> <br />Report: Resolution: <br /> <br />Ordinance: <br /> <br />xx <br /> <br />Amount Budgeted: <br /> <br />Bond Counsel Opinion Letter <br /> <br />Amount Requested: <br /> <br />Exhibits: <br /> <br />Exhibits: <br /> <br />Investor Letter <br /> <br />Budgeted Item: YES NO <br /> <br />Exhibits <br /> <br />Payillg ~gellt ~greelW1'llt <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />On September 12, 2005, City Council approved an Inter-local Agreement with City of Pearl and and Hughes <br />Supply, Inc. for Water Meter Change-out & Retrofit Program and New Meter Supply Contract. Staff was also <br />directed to research financing options and we have determined that a private placement would be the best option to <br />finance this project. We currently have an offer from Wachovia Bank for a loan of $2,625,000 dollars at 3.74% <br />interest rate for a ten year term. <br /> <br />Action Required by Council: No action required <br /> <br />Approve the $2,625,000 Public Property Finance Contractual Obligation, Series 2006 with Wachovia Bank. <br /> <br />Approved for City Council A2enda <br /> <br />Debra Feazelle <br /> <br />Date <br />