Warrensburg Council Approves Sale of Certificates of Participation
The Warrensburg City Council approved a resolution authorizing the sale of refunding Certificates of Participations (COP) for the City of Warrensburg on Monday night.
The Council heard from Gilmore and Bell about the COP in the principal amount of $7.8 million. The Refunded Certificates expected to be prepaid consist of all the outstanding Series 2009 Certificates, in the aggregate principal amount of $5,185,000, and all the outstanding Series 2010 Certificates, in the aggregate principal amount of $2,820,000.
According to Matthew Lue, director of finance for the City, the refunding could potentially save roughly $781,964.79, depending on the awarded interest rate. Broken down, that amounts to a $128,078 savings over seven years for the City of Warrensburg, a $394,757 savings for the Parks Department over 16 years, and a $259,130 savings for the Community Investment Plan (CIP) over 12 years.
The Council ultimately aproved a resolution to “Go to Market” for the refunding of the 2009 and 2010 COP Bonds.
Council also approved an amendment to the FY 2017 annual budget and the adopted FY 2018 budget for the CIP. The overall impact is an increase of $1,313,166.07 to the FY17 CIP budget and a decrease of $1,737,532.72 to the FY18 CIP budget.
Council also approved the purchase of two fire trucks from the Pierce Corporation in response to a recently-passed bond issue. The City of Warrensburg will purchase one fire engine and one 100-foot aerial platform.
The City will cooperatively purchase under bids from the Mid-America Council through the Houston-Galveston Area Council cooperative purchasing program.
The price for both is $1,765,583.00. The manufacturer will discount the City for payment in advance in the amount of $71,789.76 for a final total of $1,693,793.24, according to Fire Chief Jim Kushner.
In addition, the Council approved an ordinance to establish a General Business District for recently-annexed property on the east side of HH Highway, north of Highway 50 and south of Veterans Road.
Also, an ordinance annexing territory into Warrensburg, known as Right-of-Way Veterans Road between Enterprise Ave., and the Cayhill Subdivision, was approved. Community Development Director Barbara Carroll noted there has not ben any additional comments received on the matters in the last two weeks.
In his report to the Council, City Manager Harold Stewart (who was absent from Monday's meeting) noted that Human Resources Director, Greg McCullough has begun the review of applications for a City Planner and interviews are scheduled with two applicants on October 26. A total of seven applications for this position have been received.
The City of Warrensburg is currently advertising for a Parks and Recreation Director on their website. This is the first position that is using a new online fillable application and seems to be working very well. At present, there are 24 electronically-submitted applications. The position will come down Nov. 1.