CCMtg06-14-83tAN(# WD CI1Y QhMII5SI0N
JOKE 14, 1983
Preserve: Mayor Iaxmaem
nepMayor uekere
caam.asimar vYant
Cmmissioner Mitchell
0.srid Chacey, City Acbtinistrator
Danald Terry, City Clerk
Absmt. Cvmdssioner Pappas
1. Mayor lom4am called ehe meeting to orderand the Gmnisston and
audimce pledged allegiance ro the United States Rag.
2. Mr. Cnacey stated that he lad previously submiteed a proposed Gpital
Liprovmmt Progran to the City Ga~missian and he wished eo discuss expected
and expendinses for the crndng year ad financing £or the five
y ~pieal i~mv t proyrarn.
3. Mr. Qucey briefed the G.nmission m expected inane and expmdicvres
and said ' appaared that the curly project an the Eive year capital v~rwmrnt
prograa that could be funded fran revenues world be a new fire station ae a
t of $60,000.00. tk. Chacey said there mould be no fiords for naming or
equipping the station in this year's budge[. M-. 6acey then briefed the
Cmmission on desired capital ivgawmimt prog<ma itarts and said he was
cemed chat the int+rwaranes needed and required by the City might be in
jeopardy if the Citizen s Qwice artadnmt was passed in Nora 1~uer 1984 which
would require rolling rwmues back by appmximetely one Htird. Mr.. Clacey
Explained m the Cmmissim Heat he had contacted the Florida'Mmicipal Secisities
Corp., and hest] received a briefing on the possibility of the Ciry acquiring the
essary f~sds dssough tttie issue of a mmicipal bond. T5. Chacey said he
omriended the City Sssue bonds for 1,100,000.00 which would fiord a large nw~er
ofcthe required capital i~rov®ent prograns and he said this could be done by
levying a 1 im.ll. increase. Mr. enacey discussed ehe advantages of Hie program
which would include acquiring the funds at a loa race of interest, with a rate
of 8.25 quoted by the Florida N¢micipal Sec~¢ities Co. based m present bond
' suing condixions. Fk. Cfincey stated these the advantages of this program
mould be that the City could accovplish needed capital iaq~mvarents widen a
sMrter period of times and borcoa the finds at a very reasonable race of ineere se.
he also said these tax incare crnvSeced to repay bonds world be exertpe fray any
roll back sha~ld the Citizen s tlwice ammdTmt pass.
4. After further discussion, the consensus of ehe Camdssion was that
Mr. (Racey should pursue die Hond Study issue fisther and bring addieional
uiEon~ueim to ehe Camnission.
5. The Cmndssion adjourned at 5:15 p.m.
Crty o Ian
A11ESt:
G1ty' Clerk