HomeMy WebLinkAbout1995-08-29 - MinutesGROUP:
DATE: August 29, 1995
ADVERTISING & PROMOTION COMMISSION
PRESENT: Coy Kaylor
Joe Fennel
Alex Jerde
Fred Hanna
Woody Bassett
ABSENT: Jim Waselues
Linda McBride
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Ben Mayes
Brian Swain
Marilyn Johnson
Anne Parker, bond council
Jerry Rose
David Hausam, bond underwriter
A special meeting of the Advertising & Promotion Commission
was called to order by Commissioner Coy Kaylor at 3:30 p.m.
for the purpose of considering a resolution regarding
refunding of the Continuing Education bonds.
Ben Mayes explained that the 7 1/2% to 7.875% bonds presently
held would be refinanced with 4 1/4% to 5 1/4% interest
bonds. Revenues pledged would be the same as in the old
bonds except the parking deck revenues would be freed and
only the one sixth of the HMR tax revenues would be pledged.
$1.3 million annual saving in cash flow would be saved
(present value of $1.02 million, net savings of approximately
$323,636). One year maximum principal and interest will be
kept in reserve.
Moved by Joe Fennel, second by Alex Jerde to adopt a
resolution recommending the issuance and sale of bonds to
refund the Continuing Education Center Revenue Bonds.
(Resolution is attached) Motion carried.
There being no further business, the meeting was adjourned.
Respectfully submitted,
Marilyn Johnson
Director
Convention and Visitor Development