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HomeMy WebLinkAbout10/28/92TAPE #1067 UNAPPROVED DRAFT NOV - 9 CITY COUNCIL MEETING MINUTES OCTOBER 28, 1992 The regular meeting of the City Council of the City of Bremerton was called to order in the City Council Chambers, 239 4TH Street, Bremerton, Washington, Wednesday, October 28, 1992, at 5:30 p.m., with Council President Lynn Horton presiding. Council members present: Lon Overson, Richard Neville, Eileen Fitz, C. R. "Tiny" Collins, Morrie Dawkins, A1 Colvin, Russ Johnson and Hank Waibel. Also present were Acting City Attorney Leila Mills and City Clerk Kathleen McCluskey. The meeting opened with the Pledge of Allegiance led by Council President Horton and Invocation given by Reverend James Giles of the New Life Family Christian Center. #0041 President Horton announced Council will be hold an Executive Session immediately following Council meeting to discuss "labor negotiations". CONSENT AGENDA A. Minutes of Meeting - October 7, 1992 #AB92-257 B. Minutes of Meeting - October 14, 1992 #AB92-258 C. Minutes of Meeting - October 21, 1992 #AB92-259 D. Bid Award Recommendation - Timber Sale 1-92 #AB92-260 Lincoln Log Thinning - Awarded to Cascade Pole In The Amount Of $113,506.00 M/S/C/U(Waibel/Dawkins) to approve Consent Agenda as presented. #0056 CLAIMS/WARRANT REGISTERS Vouchers audited and certified by the auditing officer as required by RCW 42.24,080, and those expense reimbursement claims certified as required by RCW 42.24,090, have been recorded on a listing that had been made available to the council. M/S/C/U(Colvin/Fitz) on October 28, 1992, the Council does approve for payment those vouchers included and further TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 2 of 14 described as follows: 158750, 158753, 158754, 158765, 158766, 158904 through 159048 in the total amount of $581,992.71; and Regular Payroll for the period ending October 15, 1992, in the amount of $487,356.00. COUNCIL MEMBER REPORTS Mr. Neville announced the final neighborhood meeting on the Campus/Evergreen Neighborhood Plan will take place November 5, 7:00 P.M., at the First Baptist Church - 14th and Ohio. He announced the All-City Halloween Party will take place on October 31 at the Sheridan Park and Recreation Center. He invited all youth to this fun event. He did visit the Vietnam War Memorial display this past weekend in Parkland. Mrs. Fitz reported she also visited the Vietnam War Memorial display at the Kitsap County Fairgrounds, which was well attended. She reminded everyone to please be careful on Halloween, Saturday October 31. Mr. Waibel extended a belated "Happy 12th Birthday" to his daughter Holly, and he wished his wife a "Happy Anniversary". Mr. Johnson stated he was pleased to be back home after spending two weeks away. He was sorry to have missed seeing the Vietnam War Memorial both in Bremerton and in Washington D.C. He reported Fiscal and Budget Committee developed a tentative Budget Review schedule, which will be published. Mr. Colvin extended a "Happy 16th Birthday" to his granddaughter. He also thanked members of District #1 who attended a meeting this date, as well as captain Hatfield, who made a presentation on ,,neighbors-helping-neighbors" at that meeting. He announced the next District #1 Coalition meeting is scheduled for November 12, 7:00 P.M., at the Sheridan Park Recreation Center. Crime Prevention Officer Jon Johnson and Chief Del McNeal will be presenting a program on "Block Watch Programs and How They Serve the City". He thanked Mayor Mentor for his response to a number of concerns expressed by residents of District #1 during the September District #1 Coalition meeting. He was glad to see people participating in government and believes that is the only way true democratic government can work. Mr. Dawkins reported the Bremerton Central Lions Club assisted with the Vietnam War Memorial event. Many people who visited the memorial brought flowers and many people made tracings of names off of the display. This event was very emotional for many people. On Saturday evening he attended a "Roast for Red TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 3 of 14 Brown", which raised approximately $30,000 for the new Sports Complex. Use of those funds are targeted for funding the major scoreboard for the championship field. Mrs. Hotton reported she also attended the War Memorial and found it to be a moving event. For many people it was a difficult but healing event. She extended a special "thanks" to all the local groups who assisted with the War Memorial display. This date she attended the Bremerton Central Lions Club meeting. PUBLIC RECOGNITION Mayor Louis Mentor reported he also attended the War Memorial event. Today, he met with the Puget Sound Naval Base Association and heard a report from their lobbyist in Washington, D.C., Dick Krizer, relating to defense issues. This date, he attended the YWCA luncheon where volunteers were recognized for their work with women involved in domestic violence. On Friday, he attended a going away party for Superior Court Judge Terrance Hanley, who is retiring from the Bench and is being replaced by Judge L. Costsilo. He also attended the Red Brown Foundation Auction Saturday evening. He noted Red Brown as one of the premier donors of money and team sponsors in our community for many years. During the auction he "bought a baseball team", who will be spending one full day doing some kind of work for the City. On Sunday, he attended the Knights Of Coleus fund raising Spaghetti Dinner. On Tuesday evening, he attended the Navy Concert held at the Roxy Theater, which was well attended. Mayor Mentor announced Brem-Air Disposal Inc. has offered to dispose of political signs after the election. Such signs can be dropped off at the Brem-Air station located on Sheldon Blvd. The "Clunker Clean Up" is progressing and information on this program is available through his office. Very soon about 50 new garbage cans will be placed around the City for public use. He reminded everyone of the Law Enforcement Levy on the November 3 ballot. Gordv Byrd, P.O. Box 390, reported on some classes available through ARC for people with mental and physical disabilities. As of this date he has collected $17,004.65 for his Byrd's Nest Shelter. Sharon Ness, a Union Representative for Local 141 of the United Food and Commercial Workers, expressed concern that Registered Nurses employed by Harrison Hospital were still without a contract. She stressed the need for community TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 4 of 14 support for the nurses in their efforts to get back to negotiations with Hospital Management. The nurses do not want to strike, which would adversely affect the community. About two years ago, effort was made to attract nurses to Kitsap County and now the proposed contract has a lot of take-a-ways that would once again drive them to find employment in areas outside of the County. Councilman Tiny Collins left the Council Chambers at 6:00 P.M. 6A - CONTRACT FOR BANKING SERVICE8 - SEATTLE FIRST NATIONAL BANK, #AB92-261 The Treasurer's Office has conducted an RFP process for banking services as documented on the attached exhibits. Four responses to the RFP were received and reviewed. The recommendation of staff is for the award of the contract for banking services to Seattle First National Bank as presented in their proposal. This proposal is considered to represent the best overall value to the City. Rich Hanna, City Treasurer, stated the current banking contract dates from October 1986, which was originally a three year contract that was extended for three additional years. This contract expired on September 30 and the City is on a current month-to-month extension of a six year old contract. The recently expired contract reflected no change in the price of services when originally negotiated in 1986. The proposed contract would entail costs of $1,450 per month, which represents roughly 10% increase in fees over the current contract. The added cost is reflected in the establishment of use of Bank Cards for making payments of monies due in the Parks Department and Municipal Court Department; and some technical services that would be visible only to his department in terms of greater use of the electronic capacity of banks under current technology than in the past. It is the recommendation of staff to contract with Seattle First National Bank despite the fact they were not the lowest bidder on the requested services. Reasons for that include: (1) cost of conversion if bank services were changed from one bank to another; (2) we would have to cultivate a new relationship with the corporate officers of another bank and abandon what has been gained over a six year process of having done business with Seafirst. He emphasized the advantage of having Seafirst's corporate offices located in downtown Seattle, allowing an easy commute for City staff to access their offices or they to City offices. The low bidder is located out-of-state and Mr. Hanna believed trying to maintain a #0952 TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 5 of 14 relationship under that circumstance would be very difficult. Mr. Waibel questioned if the City also did a review of the Community Reinvestment Act positions of the four banks? Mr. Hanna stated yes, they did request the current CRA reports or audit results. They received a less than clear picture due to several of the responding banks recently being involved in mergers and acquisitions. Seafirst Bank does have a "passing grade" in terms of their CRA audits. Mr. Colvin questioned if any local banks, such as National Bank of Bremerton, could provide the same kind of service as Seafirst Bank? Mr. Hanna stated the National Bank of Bremerton did not respond to the RFP. Mr. Colvin questioned the kind of Bank Cards previously mentioned by Mr. Hanna? Mr. Hanna stated the Bank Cards are Visa and Mastercard only. Public comment - none. Mr. Johnson noted the quality of the RFP's and the fact that all of the responding banks have branches in the City. He emphasized the City has receivedquality service from Seafirst and felt it deserved some type of a long-term relationship. He also noted Seafirst's Senior Vice President for Municipal Banking Services met with the Fiscal and Budget Committee earlier this summer. At that meeting questions were raised over CRA provisions and the fact that Seafirst was more of a regional CRAneeds assessment and that Bremerton's needs were in fact different than what was reflected. The Senior Vice President's comments indicated he was very anxious to work with the City of Bremerton and do a financial needs assessment. M/S/C/U(Johnson/Colvin) motion to authorize the Mayor to sign the contract for banking services to Seattle First National Bank for banking services as proposed. 6B - PROFESSIONAL SERVICES CONTRACT WITH PARAMETRIX, INC. TO PROVIDE ENGINEERING SERVICES FOR IMPROVEMENTS TO 8URFACE WATER CONVEYANCE SYSTEM, #AB92-262 The Utility, pursuant to the Surface Water Treatment Rule of the Federal Drinking Water Act, has a requirement to upgrade its surface water conveyance system between Gorst and Reservoir No. 4 in order to provide sufficient treatment prior to entry into distribution system. The required improvements were set forth in the City of Bremerton Water Supply Filtration Decision Report and the McKenna Falls Improvements Pre-design Report. ! TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 6 of 14 The existing conveyance system consists of two 24-inch combined surface water and groundwater transmission mains with service connections. The Utility contemplates replacement of one of the existing 24-inch transmission mains located along SR#3 between Gorst and Reservoir No. 4 with a new 36-inch main. The proposed improvements will increase the water main capacity and provide for separation of the surface water and groundwater systems and will eliminate the service connections associated with the surface water supply. Professional services include engineering design, construction management, and miscellaneous engineering services. The estimated costs of these professional services are as noted below: Design Construction Management Miscellaneous Engineering Services Additional Engineering Services $190,400 55,578 71,100 63,000 (est) Total $380,078 ~ileen ~itz stated Councilman Neville and she served on the committee interviewing the applicants for this contract and in the absence of Mr. Duffy and his staff, who are attending a seminar, she would provide a brief presentation on this proposal. Since 1988, the Water Utility invested approximately 5 million dollars to meet existing regulatory requirements of the Surface Water Treatment Rule of the Safe Drinking Water Act and for the monitoring programs. One of the requirements of this Act is the need for separation of surface water from ground water. A new water main (36 inches main), will be installed along the highway between Gorst up to the Sherman Heights area where it will go under the highway and proceed onto Reservoir No. 4. This 36 inch main will be replacing one of the 24 inch mains and will allow for sufficient contact time for the disinfection of the surface water. The work will take place outside the roadway and willrun along the railroad right-of-way. It may impede traffic only due to people slowing down to look at construction activity. Four companies were interviewed and all were considered to be very qualified. The selection committee felt Parametrix Inc., had two excellent advantages over the other firms: (1) already #1171 #1269 TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 7 of 14 very familiar with the City's water system; (2) they have an office located in and fully staffed in the City. Mr. Overson stated he had questioned Mr. Duffy as to what alternatives were reviewed and what costs were associated with those alternatives and why were they not selected. Mr. Duffy's analysis of the situation was that the primaryproblem -is that area is very difficult to work in because of the significant amount of base rock. Mr. Overson also raised the question as to what provisions have been made through this and the other comprehensive Utility plans to insure continuous supply of water in case of emergency situations, such as earthquakes, etc. Mr. Duffy's response was that he had thoroughly reviewed that scenario and other alternative systems would be available. Mr. Overson emphasized this proposal appears to be well thought out and a well engineered program, which he felt was supportable. Public comment - none. M/S/C/U(Fitz/Dawkins) to approve the Professional Services Agreement with Parametrix, Inc. to provide engineering services for improvements to the Utility's surface water conveyance system and authorize the Mayor to execute the same, subject to City Administrative Policies and Procedures. 6C - ANIMAL CONTROL CONTRACT WITH PSNS, #AB92-263 Attached is a proposed contract with PSNS for animal control services in the amount of $9,960 for one year. This is the same amount as last year as the demands have not increased. Mr. Waibel stated the demands of service would probably stay the same, however, the City's labor cost have increased. He questioned why was there not an adjustment to take in those costs? Kathleen McCluskev, City Clerk, stated it was the feeling of the Animal Control personnel that they could not justify raising the cost of service. Mr. Overson assured Council that this item was reviewed by the Operations Committee. Public comment - none. M/S/C/U(Neville/Colvin) to approve PSNS contract for animal control services. 6D - PUBLIC DEFENDER CONTRACT FOR CONFLICT ANDOVERAGE CASES - DAVID ROVANG, ATTORNEY, #AB92-264 Council recently approved in-house public defender services i TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 8 of 14 for conflict and overage cases. The in-house cost full time would be approximately $83,900. The current overage and conflict cost is approximately $103,000. Until the primary contract terminates (12/31/93) we need somewhat less than a full time attorney but more than half time. I have negotiated a contract with David Rovang for the services through12/31/93 in the amount of $57,600 annually. This provides us with the interim level of services needed until we go in-house in 1/94. Kathleen McCluskey, City Clerk, explained this item was reviewed by Fiscal and Budget Committee and Operations Committee this week. Also, the City Attorney did prepare and approve the contract, however, his signature was missing from the Agenda Bill cover sheet. Currently, the primary contractor is charging $148.00 per case for the overage and conflict attorney is at $200.00. This contract, if assigned the full maximum of 50 case per month, works out to approximately $96.00 per case. This is an interim step to immediately start savings funds on the Public Defender contract that has escalated tremendously over the last year. President Hotton questioned what was the possibility, toward the end of 1993, of starting to bring the operation in-house in a phased fashion? If that is the case, this contract terminates on the 31st of December, so will the City need Mr. Rovang's services for that entire length of time? Ms. McCluskey stated because the case load is continuous, she felt the City would want the new in-house attorney to start up with a fresh case load. If Mr. Rovang is phased out early, the case load will be higher that much sooner. She did anticipate bringing the new Public Defender Attorney on board before January 1. President Hotton questioned should the City give itself that option? Ms. McCluskev stated the difficulty with that option was Mr. Rovang based taking this contract on and hiring an assistant to take on the responsibility based on a one year or 14 month contract. Mr. Overson stated the Operations Committee did delve into this proposal and it appears Mr. Rovang has proven himself to be a quality professional and the City would be getting a bargain with this contract. Public comment - none Mr. Dawkins questioned if the case load suddenly increased, would the City have to contract out with another attorney? Ms. McCluske~ stated the contract was written that if there is a huge increase in cases it would be opened up for renegotiations. This was discussed with Mr. Rovang and he indicated if such an increase did happen, he is willing to #1514 TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 9 of 14 take the additional cases. If the case load exceeds 50 cases for three consecutive months, the contract would be reopened for discussion. The City would either renegotiate with Mr. Rovang to take on the higher case load or immediately go to the in-house Public Defender service. Leaving it open for renegotiations gives the City more options. M/S/C/U(Dawkins/Overson) to approve contract with David Rovang for Public Defender services. 7A - ORDINANCE (FIRST READING) LEVYING PROPERTY TAXES FOR COLLECTION IN 1993, #AB92-265 State law requires that the City levy property taxes through passage of an ordinance. Figures in the attached ordinance are based on the preliminary assessment roll. They will be adjusted upon acceptance of the final assessment roll by the County. Rich Hanna, City Treasurer, stated this years assessed valuation for the City of Bremerton has increased significantly to not quite 1.1 billion dollars - representing a 12% increase in City wide total assess valuation for 1992. Based on that, the maintenance and operation levy,as proposed in the subject ordinance, will be levied at what is commonly referred to as 106 levy lid. The provisions of that State Statute limits the growth in the City's property tax revenue to not greater than 6% per year, exclusive of new constructionl Because the City's overall assessed value grew at a rate greater than 6%, this will permit a levy rate 17 cents per thousand lower than that levied in 1992, which represents roughly 5% reduction in the levy rate. The Emergency Services (EMS) Levy is approved by the voters every six years, at 25 cents per thousand, and pursuant to the language in the ballot measure so that is simply direct function of the growth in the assessed value. The City's revenue in this case will grow by approximately 12%. The other two levies are Excess Property Tax levies approved by the citizens to support two Fire Bond issues and the Library Bond issue. In this case, by approving the ballot measure, the voters authorize the City to levy taxes in an amount as became necessary from time-to-time to meet the debt service requirements on those respective bond issues. Therefore, those are strictly functions of the debt service requirements of bond issues rather than growth in the assessed value or those factors. Mr. Johnson questioned the value of new construction exempted from the 106 lid? Mr. Hanna stated the order of magnitude is $30 million dollars. TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 10 of 14 Public comment - none. #1682 M/S/C/U(Waibel/Fitz) to approve Ordinance, on first reading, levying Municipal Taxes against all the taxable property within the City limits of Bremerton for the year 1992 and approving the assessment roll made by the Assessor of Kitsap county, therefore to be collected in the year 1993. 7B - ORDINANCE NO. 4393 (EMERGENCY READING) AUTHORIZING THE ISSUANCE OF WATER/SEWER REVENUE BONDS, #AB92-266 The proposed ordinance will authorize the City to refund its 1985 water/sewer revenue bonds, realizing a savings on behalf of the rate payers in excess of $500,000. Also, the bond issue will provide $3 million of new financing which will allow additional improvements to be made to the utility systems. Rich Hanna, City Treasurer, noted rate payers will realize a savings on the refinancing portion of this transaction in excess of $500,000, which is in a net present value calculation over the next nine years and provides a savings of approximately 1.1 million dollars. Bond Counsel took the bond issue as originally structured to market on Tuesday, however, he found the market not to be favorable, which involved some desperate scrambling on the parts of all parties. He thanked Mr. Mack and Mr. King for their efforts on the City's behalf in turning around a dramatic revision to a very complex issue on an extremely tight timeline. There are two parts to the bond issue: (1) refinancing; (2) new money portion. As originally contemplated, that would have all been done at a single closing, however, the market conditions were such that a different tact needed to be taken in bringing this issue to market. The result of that is the proposed Ordinance that allows a single bond issue broken into two separate components: (A) being the refinancing portion and (B) new money portion... three million dollars of additional capital. Component (B) will be closed in January 1993. An additional significant change is the provision for substituting a Surety Instrument for the bond reserve funds, which under the provisions of the 1985 Revenue Bond Ordinance have been a Cash Reserve held by the City. Given current conditions, it is the opinion of the underwriter and staff that this is in the best interest of the rate payers, allowing the City to pay a fix dollar amount to provide a Surety Instrument in lieu of that debt service reserve. This frees up monies currently restricted to the bond Reserve to be used in two parts: (1) helping to fund the Escrow Account that TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 11 of 14 provides the refinancing of the outstanding Bond; (2) approximately $700,000 will be freed up to be used for capital improvements to the City's water and wastewater system. Dick King, Senior Vice President of Shearson Lehman Brothers, explained they are the underwriter of this issue. He also apologized for providing a volume of information at the last minute. He referenced a document addressing GEO Bond Buyer Index, which reflected what tax exempt rates have been over the past 12 years. He pointed out currently the rate is at historical lows and that is why the City is able to refinance its 1985 bonds. The total debt service savings is approximately 1.1 million dollars and the City will receive those fund more or less evenly over the next eight years, approximately $290,000 per year. The net present value of those savings exceed 1/2 million dollars, which amounts to sizeable savings. In his industry, they tend to evaluate the benefits of an advance refunding issue like this by comparing the net present value savings to the total principal amount of the issue and if we can achieve 3-4% net present value savings that is generally a good threshold to proceed with the transaction. In the City's case, they have achieved debt service savings of 5.38%. A Bond Purchase Contract was prepared and is a legal contract between his firm and the City of Bremerton. Within the Ordinance the City Treasurer is authorized to execute that contract. George Mack, Bond Counsel from Foster Pepper & Sheffleman, stated the ordinance he handed out to Council is quite similar to the one in the Agenda Packet, but there are changes that were made during the marketing. What they have done and what is reflected in the handed out ordinance as opposed to what was in the earlier ordinance is the bond issue was split into Series A - refunding bonds ($9,990,000) and Series B bonds- new money ($3,000,000). Everything about the two series is the same except for the maturity schedule and interest rates and the contemplated timeline. The date of the bonds, the two series and interest payment dates, principal payment dates are identical. Another major change that occurred was when the City Council received the original draft of the ordinance it did not contemplate that there would be bond insurance, insuring the payment of principal and interest over the course of the bonds nor did it contemplate that there would be a "reserve account instrument", which would replace the money the City now has ($2,000,000 +) in the Bond Reserve Account. In order to obtain these two policies from the Bond insurer, it was necessary to incorporate within the bond ordinance TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 12 of 14 extensive language basically describing the procedures in which the bond insurance policy and reserve policy are implemented in case they are needed. That wording encompasses three or more complete sections and references changes throughout the bond ordinance. Those are consistent with the present offer to purchase the bonds and consistent with the needs of marketing so the bonds could be marketed at rates that would enable the savings described. One other consequence of splitting the bonds is that under the Federal Income Tax Code if the City does not issue tax exempt obligations in an amount more than $10,000,000 in a calendar year, you are considered a small issuer and banks and other financial institutions may invest in those obligations without suffering the consequences of not being able to deduct the interest on their borrowing to enable them to invest in the City's. That, as he understands it in today's market, is worth a quarter of a percent (more/less) in what the City pays. Part of the effort to make these bonds more attractive, was the splitting of the issue, allowing the Series B Bonds to be delivered, which IRS considers to be the issue date, next calendar year - January 1993, so the City does have an under $10,000,000 issue in 1992 as well as 1993, so both issues will be "bank qualified" and a declaration stating such has been added to the ordinance. With respect to the approval of the Bond Purchase Contract, Section 23 of the ordinance approves the contract so there is not the need to have two motions. Mr. Mack made the following correction/additions: (1) Page 1 of the ordinance... dollar amount of the Series A Bond is $9,990,000. (2) Section: "Permitted Investments" (pages 7/8/9) consists of a definition of the types of investments the City can make in the Reserve Account. This was imposed by the Bond Insurer in the 1985 bonds and since some of those remain outstanding, the definition must remain in the document even though there are no investments in the Reserve Account. Moody's have asked, in the bond rating, to insert some language in the first single spaced paragraph (page 8), second line after the word " ..... securities described in (1], themselves which shall .... ". All that means is to reference back to previous page. (3) Correction of a typographical error (page 16) Paragraph A, next to last line...following the word "full, 1/12 of the next ensuing twelve .... ". #3.005 1 TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 13 of 14 (4) Last paragraph, fourth line should read: " ....... not later than five years from the date of investment .... ". In order for Moody to give the City the rating received, they requested that the City reduce the maturity of the investment of the bond fund to no later than five years. This strengthens the requirements in the Bond Fund and did not constitute an impairment against current bond owners and was recommended by Shearson and Moody. (5) Starting on page 19-to - 22, inclusion of provisions/requirements of the Bond Insurer for the Reserve Account. At the first single spaced paragraph, first line the word "fund" should be deleted and read as follows: "The use, in the future, of any Reserve Account Instrument not furnished...". (6) Insertion of a new Page 21. (7) On page 25, Section 14 - line 10 should read: "$1,571,470.87 in the Reserve Account..." Mr. Mack emphasized he had examined the purchase contract and did not see any significantly difference from what others use and what is used in the trade at the present time. The ordinance makes reference to a Refunding Trust Contract relatively similar to what was entered into in 1985 on the City's refunding bonds contract between the City and the bank. which agrees to hold the refunding bond proceeds and pay out on the 1985 bonds until 1995 when all of them are called. This is necessary in order to accomplish the refunding lockup on proceeds and investments. Public comment - none. M/S/C/U(Johnson/Colvin) to approve Ordinance #4393, on emergency reading, authorizing the issuance of Water/Sewer Revenue Bonds, including all amendments mentioned by Mr. Mack in his presentation. i TAPE #1067 City Council Reg. Mtg. Minutes October 28, 1992 Page 14 of 14 With no further business meeting adjourned at 7:08 P.M. KATHLEEN L. McCLUSKEY, City Clerk ~ORTON, Council President City of Bremerton KLM/LH/me cc: Normal Distribution File/Vault