HomeMy WebLinkAbout1969-07-30 Council Minutes - Special MeetingMINUTES OF SPECIAL COUNCIL MEETING, 30 JULY, 1969, NOON. ROYAL REDOUBT
ROLL CALL: Members present - Robert Bielefeld, John Hulien, Billy McCann, Hugh
Malone and Mayor Eugene H. Morin; Members absent - Charles A. Bailie and Mrs.
Florin McCollum.
Mr. Don Meyer, Marshall & Meyer, Seattle, once again explained to Council the al-
most uselessness of attempting to sell Kenai Bonds with a 6% limitation. The Bond
Market is very chaotic and he thinks it will get worse. He doesn't think we have
a chance of even getting a bid on our bonds.
Mr. Thorgrimson, Bond Counsel of Seattle, concurs with Mr. Meyer's think-
ing.
Mr. Meyer -says bonds with AA rating are not being sold with such a limi-
tation. The market conditions affect bonds all over America - not just Alaska or
Kenai. He would be glad to show that everyone in the money market would agree
with him that 6% bonds cannot be sold at this time.
He suggests the City procede with preparations for an Election - the
Ordinances are already for Counci l's approval.
Council discussed the pros and cons of an election, the wisdom of trying
to sell with the 6% limit, etc.
Billy McCann moved, Bielefield seconded, to reconsider the action re-
garding sale of bonds taken at a prior meeting. The motion passed unanimously.
Council will go into this at the next regular meeting.
Mr. Meyer will prepare a letter showing the inadvisability of trying
to sell bonds with a 6% limit, and the need for making the Charter Change to de -
late or raise the limit. This letter will be studied by Council and will then
be used to inform the electorate prior to the election.
Meeting adjourned, 1:20 p.m.
Respectfully submitted,
..Tr�.A►r•csvJ sJ
Frances Torkilsen
City Clerk
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