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City Council Meeting Minutes

January 24, 2011

 

CALL TO ORDER: City Council convened in Special Session on January 24, 2011 at 11:30 a.m. in Council Chambers, 1 Marketway West, 3rd Floor, York, PA, with the following Council members present: Henry Hay Nixon, Toni Smith, and Genevieve H. Ray, President, with President Ray presiding.

 
Members of the Administration in attendance included: Michael O’Rourke, Business Administrator.

 
Members of York City Council staff in attendance included: Dianna L. Thompson, City Clerk.
 
 
NEW BUSINESS
 
Resolution No. 14, Session 2011, (View) A Resolution authorizing a borrowing in anticipation of current taxes and revenues by the issuance of a $8,140,000 Tax and Revenue Anticipation Note, Series of 2011 (2011 TRAN), was introduced by Nixon, read by short title, and on motion of Nixon, seconded by Smith, Resolution No. 14 came up for discussion.

 
Attorney Steve Hovis, Bond Counsel, Stock and Leader, and Business Administrator O'Rourke explained the note. Generally, this process is done every year to serve as bridge financing until the bulk of the real estate tax revenue is received. Attorney Hovis and Administrator O'Rourke outlined the financing, interest, and payment schedule associated with said note.

 
There being no further discussion, Resolution No. 14 passed by the following vote: Yeas – Nixon, Smith, Ray – 3; Nays – 0.

COUNCIL COMMENT: None
 
ADMINISTRATION COMMENT: None

 
NEXT MEETING: The next regular meeting of City Council is scheduled for February 1, 2011at 7:00 p.m. (Public Comment commences at 6:30 p.m.) in City Council Chambers, 1 Marketway West, 3rd Floor, York, PA.

 
ADJOURNMENT: There being no further business, the January 24, 2011 Special Session of Council adjourned at 11:40 a.m.