2000-07-10_Minutes
88-81
COMMON COUNCIL
JULY 10, 2000
At a meeting of the Common Council, held at the City Hall in the City of
Saint John, on Monday, the tenth day of July, AD., 2000, at 11:45 o'clock a.m.
present
Shirley McAlary, Mayor
Deputy Mayor Chase and Councillors Ball, Chase, Court,
Desmond, Fitzpatrick, Titus, Vincent and White
- and -
Messrs. 1. Totten, City Manager; J. Nugent, City Solicitor; A
Beckett, Commissioner of Finance and Commissioner of
Corporate Services; Mrs. M. Munford, Common Clerk; and Mrs.
J. Ferrar, Secretary.
The Mayor called the meeting to order and noted that its purpose is to
consider a recommendation from the City Manager regarding the 2000 Bond Issue for
the City of Saint John.
On motion of Councillor Desmond
Seconded by Councillor Ball
RESOLVED that occasion having arisen in the
public interest of the following public civic works and needed civic improvements, that is
to say:
GENERAL FUND
General Government
Protective Services
Transportation Services
Environmental Health
Environmental Development
Recreation and Culture
$ 531,000
398,000
3,121,000
664,000
1,594,000
332,000
$ 6,640,000
WATER & SEWERAGE UTILITY
Water System
Sewer System
Saint John Energy
Public Transit
$ 1,002,000
2,128,000
$ 3,130,000
1,200,000
840,000
$11,810,000
THEREFORE RESOLVED that debentures be issued under provisions of
the Acts of Assembly 52, Victoria, Chapter 27, Section 29 and amendments thereto to
the amount of $11 ,810,000.
AND FURTHER that subject to paragraph 4 of this resolution, the
Commissioner of Finance be authorized to issue and to sell to the New Brunswick
Municipal Finance Corporation (the "Corporation") a City of Saint John bond or
debenture in the principal amount of $11,810,000 on such terms and conditions as are
recommended by the Corporation:
AND FURTHER that the City of Saint John agrees to issue post-dated
cheques to the Corporation in payment of principal and interest charges on the above
bond or debenture as and when they are required by the Corporation:
AND FURTHER that the Commissioner of Finance be hereby authorized
to receive an offer in connection with the foregoing debentures at a price not less than
$98 per $100 of debenture, at interest rates not to exceed an average of 7.00% and at a
term not to exceed 10 years:
AND FURTHER that the Commissioner of Finance report to Common
Council the exact values for price per $100 of debenture, interest rate and term in years,
together with the date of the issue.
88-82
COMMON COUNCIL
JULY 10, 2000
Mr. Beckett referred to a resolution of Council on April 17, 2000 regarding
a borrowing requirement of $13,570,00 and explained this amount has now been
reduced to $11,810,000 for the following reasons: (1) identification of Federal
Government funding which had been improperly booked; and (2) availability of money
from the contingency fund which can be applied to capital programs. Mr. Beckett also
noted money for the Mark Drive project is not included in this capital program.
Question being taken, the motion was carried.
Adjournment
The Mayor declared the meeting adjourned.
Common Clerk