City Council Meeting Agenda February 9, 2015

City of Rochelle Council Chambers

420 North 6th Street, Rochelle, IL  61068

I. CALL TO ORDER:

• Pledge to the Flag
• Prayer

II. ROLL CALL:

III. PROCLAMATIONS, COMMENDATIONS, ETC:

IV. REPORTS AND COMMUNICATIONS:

• Mayor - Appointment of Dan Lundquist to the Utility Advisory Board for a Term to Expire July 1, 2016
• Council Members

V. PUBLIC COMMENTARY:

VI. BUSINESS ITEMS:

1) CONSENT AGENDA ITEMS BY OMNIBUS VOTE with Recommendations:

a) Approve Minutes of City Council Meeting –  pdf January 26, 2015 (94 KB)

b) Accept and Place on File Minutes of Airport Advisory Board – pdf September 22, 2014 (220 KB)

c) Accept and Place on File Minutes of Railroad Advisory Board – pdf September 25, 2014 (95 KB)

d) Approve Bills – pdf 011615-012215 (103 KB) pdf 012315-012915 (93 KB)

e) Approve Payroll –  pdf 011915-020115 (1.27 MB)

f) pdf Accept and Place on File Annual Police Department Report (5.86 MB)

g)  pdf Approve the Purchase of a Two Winding Power Transformer for the Caron Road Substation Expansion from ABB for a Total Price of $775,400, including the Spare Equipment and Calisto Monitoring Systems (178 KB)

h) pdf Approve a Resolution Establishing the Official Zoning Map for 2014 (1.41 MB)

i) pdf Approve Cinco de Mayo Planning Committee Request – May 2, 2015 (100 KB)

2) Consideration and Action on an Ordinance providing for the issuance of not to exceed $10,000,000 Electric System Revenue Refunding Bonds, Series 2015, of the City of Rochelle, Ogle and Lee Counties, Illinois, and a bond order in connection therewith, and providing for the collection, segregation and distribution of the revenues of the electric system of the City and authorizing the sale of said bonds to Robert W. Baird & Co. Incorporated, Naperville, Illinois.

VII. DISCUSSION ITEMS:

VIII. EXECUTIVE SESSION

IX. ADJOURNMENT


 

Agenda Item #2 Consideration and Action on an Ordinance providing for the issuance of not to exceed $10,000,000 Electric System Revenue Refunding Bonds, Series 2015, of the City of Rochelle, Ogle and Lee Counties, Illinois, and a bond order in connection therewith, and providing for the collection, segregation and distribution of the revenues of the electric system of the City and authorizing the sale of said bonds to Robert W. Baird & Co. Incorporated, Naperville, Illinois.

References:

pdf Memo from Finance Manager Chris Frye (85 KB)
pdf Ordinance Providing for the Issuance of Electric System Revenue Refunding Bonds (366 KB)

Recommended Action:

Consider an Ordinance providing for the issuance of not to exceed $10,000,000 electric revenue refunding bonds.

History and Fact:

On August 24, 2005, RMU issued $9,435,000 in electric revenue bonds to make improvements to the electric system including an expansion of the Caron Road substation and the replacement of 1.3 miles of transmission line. Due to the current interest rate environment, a refunding of this bond could generate a savings in interest expense over the term of the bond while maintaining the original maturity date.

Discussion:

The attached Parameters Ordinance stipulates a maximum maturity date of May 1, 2030, maximum bond issue amount of $10 million dollars, maximum annual interest rate of 7%, issue date of no later than May 1, 2015. Once passed, the refunding of the bond can be authorized by the Mayor as long as it meets all of the parameters.

Recommendation:

Approve an Ordinance providing for the issuance of not to exceed $10,000,000 Electric System Revenue Refunding Bonds, Series 2015, of the City of Rochelle, Ogle and Lee Counties, Illinois, and a bond order in connection therewith, and providing for the collection, segregation and distribution of the revenues of the electric system of the City and authorizing the sale of said bonds to Robert W. Baird & Co. Incorporated, Naperville, Illinois.