Special Council Meeting Aug. 1, 1990
Minutes of the city council meeting August 1, 1990. Held in the city council chambers at 7;05 p.m. Special meeting called to order by City Council President Albert O. Laroche.
A special meeting of the Central Falls City Council was held to consider the following business in attendance were:
Councilman Charbonneau
Councilman Laroche
Councilwoman Moreau
Councilman Vaudreuil
Absent due to illness was Councilman Sienkiewicz.
Quorum present.
City clerk Daniel J. Issa read the resolution at the request of Council President Laroche.
City clerk Daniel J. Issa read the amended version aubmitted by Bond Council Tillinghast, Collins, and Graham.
Mayor spoke and recommended passage of amended resolution. Said it was necessary for bond sale.
Frank Juchnik, Fleet Bank Sr. V.P., Manager of Public Finance spoke on importance of passing amended version of the resolution.
Tillinghast, Collings, and Graham, bond counsel had in attendance two attorneys-Robert J. Soboda, and Daniel C. Waugh. Both spoke in favor of passing resolution.
Councilwoman Moreau questioned bond counsel.
F. Juchnik answered.
Mayor commented. 84.3% of construction costs will be paid for by the state. In 1991 city will begin paying for the 20 year bondseries, A for $6.6 million, 22 years for series B, $3.3 million.
F. Juchnik commented.
Robert Canavan, School committee chairman was recognized.
Mayor further commented.
Councilman Charbonneau commented.
Mayor responded, discussed the C.F. Review Commission.
F. Juchnik commented, MBIA Insurance discussed. C.F. a Baa rating. Tremendous amount of money to be saved by passing a resolution. This will rate you aaa and save you a lot of tax money.
Mayor commented and said savings at least $1/2 to $1 million. Only if this route is taken by council.
Mayor commented on budget article in state budget referring to Bond payment. City will pay its obligations.
Councilman Laroche "who made up document?" holding up the resoluton. Also questioned section of the resolution.
Mr. Soboda and Mr. Waugh responded.
C. Charbonneau questioned.
Mayor responded.
Councilman Charbonneau moved to table the resolution until the Review commission starts. No second, Motion dies.
Councilman Laroche commendted-the guarantee is needed to sell the bonds. I can't agree with Councilman Charbonneau- Investers need assurance. We're paying higher interest rates now, to wait will make it worse.
F. Juchnik commented on need for quick approval -outlined the time table. August 20 notes due. We hope to, om Monday begin to sell $9.9 million bonds. A large issue to sell, many more steps to be taken.
Councilman Laroche questioned.
F. Juhnik commented.
Councilwoman Moreau moved to adopt the resolution, as amended, seconded by Councilman Vaudreuil.
Roll call vote:
| Councilman Charbonneau | no |
| Councilman Laroche | yea |
| Councilwoman Moreau | yea |
| Councilman Vaudreuil | yea |
Motion passes, three yea s one nay.
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Council questioned. Motion by Councilman Vaudreuil, seconded by Council woman Moreau. All agreed so voted.
Council discussion, motion made by Councilman Charbonneau, seconded by Councilwoman Moreau. All agreed, so voted.
State police approval received in writing.
Councilman Charbonneau moved, seconded by Councillors Moreau and Vaudreuil. All agreed, so voted.
Motion to adjourn by Councilman Charbonneau seconded by unanimously. All agreed, so voted.
Meeting ended by 8:00 pm.
Daniel J. Issa
City Clerk