07/20/1984CITY OF GRAND TERRACE
COUNCIL MINUTES
SPECIAL MEETING - JULY 20, 1984
A special meeting of the City Council of the City of Grand Terrace was called to
order at the City Hall Bldg. 1, 22795 Barton Road, Grand Terrace, California, on
July 20, 1984, at 5:47 p.m.
PRESENT: Hugh J. Grant, Mayor
Tony Petta, Councilman
Roy W. Nix, Councilman
Barbara Pfennighausen, Councilwoman
Seth Armstead, City Manager
George McFarlin, Attorney
Myrna Erway, City Clerk
ABSENT: Jim Rigley, Mayor Pro Tempore (Executed authorization on file)
The meeting was opened with the Pledge of Allegiance, led by Mayor Grant.
RESOLUTION NO. 84-28 - A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAND TERRACE, CALORNIA, RESCINDING RESOLUTION NO. 84-22 AND
PROVIDING FOR THE BORROWING OF FUNDS FOR FISCAL YEAR 1984-85 AND THE
ISSUANCE OF 1984-85 TAX AND REVENUE ANTICIPATION NOTES THEREFOR.
George McFarlin, Bond Counsel, advised the Special Meeting was
requested to consider adoption of this resolution which reflects a
change in the pledge on repayment of the tax and revenue anticipation
notes as reflected in the previous resolution, and other minor
amendments. Stated the City received the best rating which can be
received on these notes; commended Finance Director Tom Schwab,
indicating major cities have not received as high a rating, and felt
the high rating could be accredited to the financial information
provided; noted the rating company also commended the City, and that
receiving this high rating would have a residual effect should the
City wish to take similar action in the next year or two; stated the
notes are to be delivered next week; the City will be paying 7.25% and
can reinvest the funds at twelve and a half or thirteen and one
quarter percent.
CC-84-202 Motion by Councilman Petta, Second by Councilwoman Pfennighausen, ALL
AYES by all present, to adopt Resolution No. 84-28.
ADJOURN - The Special Meeting adjourned at 5:58 p.m. The next regular
mee ing will be held August 9, 1984 at 5:30 p.m.
APPROVED:
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Respectfully submitted,