City Council meetingAgenda of business

July 28, 2014

6:45 p.m. Dale Hartle of Ohio Regional Development Corporation speaking on FairHousing for Community Development Block Grants.

The Lord's Prayer

Pledge of Allegiance to the flagItem

no.

A. Roll call

B. Approval of minutes

C. Communications, reports, and resolutions

1. Communication from Mayor Tilton -1 am hereby recommending theappointment of Mr. Howard Bailey to the South Eastern Area Transit Board.Mr. Bailey will be replacing Karen Adornetto. Mr. Bailey's term will expireDecember 31, 2014.

D. Proposed ordinances

2. Ordinance No. 14-50 - Introduced by Council - An Ordinance amendingOrdinance No. 00-16 the Classification Plan, and Ordinance No. 13-16A theUnaffiliated Employees Ordinance. (First Reading)

3. Ordinance No. 14-51 - Introduced by Council - An Ordinance authorizing theproper city official to accept and administer the FY 2013 Federal EmergencyManagement Agency (FEMA) Assistance to Firefighters Grant (AFG). (FirstReading)

4. Ordinance No. 14-52 - Introduced by Council - Authorizing the issuance ofnot to exceed $1,275,000 of Bonds for the purpose of refunding, on a currentbasis, Bonds issued in 2003 for the purpose of improving (1) the City'sSanitary Sewer System, (II) Storm Water System, (III) Water System, (IV)Robert T. Secrest Municipal Auditorium, (V) Riverfront Park, (VI) SafetyCenter, (VII) Acquiring Land for a Civic Center; and (2) paying costs related tothe issuance and sale of said Bonds and declaring an emergency.(Emergency)

5. Ordinance No. 14-53 - Introduced by Council - An ordinance enacted by theCity of Zanesville of Muskingum County, Ohio for resurfacing and relatedwork on portions of State Route 719 in the City of Zanesville and declaring anemergency. (Emergency)

E. Ordinances for action

6. Ordinance No. 14-49 - Introduced by Council - An Ordinance authorizing theCityAuditor to pay an invoice using 2014 money for a 2012-2014 back chargeinvoice. (Second Reading)

F. Traffic orders

G. Private petitions and communications

H. Miscellaneous and unfinished business

Ordinance 14-52

To: Honorable Members of Council

From: Margo Moyer, City Auditor & Rhonda Heskett, Budget & Finance Director

Date: July 22, 2014

Re: Bond Refinancing

Message:

The City's Capital Facilities Refunding Bond, Series 2003, is now callable. Margo and I have been

working together gathering quotes for a possible refinance of this bond. We received quotes

from Fifth Third Securities, Crews & Associates, Inc., and Ross Sinclaire & associates, LLC. Ross

Sinclaire has the chosen quote.

The bonds currently have five years to maturity, the outstanding principal on the bonds is

$1,245,000, the interest on the remaining coupons range from 3.6% to 4.0% and the total of the

interest to be paid is $124,930.00. The refinance rate on the coupons will be 1.5% and will save

the City $78,303.00 in interest payments. We will have $25,000.00 in issue costs, therebyrealizing a net savings of $53,303.00. The average annual debt service savings will be $10,660

and we will not extend the life of the debt, the bonds will still be retired in five years.

The necessity for this legislation to be presented and passed as an emergency is of course due

to the ever changing market rates. A rate increase of 0.10% would decrease our savings

approximately $4,000 to $5,000. We have received a preliminary schedule of events for the

issue of the bonds, and it is attached for your reference.

As always, ifyou have questions or concerns, please contact either Margo or myself.