Florissant City Council Approves Refinancing of Bonds
Council passes new capital improvement projects and new meeting time during 20-minute session.
The Florissant City Council unanimously passed the refinancing bonds bill and set a new time for the council meetings during a special meeting called Monday night.
After a short discussion amongst councilors and representatives of Piper Jaffray & Co, the underwriter for the bonds, the council passed a substitute bill that includes refinancing, as well as several projects to be done within Florissant, including:
- HVAC improvements to Florissant City Hall, the James J. Eagan Civic Center, the Florissant Police Department, the John F. Kennedy Community Center, the Florissant Government Building and the Florissant Golf Course
- Construction of a new, bigger salt-storage facility
- Investment in an electric panel by Ferdinand Lake
- New filtration system for the Koch Park Aquatic Center
The council agreed to add the last two projects to the bill after Public Works Department Director Lou Jearls presented them with suggestions from other department heads that should be taken care of soon. Jearls provided the example of the Koch Park Aquatic Center system that is “rusting and falling apart,” which has lead to cloudy water.
Ward 8 Mark Schmidt questioned the project being tied to the refinancing bill, but Councilman Tim Lee, along with Piper Jafrray representative Michelle Bock explained that the projects must be shown at the same time as the refinancing.
Council President Keith English further explained that the projects must be set up that they would save costs down the line for the City of Florissant.
Aug. 22, the council approved the first phase of the project, which allowed for the hiring of the underwriter of Piper Jaffray & Co to prepare a preliminary official statement to the Series 2011 Certificates.
The refinancing would save the city an estimate of $1.5 million.
New Start Time
Before adjourning the meeting, the city council also re-established the official start time for its meetings.
The council unanimously passed a motion to start the meetings at 7 p.m. and executive sessions, as needed, at 6:30 p.m.
Previously, the meetings have started at 8 p.m.