Mayor Vetoes Bill, Council Debates Bond Refinancing

Although the Florissant City Council meeting wrapped up under the 40-minute mark on Monday night, lots of big topics were covered, including the mayor’s veto and a resolution to refinance the city’s bonds.

Mayor Tom Schneider read the veto message that he sent to council on Aug. 18 regarding Bill 8757, which would have reduced the salary of the municipal court judge.

“In regard to Bill 8757, Ordinance 7819 I have been contacted by members of the legal profession in our community and have been encouraged to request more thorough research and review of the advisability and legality of changing the salary for an elected office during the term of that office,” Mayor Schneider read.

The mayor continued to ask the council to reconsider its vote on the passage of this bill and would veto it at this time. This marks the for this administration.

The council unanimously passed the at its Aug. 8 council meeting with a vote of 8-0. Ward 2 Councilman John Grib had an excused absence at the meeting.

Council president Keith English said that the council can’t reconsider its vote, and he felt strongly that it would be passed.

“We have the power to override his veto,” he said following the meeting. 

English said that the council worked hard together on the bill, and it would provide a savings of $5,000 to the city. Further, he said that the he’s spoken to the city’s attorney, and there’s nothing illegal about the passed bill.

The council will discuss its response to the override at a special meeting called for Aug. 29 at 7 p.m.

A Refinance Project For the City

The council also passed a resolution on Monday that is the first step in refinancing the city’s bonds.

Resolution E953 allows for the hiring of the underwriter of Piper Jaffray & Co to prepare a preliminary official statement to the Series 2011 Certificates.

In the A, Finance Director Randy McDaniel and Piper Jaffray representative Landon Baine said the city could refinance its bonds to an interest rate of 3.25 percent. Currently, it sits at 5.75 percent.

This would also allow the city to save between $1.3 to $1.4 million and use the savings to pay off debt and fund a few capital improvement projects that would eventually pay for themselves, such as cooling units and building being retrofit.

Mayor Schneider said after Monday night’s meeting that the bond refinancing would be a “no-brainer process” for passage, and the council will act quickly to assure it happens.

He further compared the resolution and projects to refinancing a home.

“It’s like you had a home refinanced because of low-interest rates, and you decide to make repairs to it for energy efficiency.”

The special meeting on Aug. 29 serves as a public meeting for residents to get more answers to their questions and understand what all entails the bond refinancing.

The meeting will take place at 7 p.m. in .