20220405 Andalusia City Council Meeting Apr 5, 2022
Date: 2022-04-05 Type: Regular Meeting
Quick Summary
Council approved the minutes of the March 15 meeting and unanimously approved Resolution 2022-17 to purchase a Public Works vehicle from J.M. Jackson Chevrolet Buick Inc. for $41,906.98, to be paid from the capital account. Council heard a presentation from Stifel on a proposed ~$11 million general obligation warrant/bond issuance (Resolution 2022-18) and discussed next steps; final terms and formal approval will return to council.
Key Decisions
- Approved the minutes of the March 15 meeting (motion by Mr. Wells; second; unanimous approval by voice/raised hands).
- Approved Resolution 2022-17 to accept the bid from J.M. Jackson Chevrolet Buick Inc. for a Public Works vehicle in the amount of $41,906.98, with funds to come from the capital account (motion by Mr. Powell; second by Mr. Wells; unanimous approval).
Notable Discussion
- Mayor and council discussed pursuing an approximately $11 million bond issue to fund multiple city projects, including payment for properties purchased from the Batista estate and development of a downtown park.
- Ken Funderburk (Stifel) and colleague David Coyne presented financial analysis, described a five-year historical spread showing positive revenue trends, and reviewed the bond sale process.
- Stifel indicated a timeline of roughly 50 days to market the bonds and noted that final interest rates, rating (Standard & Poor’s), costs, and documents would be presented to council for final approval.
Action Items
- Enter approval of the March 15 meeting minutes into the record.
- Proceed with procurement/purchase of the Public Works vehicle from J.M. Jackson Chevrolet Buick Inc. and charge the purchase to the capital account.
- Stifel and city staff to prepare the preliminary official statement and related bond sale materials and return final terms and documents to council for formal approval.