HomeMy WebLinkAbout02/19/90CITY COUNCIL WORK SESSION MINUTES
February 19, 1990
5:15 p.m.
Large Conference Room
Members present: Mayor McKinley, Councilpersons Angel,
Wright, Buck, Budak, Dell, Fox and Brown.
The purpose of the meeting was to discuss the proposed F.Y.
1991-1995 general obligation bond list. The program
indicates $30 million in projects over the next five years
or approximately $6 million issued per year. Department
Heads requested in excess of $42 million of which $12
million was deferred. In addition, approximately $70
million are projects not listed on the five year program.
Bob Stevenson, City Planner, presented a study of the
bonding capacity for the City of Waterloo as of July 1,
1990. Currently, the City is at 71.65% of its legal bonding
capacity resulting in an unused gross bonding capacity of
$19,397,226. The proposed sale of an additional $6 million
of general obligation bonds for F.Y. 1991 would result in
use of 71.19% of the City's bonding capacity, with an unused
gross capacity of $19,905,49.
The F.Y. 1991 proposed general obligation bond list was
reviewed as follows:
STREET IMPROVEMENTS
1. Annual Street Reconstruction
& Rehabilitation Program $1,250,000
2. Sixth Street Extension 1,430,000
3. Bridge Replacement Program 90,000
4. Interstate Substitution 380,000
5. Elk Run Road 290,000
6. Louise Street Paving 50,000
Subtotal $3,490,000
OTHER IMPROVEMENTS
1. Blowers Creek $ 575,000
2. Airport Improvements 200,00
3. M.A.T.O.S.S. 95,000
4. Sullivan Convention Center 75,000
5. Sidewalk Repair Program 70,000
6. East Side Library 140,000
7. Crossroads Drainage 250,000
8. Rath Site Demolition 475,000
9. Park Improvement Fund 75,000
10. Stadium Improvements 60,000
11. Stadium Improvements Field Lights 60,000
12. Independence Avenue Storm Sewer
Improvement - Phase 3 215,000
13. Campbell/Vernon Area Curb & Gutter 75,000
14. Gateway Improvements 145,000
Subtotal
$2,510,000
FY 1991 GENERAL OBLIGATION BOND ISSUE $6,000,000
In addition, bond sales for the succeeding four years was discussed.
Councilperson Dell suggested that improvements to
the Gates Park Tennis Court be considered soon. City Staff
will investigate the possibility of reprogramming this item.
No official action was taken by the Council on the bond list.
With no further business before the Committee, the meeting was
adjourned.
Larry P. Burger
City Clerk/Auditor