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WORKSHOP MEETING
DANIA CITY COMMISSION
NOVEMBER 21 , 1977
Present:
Vice Mayor: James Adams
Commissioners: Jean Cook
Robert Donly
City Manager: John S. Lassiter
City Attorney: Frank Adler
City Clerk: Wanda' Mullikin
Absent:
Mayor: John Bertino
Commissioner: Howard Hirsch (out of town)
A motion was made by Commissioner Cook, seconded by Commissioner Donly
to excuse Commissioner Hirsch from this meeting. The motion was carried
by all .
1 . Discussion of sewer financing.
City Manager Lassiter informed the commissioners that Mr. John Farina
of Broome and Farina and Mr. Rick Massey of Harvey Hennan and Associates
were present to discuss with the Commissioners the alternatives available
if a decision is made to refinance the bond issue.
Mr. Massey stated and Vice Mayor Adams,agreed that in the case of refinancing
the Sewer Bonds, because of the larger interest rate that would be paid at the
present time, there would not be a great deal of reduction in the sewer rates
now being paid by the citizens of Dania.
The present debt on the bonds is $1,350,00 at 434-% payable by the year 2000
at $)5,000 per year interest rate. To refinance the interest rate would
be 6',%.
The most important aspect in financing and refinancing would be to consider
the amount of new work expected in the near future that would not be funded
through grants-unless the commissioners felt that they wanted to spread
the debt out proportional to the expected growth, stated Mr. Massey.
City Attorney Adler suggested that before refinancing is considered that,
1 ) The City should first find out how much money they will receive from
the grant and 2) checkthen with John Farina to find out then how much more
would be needed to update the sewer system and any repairs that would have
to be done.
The Commissioners agreed that the meeting had been very informative and
that quite a bit of knowledge was gained.
Meeting adjourned.
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AGENDA
CITY OF DANIA
® WORKSHOP MEETING
NOVEMBER 21, 1977
8:00 P.M.
Discussion on sewer financing.
® APPEARANCE: Rick Massey, Harvey Hennan & Associates
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