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09-05-95 v MINUTES OF THE SPECIAL CALLED MEETING OF ATLANTIC BEACH CITY COMMISSION HELD IN CITY HALL, 800 SEMINOLE ROAD, AT 5:30 PM ON TUESDAY, SEPTEMBER 5, 1995, Present: Lyman T. Fletcher, Mayor Steven M. Rosenbloom, Commissioner Suzanne Shaughnessy, Commissioner J. Dezmond Waters, III, Commissioner Robert G. Weiss, Commissioner Also: Kim D. Leinbach, City Manager James R. Jarboe, Deputy City Manager Alan C. Jensen, City Attorney Ann Meuse, Finance Director Maureen King, City Clerk And: Mitchell Griffin, CH2M Hill Engineers Gene Cahalan, First Union Capital Markets Corp. Mark Galvan, First Union Capital Markets Corp. David Casdin, First Union Capital Markets Corp. The meeting was called to order by Mayor Fletcher who gave a brief overview of the measures being taken by the city to address the flooding conditions which existed throughout the city during the recent heavy rains. He reported that $4 million had been budgeted for fiscal year 1995/96 for storm water management. Mitch Griffin, CH2M Hill Engineers, reported his firm had been hired to provide engineering services in connection with storm water management. Using color coded maps he gave a detailed report on the work they had done and reviewed their recommendations for addressing the storm water problems. Several members of the audience reported on flooding problems they had experienced and Mr. Griffin responded to their questions. It was pointed out, however, that drainage from Atlantic Beach to the south was through Neptune Beach. It was felt that the drainage structures at Florida Boulevard were too small and the drainage system was not well maintained, and thus, storm water backed up into Atlantic Beach. The City Manager indicated that city staff would continue to work with Neptune Beach and the city of Jacksonville to alleviate this problem. One citizen felt pumps could be used to help move the water and Mayor Fletcher indicated that all options would be considered. Gene Cahalan reported their firm had been selected by the City Commission on June 26, 1995, to be the city's Financial Advisor and had met with city staff and Legal Counsel to review the city's outstanding debt and discuss financing requirements and parameters. He indicated that current interest rates were favorable and they hoped to structure a Request for Proposals (RFP) which would attract the widest possible variety of lenders. He indicated, however, that loans would be fixed rate and would be presented in such a way as to be quantified for comparison purposes. He indicated repayment of the loan would be from the existing rate structure and would not require any rate increases or new taxes. Mr. Cahalan requested that the City Commission authorize an independent engineering study and grant permission to solicit proposals from financial institutions. Discussion ensued and Commissioner Shaughnessy inquired into the advisability of performing the engineering study before it had been requested by a prospective lender. Mr. Cahalan indicated that lending institutions routinely require engineering studies in transactions of this nature and he felt it would be in the city's best interest to undertake such a study at this time. Discussion ensued and it pointed out the city currently had a $10 million loan with Barnett Bank and it was felt by some that the city should negotiate with Barnett Bank to modify or increase the amount of that loan, and possibly, preclude the need for seeking further proposals. Ann Meuse reported, however, that Barnett Bank officials had indicated that they could not negotiate the existing loan further because of the Consultants Competitive Negotiation Act, but would be happy to submit a proposal in response to an RFP. Following further discussion, Commissioner Rosenbloom moved to authorize staff to seek proposals from financial institutions to provide financing for storm water, sewer and water projects and general government capital improvements. The motion was seconded by Commissioner Weiss and was unanimously approved. Commissioner Rosenbloom moved to seek an engineer to undertake an independent study in accordance with the recommendations of the Financial Advisor, the selection, terms and cost of which would be brought back to the City Commission for approval. The motion was seconded by Commissioner Weiss. Jim Jarboe pointed out the city already had continuing contracts with Smith& Gillespie, Gee& Jenson and Pitman& Hartenstein and either of these firms could be authorized to undertake such a study. In response to a question regarding when the engineering report would be required, Mr. Cahalan indicated the report would be required prior to issuance of the debt. Following further discussion, the question was called and the motion carried unanimously. There being no further business to come before the City Commission, the Mayor declared the meeting adjourned at 7:45 PM.. Lyman T. Fletcher Mayor/Presiding Officer ATTEST: L_a..tua Maureen King, CMC City Clerk -2-