BISBEE WIRE TWEENER/Council special and work Agendas

Hello,

This is a tweener Wire. Two more will be coming out in the next week including the monthly look at the Bisbee economy.

The council is earning their $200. At the special session, the council will possibly vote to restructure the debt owed by the City. It is complicated.  What I understand the proposal will do is to apparently save about $500k a year in debt repayment by lowering the amount of the interest payment of one of two loans but extending the debt repayment schedule 12 years. This is on the agenda because of the timeline of the debt repayments, if restructured, the payment due on July 1 will be reduced and the City will save some dough. Debt was incurred by the city to build the wastewater treatment system and  the USDA loan and WIFA loan were  based on rational growth assumptions (prior to the recession) that have not materialized. This proposal lowers the interest rate on the USDA loan and raises the interest on the WIFA loan. At the work session, the council will continue to look at the budget with revised figures based on the last sessions. Of note is the transfer of $781k from the fund balance to balance the budget.  I guess this is from the 'savings' from the proposed debt restructuring, but don't understand it. Likely explained at the session. Also do not understand what is happening with bed tax dough. In the visitor center budget, revenue is projected to be $96k and $33k (from fund balance?).  These figures include projected increases-to be put to the voters for approval in November-of 1% for the regular bed tax and 1.5% of the special bed tax for overnight tourism. If not approved revenue would be less. My advice is to go to the meetings. fred

Council Special Session

Tuesday May 29 5:30 pm

Building G, 1415 Melody Lane

AGENDA

133 page background info here:

http://bisbeeaz.gov/AgendaCenter/ViewFile/Agenda/_05292018-251

Discussion, consideration possible adoption of:

A resolution approving thge sale and execution and delivery of pledged revenue refunding obligations to prepay lease purchse and loan agreements of the City;Approving the form and authorizing the execution and delivery of necessary documents. Robert Smith, City Manager <><><><><><><<><><><><><><> Council Work Session

Tuesday May 29 7:00 pm

Building G, 1415 Melody Lane

AGENDAbackground info here: http://bisbeeaz.gov/AgendaCenter/ViewFile/Agenda/_05292018-250 Presentation and discussion of the proposed tentative budget for fiscal year 2018-2019. Robert Smith, City Manager

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