This past Monday, Councilwoman Frost called the City Council meeting to order as Mayor Pro Tempore while Mayor Tedford is self-quarantining in his home.
The major business addressed by the council on Monday was the introduction, public hearing, and passing of Bill 785.
Bill 785 applies for finances from Nevada State Bank for the costs of a vacuum truck, improvements to City Hall, the Public Works building, and a new Fixed Base Operator (FBO) building at the Fallon Municipal Airport. The bill also refinances the prior refunding project collectively with the improvement projects. The bond would not exceed $2 million.
The bill is the next step in decisions made from a council meeting on November 2, which approved resolution 20-09 that had authorized the term obligations of the amount of $2 million to finance all of those improvements. The bond was approved by the Department of Taxation on November 25th, so the council could move forward with the projects and financing. Zion Bancorporation later won the financing bid.
Legal and Administrative Director Erquiaga said that with this particular bill they, “treat them as an emergency exists so the approval timeline is faster.”
He said these financing bills must be done quickly because interest rates do not stagnate for weeks, and the process would usually take at least a month.
Legal and Administrative Director Erquiaga also mentioned that the council, “has a growing relationship with Nevada State Bank,” and they have significant savings on finance with their bond.
Mayor Pro Tempore Frost said the 1.19 percent interest rate was amazing and Erquiaga agreed. He also said they were able to maintain reserves and emergency dollars in the enterprise accounts, which these projects would impact positively by passing this bill.
Erquiaga said, “We have taken advantage of the current situation in a positive way.”
One financial advisor assisting in the bond ordinance from JNA Consulting Group, Marty Johnson, said he “has been doing this for over 30 years and have rarely seen these rates. This is excellent for the City.”
The bill passed unanimously.
While the meeting came to an end, Mayor Pro Tempore Frost mentioned in her staff report that she thanked the council for their handwork and smart use of funds on the bill, thanked the police department for volunteering for the food drive, and thanked the city staff and crews for the tree lighting that went well last Friday. Lastly, she mentioned that she wished the Mayor a speedy recovery and that “hopefully he’ll be here for our next meeting.”
Public minutes and agendas are accessible on the City of Fallon website, for more detailed information see: https://www.fallonnevada.gov/archived-meeting-agendas/
The next meeting of the Fallon City Council is scheduled for Monday, December 21st, at 9 a.m., at City Hall, 55 W. Williams Avenue, Fallon. The Fallon City Council normally meets on the first and third Mondays of each month.
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