User Login    
 + Register
News : Trenton City Council Votes To Finance Projects
Posted by Randy on 2014/2/14 10:23:18 (252 reads) News by the same author

The Trenton City Council Thursday, by a vote of six in favor and one opposed, approved the use of Certificates of Participation to finance the cost of projects in the Electric and Wastewater Departments.

Click to see original Image in a new window

Mark Moore voted no and there were some pauses and remarks of reluctance given by several other councilmen when they voted yes. Chuck Elliott was absent.

The vote came after an hour long discussion about the financing, the projects, government regulations, and briefly about the annual transfer of funds from Trenton Municipal Utilities to the City of Trenton's general fund.

The City Council and the Board of Public Works held a joint meeting regarding the financing. The City Council, on Monday night, discussed the proposed use of Certificates of Participation as a financing measure. However, when Councilman Travis Elbert suggested a different time schedule for the debt payments to save money, the discussion was continued until today so Elbert's suggestion could be analyzed. Since Monday night's City Council meeting, Elbert re-examined his figures and also met with TMU Director, Chad Davis. Elbert today announced his proposal would not save money---and he apologized for the extra time spent on his proposal.

The Trenton City Council today approved the proposal it discussed Monday night. That same proposal was approved by the Board of Public Works last month and sent to the City Council for final consideration.

The aggregate principal amount of the Certificates is not to exceed $6,250,000. The projects actually are expected to cost slightly less than $6,000,000.

The Certificates are to have interest, at various rates, not to exceed a true interest cost of 5 1/2%. The final maturity is not to be later than the year 2038.

An annually renewable lease purchase agreement is to be made with First Bank of Missouri. D. A. Davidson and Company of Kansas City is to be the underwriter.

The TMU Electric Department work involves about $1.3 million in construction costs to upgrade diesel powered generators to comply with federal air quality regulations.

Construction for costs for the sewer system projects are estimated around $3.8 million . The wastewater work includes construction, furnishing, and equipment for a disinfection system and other equipment at the Wastewater Treatment Plant, plus collection improvements in the sewer system. TMU Director, Chad Davis, during Monday night's City Council meeting, said about ½ of the Wastewater Department spending is for government regulations with the remainder for projects which have been delayed in the past.

Today's meeting was attended by 7 of the 8 City Councilmen, 3 of the 4 Board of Public Works members, City and TMU officials, and a representative of Kansas City based D.A. Davidson Company. With all those persons in attendance, a number of questions were asked about the topics---something the Board of Public Works have been discussing in recent years.

Among them were input in the past to stop or lessen government regulations and local expenses, and a doubt that a legal fight to stop government regulations would be viable. It also was stated additional government regulations are proposed, so there needs to be continued discussion to fight those.

Also mentioned was a need to make replacements in Trenton's aging sewer collection system that's several decades old—some of it up to around 100 years old. The potential of a failure or collapse in the collection system was mentioned as need to address it.

Among other comments, total TMU debts were described around $11 million.

Toward the end of the meeting, Board of Public Works member, John Kennebeck, brought up the City Council's policy of transferring money from Trenton Municipal Utilities to the City's general fund. The amount is equal to 1% of the charges for services from the electric, water, and wastewater funds stated in the most recently completed audit of Trenton Municipal Utilities. The ordinance says the amount from the electric fund is less street lighting revenue. Kennebeck indicated the money being transferred from TMU to the City's general revenue could be used for TMU projects and lessen borrowing costs for those projects.

Kennbeck indicated the money---if it were not transferred to the City, could be kept in a special emergency account.

Councilman Jacob Black did not object to such a plan and said an ordinance could be passed. However, he noted other City departments, including streets, would suffer from not receiving the TMU transfer money to the general fund. It was mentioned that could lead to paycuts and layoffs. Or, voters could be asked to consider a tax increase.

Printer Friendly Page Send this Story to a Friend Create a PDF from the article


Other articles
2014/7/24 11:03:48 - Two Spickard Residents Arrested On Drug Charges
2014/7/24 10:51:09 - Fire Damages Trenton Residence This Morning
2014/7/24 10:50:00 - Inmate At Daviess/DeKalb Jail Charged With Hitting Man 240 Times
2014/7/24 10:10:45 - Highway 65 And 28th Street Topic Of Meeting
2014/7/24 9:59:51 - Two Have Cases Heard In Court At Trenton
2014/7/24 9:56:09 - Caller Posing As Grundy Electric Employee In Attempt To Collect Payment
2014/7/24 9:52:51 - Trenton Resident Arrested
2014/7/24 4:46:07 - Man Caught Snapping Pictures At Pool With Concealed Camera
2014/7/24 4:35:31 - KC Leaders Endorse Ban On Openly Carrying Guns
2014/7/24 4:28:51 - Couple Arrested For Having Sex On Public Beach In Broad Daylight
2014/7/24 4:26:02 - 4-Year-Old Boy Banned From Doughnut Shop
2014/7/24 4:21:38 - Missouri Man Accused Of Leaving Infant Twins Unattended In Car
2014/7/24 4:14:50 - Arizona Execution Takes Nearly Two Hours
2014/7/24 4:09:06 - Missouri Couple Indicted On 9 Counts Of Illegal Synthetic Drugs
2014/7/23 9:17:41 - North 65 Center in Trenton To Hold Fundraiser
2014/7/23 9:11:50 - Dr. G Discusses "End Of Life"
2014/7/23 7:29:21 - Livingston County Sheriff Reports On Transports To Department Of Corrections
2014/7/23 6:39:12 - Highway Patrol: Prescription Drugs Responsible For Deaths And Emergencies Every Day
2014/7/23 6:33:00 - Spickard Board Of Education Meets
2014/7/23 6:28:38 - St. Joseph Woman Sentenced To 5 Year Prison Term For Fraud
2014/7/23 4:51:03 - Unique Church Service Caters To Deaf Community
2014/7/23 4:46:18 - Schuyler County Sheriff Resigns Amid Legal Trouble
2014/7/23 4:35:36 - Fruit Recall Affects Costco, Trader Joe's, Walmart Stores
2014/7/23 4:29:41 - Police: Man Hits Pregnant Woman With Car Then Takes Aim At Her Mom
2014/7/23 4:25:43 - Missouri Man Gets 37 Years For Purse Snatching
2014/7/23 4:18:41 - White House: Obama To Visit Kansas City Next Week
2014/7/23 4:15:05 - Springfield Sex Offender Indicted For Child Porn
2014/7/23 4:09:44 - North Central Missouri College Board OF Trustees Meet
2014/7/22 10:47:19 - Spickard Man Arrested
2014/7/22 9:43:27 - North Central Missouri Fair At Trenton Topic Of Open Line



Bookmark this article at these sites

                   

Listen to KTTN-FM