Aldermen spent about 1 hour talking about hydropower Monday evening with the majority prior to the meeting.
Here is the unedited audio from the hydropower corporation counsel Joe Duesterhaus, who spoke to the council prior to the start of the meeting. Aldermen talked about hydropower for about 40 minutes.
Joe Duesterhaus Audio
Question and Answer session with aldermen
Aldermen Kyle Moore introduced a plan that could payoff the $6.6 million hydropower bond within 10 years.
Moore proposed that the city use $3 million of the bond not spent and pay off a portion of the bond and roll the remaining $4.2 million, which includes the interest from the general obligation bond, into a 10-year bond with a 3.2 interest rate.
The current repayment plan of the hydropower bond includes a $4.78 million payment in the 2013 fiscal year, which would have to be levied this December for property taxes payable in 2013. The city also would have a payment of $1.96 million for the 2016 budget year.
Moore suggested the 10-year bond be paid off with revenues from the remaining nine years of the city’s franchise agreement with Ameren Illinois and to transfer 1.4 percent of the city’s general fund for four years, which by his estimates would amount to a little over $2 million.
Bond repayment plan introduced by Moore
In other business, the council also approved a petition by the Quincy Noon Kiwanis Club to waive the circus permit fee of $75 and the exotic animal permit fee of $500 for the Carson and Barnes Circus for Sept. 3-5 at the Quincy Mall. The Kiwanis Club is bringing the circus to town as a fundraiser.
Alderman Steve Duesterhaus, D-2, voted against the petition, saying that the city shouldn’t give special treatment to organizations and that the fees are to defray any costs the city may see.
The council approved the request two previous times.
The council also:
• Approved a resolution entering into an agreement with GEM Electronics purchasing narrowband radio equipment for $58,118, with $8,323 coming from a grant.
• Approved a resolution authorizing the use of $11,192 tax increment financing funds to install concrete sidewalks around the Adams County Health Department.
• Approved a resolution approving the low bid of $23,854 from Wally Hunter Oil Co. for motor oil, transmission and hydraulic fluid for one year.
• Approved a resolution authorizing an application for public transportation financial assistance.
• Approved the sale of property at 826 and 836 N. 10th for $550 to Pamela Baze, who plans to use the properties as a garden and flower bed.
• Approved an ordinance increasing a line item for the Utilities Department by $16,040 so it can pay its share of a financial system upgrade and maintenance.
• Approved an ordinance granting a special use permit for a planned development at 520 S. 21st for a beauty salon.
• Heard the second presentation of an ordinance make the intersection of Fifth and Vermont a four-way stop.
• Heard the first presentation of an ordinance to restrict parking on the west side of Second Street between York and Kentucky.
• Heard the first presentation of an ordinance to rezone 2130 Harrison neighborhood residential.
• Approved a request of the Quincy Society of Fine Arts to place signs at all parking areas and roads at Kesler and Clat Adams parks from 1 a.m. to 7 p.m. Sept. 18 for Riverfest 2011. The organization also requested barricades for the circle drive near the Pier Restaurant, Clat Adams Road just south of the circle drive, north of the Boat Club, the Kesler Park exit and the north end of Kesler Park. A request was also made that the Central Services clean Bonansinga Drive as well as roads and parking lots in the parks before and after the event.
• Approved raffle permits and waived the bond requirement for the St. Peter Parish Picnic through Aug. 27 and the Quincy Senior High School Athletic Department from Nov. 1 through Nov. 31, 2012.
• Approved the prevailing wage ordinance and identification protection policy ordinance for Quincy Township.
