Tuesday, March 15, 2011

Rockwall City Council 7 March

III. Proclamations.

Supposed to be two, but both were postponed.

IV. Open Forum.

No one spoke, guess everyone in town in perfectly content with government!

V. Consent Agenda.

None pulled, passed 7-0.

2nd reading of the anti-bumming ordinance.

VI. Appointments.

Two scheduled, P&Z either no show or had nothing to report, and the other was tabled.

VII. Action Items.

1. Starting process to issue Certificates of Obligation. Fancy word for taking on big debt without the hassel and inconvenience of a bond election where the opportunity for citizens to actually have the chance to say yea or nay is bypassed.

Looks like the maximum amount of the CO will be $7.7 million. Also, some refinancing of the current TIF was included.

Mayoral Candidate Farris wanted some explanation from the city manager regarding PD-32 - to clear up "misinformation". Also, Mr Farris asked who pays for the debt if the REDC defaults.

COs being issued will be used for infrastructure and improvements. The TIF pays for the debt service on the COs.

The answer about who is responsible for the debt once again went unanswered.

Here is the answer the CEO of the REDC gave:

The City of Rockwall issues the debt, and if sales tax revenues were not sufficient to cover the debt repayments, it would be the city council’s responsibility to balance the budget. The Sales Tax Revenue Bonds are issued with a first priority lien on sales tax revenues of the corporation and the CO debt repayment is a second priority lien.

2. More TIF stuff.

Passed 6-1, Councilman Sevier opposed.

VII. City Manager's Report.

-Turn lane at Ralph Hall and 3097 is complete.
-Drainage improvements on 740 are complete.

Mr Farris wanted to clear up rumors that the In-N-Out Burger, who he gave a hard time about the sign they needed, is still coming to Rockwall.

Mr LaCroix spoke the project architect who said "yes".

The response In-N-Out gave me to my inquiry was "tentative".

(tentative
adjective

2.unsure; uncertain; not definite or positive)

Here's hoping.

-Bills in State House and Senate to help out LRE with water has been introduced. Relief finally coming to LRE?

(tentative
adjective

2.unsure; uncertain; not definite or positive)


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