Archive for Friday, April 2, 2010

Financial advisor lauds city’s credit rating

April 2, 2010

Standing behind the podium during Thursday’s regular De Soto City Council meeting, Jeff White had nothing but good things to say about the city’s finances.

The senior vice president of Columbia Capital, the city’s financial advisor, said De Soto has dome something he’s never seen: jumping five credit grades in a few years.

“I can’t think of any other client that has seen that level of an increase in that short period of time,” White told the council.

He said it was the city’s conservative financial management, its long-term outlook when budgeting and how it’s performed in a down economy contributed to the increase in credit rating.

“Kudos to all of you,” White said. “I think it’s a very nice recognition for all of the work that your staff does.”

During the bond sale, the city went out for bids on about $2 million in bonds. Edward Jones was the winning bidder with a 4.1195 percent interest for a $1,235,00 general obligation bond. Hutchinson Shockey Erley & Co., was the winning bidder for $715,000 in Build for America general obligation bonds. The Build for America bonds are part of the American Recovery and Reinvestment Act. Part of the interest of these bonds is subsidized by the federal government.

White said the increased amount of bidders was a reflection of an improving market and the city’s new rating. He added that in this bond sale the city faired competitively with Kansas City, Mo.

Said overall the city did well with its new rating and increased competitive bidders.

In other business the De Soto City Council:

• Unanimously approved resolution No. 869, which authorized certain main trafficway improvements and provides for the manner of paying for the same. Wyandotte street from the Kansas River bridge to 84th Street., and 98th Street from Waverly Street to Post Oak Drive will have mill and overlay improvements at a cost not to exceed $123,670. The resolution authorizes the city to issue general obligation bonds for no more than $114,000 for the projects.

• Unanimously approved resolution No. 870 giving the owner of property on 32915 West 83rd Street 15 days to comply with section chapter 8, article 2, section 8-208 of city code. The resolution said the property owner has allowed “the scattering over or the parking leaving, depositing, abandoning, or accumulating on or in the yard of any of the following: supplies, junk, and furniture.”

• Unanimously approved resolution No. 871 giving the owner of property of 8727 Penner Ave., 10 days to resolve the violation of chapter 8, article 3, section 8-303 of city code. On the property is a vehicle with expired Missouri plates.

• Unanimously approved Darrel Zimmerman, to allow the city to sponsor the Kansas Heritage Trust Fund Grant application for $5,000.

• Unanimously approved the authorization for Mayor Dave Anderson to sign the interlocal agreement with Johnson County to provide for county assistance road system funding for the 2010 Wyandotte Street project.

• Unanimously approved the lease agreement between the city and the Johnson County Parks and Recreation District for Sunflower Park. Guilfoyle said the only change is a change to the restroom facility, of which the county will be responsible for servicing. Councilmember Templin was quite excited.

• Unanimously approved resolution 874, to approve the city’s five-year CARS program application.

• Met in executive session for 10 with Guilfoyle and Patrick Reavey, city attorney, for attorney client privilege.

• Heard from councilmember Rick Walker about putting a display composting container in front of city hall to show residents composting options for waste reduction. The containers, which come from Mission, cost around $50.

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