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published on 05/18/2002

Special Called Meeting

Town Recorder

The Town Council of the Town of Signal Mountain held a special called meeting on Wednesday, April 17, 2002, at 7:00 p.m. in the Town Hall. Those present were:
Mayor James H. Althaus
Vice-Mayor Robert E. Steel, Jr.
Councilmember Rachel Bryant
Councilmember William C. Steele, Jr.

Also present were:
Town Manager Hershel Dick
Town Recorder Diana Campbell
Town Attorney Phil Noblett
See list at bottom for additional people

The Mayor called the meting to order and the Recorder called the roll. The Mayor introduced Lori Everett, Court Reporter, who would be acting as Court Reporter for item 2 on the agenda.

The first item before the Council was a “RESOLUTION OF THE TOWN OF SIGNAL MOUNTAIN, TENNESSEE, AUTHORIZING THE ISSUANCE OF INTEREST BEARING GENERAL OBLIGATION CAPITAL OUTLAY REFUNDING NOTES, SERIES 2002, IN AN AMOUNT NOT TO EXCEED $3,714,000, AND PROVIDING FOR THE PAYMENT OF SAID NOTES.” Recorder Campbell explained that the town had contacted the Tennessee Municipal League Bond Fund to find out if the Town could refinance any of its loans to receive a lower interest rate and save money for the Town. She explained three of the Town’s capital outlay notes could be refinanced at an interest rate of 4.25 percent and save the Town $127,000 over the life of the loans. She noted that this resolution would let the Town proceed with the refinancing. Town Attorney Noblett stated that the resolution document stated the interest rate would not exceed 5 percent. He further explained that the Recorder received a letter from the TML Bond Fund stating the interest rate would be the 4.25 percent. It was noted during the discussion that there was no new money being borrowed and the term or length of the loan would not be extended. Councilmember Steel made a motion to approve the resolution. Vice-Mayor Steel seconded the motion and it passed unanimously.

The second item before the Council was a discussion of the Tabb LLC lawsuit. The Mayor explained that the purpose of this discussion was to give Attorney Phil Noblett the direction in which the Council wanted to proceed. There was a lengthy discussion of the subject with the Court Reporter taking notes. Councilmember Steel made a motion to take said matter back to the Chancellor and say the Council had tried to arbitrate but can’t reach a decision. The Mayor seconded the motions. There was further discussion. A vote was taken and there were three votes to approve the motion, Mayor Althaus, Councilmember Bryant and Councilmember Steele. Vice-Mayor Steel voted against the motion.

The meeting was adjourned.

List of additional people in attendance attached.

John Houstrup – 509 Brady Point Road
Doris Ankar – 825 Cherokee Lane
Jay Prater – 107 E. Palisades Drive

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