Two ordinances were introduced at Monday night's Westlake City Council meeting concerning the issuance of water and sewer revenue bonds by the city. The bonds are structured as a series of two with the first series for $875,000. According to bond attorney Jay Delafield, the Department of Health and Hospitals (DHH) would forgive 100 percent of the principal value of that transaction.
The second series would be $2,030,000 and would mature over 20 years at a taxable rate of 3.45 percent issued as Build America Bonds under the national stimulus package passed in February. The city would send a tax return every six months to the Treasury Department which would then rebate to the city one-third of the interest spent on the bond, thereby lowering the actual rate.
"The actual interest rate that you would be paying on these bonds would be 2.30 percent and if you can find a better rate on twenty year bonds, I'd say take it," said Delafield, "Because you can't honestly."
"It's a wonderful transaction," he added.
The ordinances, one establishing a relationship between Westlake and DHH and the other concerning the issuance of the actual bonds, were approved for introduction after it was established that there was no public objection to their introduction. Advertising in the American Press had been conducted over the last few weeks and no resident spoke on the issue at the Monday meeting. The ordinances will be placed on next month's agenda for Council vote.
The Council also approved an agreement with the Calcasieu Parish Police Jury for financial assistance in an amount up to $18,500 for computer upgrades for the Westlake Police Department.
"I just want to thank Hal McMillin and the Police Jury for getting that grant," said Westlake Police Chief Jeremy Cryer. "I thoroughly appreciate it."
In other Council business:
•The Westwood entrance drive for the golf course is near completion. The asphalt tie-in will be added as soon as the bike path and sidewalk is completed. The west entrance is nearly halfway completed as well.
•The fire marshal has completed his inspection of the hood inside of the golf clubhouse so that it is now operational. However, the liquor license is still being held up. Members of the Council requested that Mayor Dan Cupit try to wrap up this issue before the end of the year.
•Council member Lori Peterson requested the presence of both Entergy and Beauregard Electric at next month's meeting to settle a lighting situation at the golf course and its surrounding subdivision. Mayor Cupit agreed to extend the invitation to their representatives.
•Due to the Martin Luther King holiday in January, the Council approved the moving of next month's regular meeting to the second Monday, January 11, at 5:30 p.m. The agenda meeting will be held as normal on the same day at 5 p.m.
Westlake, La. —
