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(17) MOU - ITEM DISCUSSED IN CLOSED SESSION WITH ITEM 44A" AND NO <br />REPORTABLE ACTION WAS TAKEN: Approval of Memorandums of Understanding <br />(MOU) between the City of Colton and Fire, Police Rank & File Units, and <br />Compensation for the Executive Unit, RESOLUTION NOS. R-91-98, R-92-98, R-93- <br />98. <br />(18) Public Works/Travel over $1,000 - Approved travel for Equipment Maintenance Manager <br />to Las Vegas, Nevada on October 26-29, 1998 to attend The Natural Gas Vehicle <br />Institute. <br />CITY TREASURER'S REPORT: <br />Monthly Rgports <br />City Treasurer Williams listed the requirements for the City Treasurer's reports and reviewed the <br />Reports for May 1998 and June 1998. <br />MOTTON/VOTE: After discussion, motion/second by CM Hutton/Cook to accept and approve <br />the City Treasurer's reports for May and June, carried upon unanimous vote. <br />Certificates of Partidpation (Coi:porate Yard) Series 1988 <br />To reduce the debt service, City Treasurer Williams reported that the proposal was to refund the <br />existing issue as a non -rated Certificate of Participation. He informed that maturity of thedebt <br />was not being extended and that savings, due to decline in interest rates, were anticipated at <br />$13,000 per year, net after all costs. He said recent communication from Standard & Poor's <br />stated that the single B rating was upgraded to a single B plus, with a positive outlook. <br />MOTION/VOTE: After discussion, motion/second by CM Bennett/Cook to approve and adopt a <br />resolution for refunding of 1988 City of Colton Certificates of Participation (Corporation Yard <br />Project) Series 1988, RESOLUTION NO. R-94-98. Motion carried upon unanimous vote. <br />STAFF REPORTS: <br />CITY MANAGER'S REPORTS AND RECOMMENDATIONS: <br />Termination of Jack's Disposal Permit - June 30, 2000 <br />CM Bennett left the dais due to a possible conflict. <br />Assistant City Manager Parrish presented summary of his written report dated October 6, 1998. <br />MOTION/VOTE: Motion/second by CM Sanders/Chastain to approve and adopt resolution <br />directing the City Manager to effectuate the termination of Jack's Disposal Permit as of June 30, <br />Council Nfins October 6, 1998 6 <br />T -F <br />