Weirton City Council

Special Session

A Special Session of the Common Council of the City of Weirton, Hancock and Brooke Counties was held on March 4, 2002 at 5:00 p.m. in Council's Chamber of the City Building.

Councilmembers in attendance: Charlie Mitchell, D.J. Minella, John Moore, George Ash, George Kondik, David Cline and Christopher Fletcher.

City officials in attendance: Joe Cicchirillo, Joe DiBartolomeo, Valerie Means, Karen Orler.

Mayor Dean M. Harris led the Pledge of Allegiance.

Harris informed he and the other Councilmembers who are employees or retirees of Weirton Steel won't take any action on the item. Councilmember Ash suggested Harris read the resolution and the Councilmembers remain. It was discussed they were to leave the room. Harris and Councilmembers Minella, Moore, Cline and Mitchell left the room.

Joe Cicchirillo explained it was voted on in the Fall but the due date and effective date were being changed. A motion was made by Councilmember Ash, second by Councilmember Fletcher to adopt a resolution authorizing and directing the current refunding of the City of Weirton, Pollution Control Revenue Refunding Bonds (Weirton Steel Project) Series 1989 due 2014; the issuance of not to exceed $56,300,000.

Councilmember Kondik asked if it has to be voted on every time there's a change. Joe DiBartolomeo said WSX couldn't complete the issue at the end of the year so it has to be titled 2002. It was discussed the letter from WSX was received today. DiBartolomeo said WSX wanted to restructure; the city is only a conduit. He explained an investor is unhappy with the restructuring; they will get 30 cents on a dollar plus interest; its not what the investors thought. Kondik said it could change. DiBartolomeo explained WSX is doing this to survive; if it weren't done, the investor might not get as much. He told Fletcher its not any different than any other municipal bond. Joe Cicchirillo asked for a roll call vote with a yes is in favor, a no is opposed: Councilmember Ash Yes

Councilmember Kondik Yes

Councilmember Fletcher Yes

The resolution passed by a 3-0 vote with Councilmembers Mitchell, Minella, Moore and Cline abstaining, so ordered

The four Councilmembers and Mayor Harris returned.

Cicchirillo didn't understand why those Councilmembers couldn't vote since it doesn't affect the city. Councilmember Cline asked to hear the discussion, saying Charleston informed they would have to listen to the tape recording.

Cicchirillo advised the resolution had passed. DiBartolomeo explained the city had already agreed to act as a conduit for the restructuring; WSX thought it would be completed by the end of December but couldn't; it will be series 2002; it's the major change.

A motion was made by Councilmember Ash, second by Councilmember Moore to convene into an Executive Session consistent with WV State Code 6-9-A-4(4). This passed 7-0, so ordered.

With no further business before this, the March 4, 2002 Special Session of the Common Council of the City of Weirton, the meeting was adjourned.