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MINUTES <br />CITY COUNCIL <br />JUNE 27, 2001 <br />AUTHORIZING EaECUTION OF A TAX INCREMENT PLEDGE <br />AGREI:MF.'NT <br />The foregoing resolution was duly seconded by Scalze. <br />Ayes (5) LaValle, Scalze, Fahey, Montow~, Anderson. <br />Nays (0). Resolution declared adopted. <br />Mr. LaValle introduced the following resolution and moved its adoption: <br />RESOI UTION NO. 2021-6-730 - TEMPOXARII,Y AD.IOURNING TILE <br />CITY COUNCIL MEETING AND CONVENING AS THE CITY .4 <br />ECONOMIC DEVELOPMENT AUTHORITY <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (5) LaValle, Montour, Scalze, Anderson, Fahey. <br />Nays (0). Resolution declared adopted. <br />Mr. Fahey introduced the following resolution and moved its adoption: <br />RESOI. UTION NO. 2001-6-G - A UTIIORIZING EXF,CUTION OF TAX <br />INCREMENT PLEDGE AGREEMENT <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Fahey, LaValle, Montour, Anderson, Scalze. <br />Nays (0). Resolution declared adopted. <br />M. r. Montour introduced the following resolution and moved its adoption: <br />REb'OI UTIONNO. 2001-6-7-AD.IOURNING THE ECONOMIC <br />DF. VELOPMENT A UI'HORITY MEETING AND RECONVENING AS <br />773E CITY COUNCIL. <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Montour, LaValle, Anderson, Scalze, Pahey. <br />Nays (0). Resolution declared adopted. <br />The City Administrator reported that the City sold a number of investments in <br />order to be able to purchase the $3 million bond. Some investment sales <br />results in a small loss, but some made money. The new investment results in a <br />higher yield for City funds. The Administrator reported that the situation <br />worked out extremely well for the City when packaged together. The end <br />result will provide a nice revenue stream for City funds. <br />1G <br />