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^tlvirces <br />c; c~ co~,,,~t~. <br />I~)ec. 7_2, 1982 <br />F~ire DepC. <br />13qtzioment <br />Ce~rt~i.f:~i.cates <br />(Conr.) <br />Ntr, 13rad l~arnham oL Juran ~Q< Moody an;~car_ecl before the Comicil to <br />~.inEorm el~e Co~anc~.l aboi,it equi.pment cerLi.ti.ctiCes thaC c1n be used <br />f.or .Fi_nanci_n~ of: a ne*a pumper for the C-ity's ?~i.re Depzir.tment. <br />~`4r. T~aniham e;<pl.a,i.ned ttxat the certi.Ei.cates can be used to pia-chase <br />a majox p~.iece of ~qui_pment anct Chey have a 1 to 5 year.~ matur~i.ty. <br />'Che Cert~i.Fi.cates woul.d be outsi.de. e.he Ci.ty's budget t.i.m:i.tati.on and <br />no reEerendum ~i.s nFeded Por the C;ity to issue the certi.f.icates. <br />Ho~aever, if thcy ar_e outside a certa?ri percentap,e oL' Ch~ City's <br />].im:[tat:ion, t:h,e Oi.ty woulcl have to post. a noti.ce of t_6e proposed <br />i.ssuance and cit:.~.izens o~oul.cl have the onporCUn~i.ty to pFtiti_on <br />objecting to tlie issuance. i[ocaever, the amo~mt discussed f.oe <br />the piimper woi.ild not be outs~ide ttie p~~~rcenta~^ thaC ~oould ma.?<e <br />posting necesslr.y. <br />Mr. Parnham ~i.ndicated Chat the City wi.).1 not lrnow ttae size of the <br />~i.ssue necess~nry unti.l. the pumo~r -i.s b~i.d. <br />~4r. rahe~~ askc.d whaC the ca~~;i.talzzed i~nt.erese f~igure l.isCed on a <br />hanclout fr.om b~r. rarnham i_nvolved. C•tr. Parnhan expl.ai.ned Chat <br />the Ci.ty would ant,i.cip~te sel.l.i.n;; Che bonds in February ~nd ttlere <br />w~i11 be i_nterest 7>ayment:.s diie in /~u~;u>t., P'ebruary and ~~~;ai_n Gl~e <br />fol.l.owin~ Aun~ast. 'Che City w:i.l.l not bc ablc to levy any doll.ars <br />unt:il that t.i.rne. Those taxes would noe be received unCi.l. .June of <br />1934. <br />Mr. }lanson asked what. w-il.l happen with thc ~1.0,000 a1.7.ocata~d to <br />the Pire I?epartment Lor equi.~~menC 1.n l.9"i3. 'Che. C;i.ty Clerlc r.enlied <br />that ~i.t wi.1.l };o irzCO the fund bei_n~; di_>cussad. <br />Mr. Farnharn ~[nformed the Councii t!lat .Iuran ~v. Moocty ~is proposi.n„ to <br />nc~>ot:Latea the sale o,f, tha cerCif~icates d,irectl.y o~i_t.h the Ci.ey rather <br />than ~o:Lng Co a nubl.ic sal.e. Jur2n & Moody orou7.d buy ehe bonds <br />themsel.ves. <br />P4rs. Scalze aslced if Juran 8: Moody soould t:hen ~in turn ,ell the certi.ficat:c <br />to a banlc. Mr. Parnhmm repl.ied that Y:hey martcet pr:i.maril.y to <br />i.n,t it:ut i.ons. <br />i`~rs. Scalze aslced i.,f thi.s was somethi.n; tlaat was done re~;ulat,rly. <br />~r. Fxrnham rep7.ied thtit :i.C. was and Juran ~ Moody i.s doi.ng i.t more <br />~ncl more. They negot,i_ated about 100 sales in 19£32. Juran ~?~ RQoody <br />caoulel submi.t a bi.d to the City mnd ehe Ci.ty aould. tl~en con~par.e the <br />bi.d, to the mar'cc;tpl.ace and malce a deci>i.on. <br />Mre. Alar,dini. asked ahy on [tic handoi.it rtr. 1'ar.r~am has the cost oE <br />the equ~ipment listed at $]..i0,000 wFien a].ower f~i.~ure was orevi.ousl.y <br />cliscussect. ~[r, ~lanson commented tl:izit he hearel some addi.ti.onal <br />eq~.r.i.pinent niay be needed on th~e Cruck. 'i']lere arc also sorne beams that <br />may kil~ie to be iuoved in Ch~-~ F'~i.re ?larns. <br />Paf;e -1Cf- <br />