Laserfiche WebLink
MI~U'S'fiS <br />Ci.ty Counci.l <br />Peb. 22, 19£33 <br />Fise Trucic Mr. Voto reported that the Counci.l can bond for Che Fi.re equi.pment <br />And Seni.or f.i.nancing under equi.pment certi.ficates. The Ci.ty has th~is t:axi.n~; <br />Citizen llousi.np., authori.ty. <br />(Cont.) <br />Nir. Voto ouClined on page 4 of. i:he reporC the City's opCi.ons of. full <br />or parti.al fi.nancing of the fi.re truck. Mr. Voto estimat:ed the <br />interest rate of the certificates at about 7%. Mr. Vot:o stated that <br />many ci.t:i.es use fi.r.e equipment certificates for. fi.nancing this <br />equi.pment rather Yhan setCing aside money each year for equipment. <br />On page 5 of: the report Mr. Voto outli.ned that the Ci.ty has ?~~5,000 <br />set aside in the f.ise trudc reserve, $45,000 in the 19£33 general. fund, <br />and $50,000 i.n the sewer uti.l.ity fund and the general. fund that can <br />be used for fi.nancing the $1~t0,000 for seni.or c:itizen housinp. Mr. <br />Voto stated that this caould not Ue a substantial decrease of Che <br />Ci.ty's reserves. <br />Mr. Voto then di.scussed bri.efLy the Cit:y's mil.l rate. Voto commenCed <br />that a great portion of the mill rate is due to the School. Distr.ict <br />and that ~is a result of. a decrease :in State ai.d. Mr. Voto commented <br />that over the past few years, t:he Ci.ty has decreased its mi.11 rate. <br />Mrs. Scalze ii~f.ormed "[r.. Hanson that the City has recei.ved A[JD <br />approval. for the senior citizen housing project. Mr.. Ilanson aslced <br />what will happen i.f. the Ci.ty recei.ved grant appr.oval f.rom the State <br />f.or senior ci.ti.z,en hous.irip,. <br />Mr. Voto repl~ied that i.f tL1at happened the City could return the <br />$45,000 to the general fund or it could reduce taxes that ~aould <br />Ue levied on the $175,000 Uond down to the $1.25,000 level. <br />Mr. Voto explained Sckiedule A-1 i.n his re~ort whi.ch outlined Che Ci.ty's <br />cur.rent commitments. Mr.. Voto stated tl~at the City's deUt servi.ce <br />was in good shape so that scheduled levi.es would cover them. Itocuever, <br />the 1966-1967 issue is still shorC and it will. tal<e until about <br />1998 to make up Che di.f.f.erence. Mr. Voto pointed out that t.here are <br />annual decr.eases af.ter 1984 w:ith the exce~Ci.en of 1990. <br />The Ci.t:y Clerlc stated Chat the bonds of 1981 are not included in <br />the report. <br />Mr. Voto reported that thi.s i.s due in 198~F and if the projects are not <br />100% assessed that portion wi.ll go to the tax lev:ies. <br />Schedul.e A-2 explains the eflect o£ a R1.?_5,000 bond issue and A-3 <br />explains the ef.f.ecCS of. a$175,000 bond issue. Mr.Voto stated that <br />basically the bond i.ssue would commit the Ci.ty to a dol.lar levy <br />I.ncrease 9.n 1984 an<I a decrease after that. 'f.he City's mill rate <br />woul.d depend on the C:i.ty's marlcet valuati.on. There woul.d proUaUly <br />sti11 be a decrease in mills. <br />Page -6- <br />