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^<<^.ttrct..4 or ~riii~ rao~t<s~to?~ >x:s>~to~~ <br />C7~.`Cy C~U~CIL <br />I,:f.'I"CI,F. C!`.~]ADA~ ~'-I~IN~'.~ i0'Cf~ <br />Prtarcl~ f?, 19;3 <br />Pursuant to rlue ca11. and noti.ce thereo'F a~oor!<s!v.n ;ess~i.c~~;; of t.li~. <br />Councit o,f Lhe C~.i.ty oG LiCtl.e Canada, `~l~inne,ot:~ ~oas he7.d on the <br />(3th d~y of '4~arc'i, '1983 in ttie Counc~i.1 Chambers o.f. the C~i.ty Center. <br />located aC 51.5 Little Canarla Roacl i.n sa:i.d City. <br />The ~Iayor, Mr. 2aymond lltinson, chaired th~ meet~i.nf~ and, c11_1ed it <br />to order nt 1:00 P.rvL and cl~e ~Fol.l.owinn ~aere present at ro11. call: <br />~`i` ^.':t;IZS P" ,S,'?"]T: titayor r-1r. R2ymonct ilanson <br />Cotinci.lman ?~r. "qichael I~ahey <br />Council.,nan Mr. Denn~i.s T>orsber.~ <br />Counci.lwonian Nhrs. Beverl.y 6calze <br />;~,tl ~~(BEF2 i ~!'S"F7T: Councilv,oman ,~(rs. =`fu;s rl~rdi.~i <br />AI,60 PRt?u1?~4T: C~i.ty Cleric 31r. Joseph Chlebeclc <br />Consi.ilti.nc~ Lng~ineer t4r. Donald Car7.cy <br />Ci.ty Auditor ~,~!r. f2ob 9oto <br />Record~inc; Secretary :Krs. Katt~leen Glanzer <br />Debt Ser,v:i.ce D1r. Gob Voto, DeL,iHi.~nt Voto, Ltd., Che C9ty's au~9it.ors cippeared <br />Report be£ore t11e Counc:Ll [o present the Ci.ty'; debt serv~i_ce reporC. <br />I~Ir. Voeo renorted that: this yeai''s reporG ~is d~i.EEerent @com otkier <br />yeae'~ i.n Chat thi.s report projects f.~ut:ure :ir.~iestmc;nt -.i.nterest <br />~arnings. 'Che reC>ort compares ~.inv~~~stmenC ~.i.nteree>4~. earni.nos at. <br />5, 7, and 9 percents and projects tas collecti.ons at 97, 95 and <br />90 percents. <br />n1r> Voto rcport~~d that pa~;E~~ 4 of the report shows whst ~aill Sapnen <br />~~rith a ~1.Q,000 i.nvestment ~t: var~i.ous rates oL interest and at. various <br />years of ~i.nvest~i_np,. <br />Voto also repox•ted t4~~~ the v~tr~ious C~ity's bonc( t~,sues aee ,Piocan <br />~i.n the renort 6~1sed on the various i.nterest races and tax coll.ecCi.ons. <br />~Ir. Voto reported. that t~'ie var:iou> bond issues of t!te C~.ity are :i.i7 <br />p,ood shape hased on 7% ~i.nterest rate and ~5% co1.l.ection rate w:i.t.h ~n<~ <br />exception o~ the 19bh and 1.9G7 boncl i.ssue. Voto reported that: i~etween <br />now and 7.997 t_he City rnust rn~lce iit> ~,$139,`>91 proJect~d cash ttef:z.ci.t <br />~i.n L:hi., bond issu~e ~~ir. VoCO reoor~ed that th~i.s ws~s not a ser~i.ous <br />problem becau.,e of; t:he position of the Cit:y's othez ?~ond i,sl~e,s. <br />flowever, :Lt is a situ~ition Chat the Ci.Cy ~oi.17. want C:o monitor. <br />Page 3 of the report shows a comparison o[ the Ci.ty's bonc(s Co the <br />or:i.g~i_nal. k~udget. <br />Pa¢e 9 shows the primary causes of the projectecl defici.ency of t.hese <br />bonds. Mr. Voto st:ated that a deficiency i.n one bor~d :i. ,ue; i.s easil.q <br />P~if~e -1- <br />