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,,,17. \ i J•~' 7;; $ <br />Ci.ty Cotmcil <br />~iarcli £i, 1.9f;3 <br />mananeable. <br />i-ir. Voto sC~Ced th~~at iE the City had 4 or 5 i.ssues in tlli_s >>osi.tion <br />that ~xoul.d be a problein. <br />Page 10 of tne report shows tite bonds of 1SdTL, '1}~z'i.s :LL;s~.ie 1oolcs <br />~os,i.ti.ve except at the 5% ~i_nterest rate and 95% collectio^ ratee <br />Thi.s bond i_ssue i.s ~i.n ~;ood pos~iti.on anct wi11 takc care of :i.tself. <br />Page 7.2 shows the comi~arison of thesE bonds to the origi.nal budget, <br />'Page 13 sJ~~o~as the bonds of 1973 wt~i.ch ar<; in goor~L shaPe. F,ven Th <br />a 5% interest ratr Chese bonds arc: i_n a posi.t:-i.ve posi_t:iono P~ge l5 <br />s1.zo~os the comnari,on of' th~.i.s i.ssi,ie w~i.t:l~ t11e ori,~in~1 badgc,t. <br />t'aC;e l6 ,lioo~, the bonds oL 1976. Ttieee ~ire substant~i.al. surpLuses <br />in ~a17. projecti.ons of. thi.s bond issue. ~r. Vot:o ,tated that: even <br />w-i.th full c~~ne~l.l.at~.ion all future schedul.ed tax levi.es would re,ult <br />i.n suc•pl.uses. Page 19 dep.ict, the bud<;el.: compari ,on of ttri.s l.evy. <br />°~zqe 7_2 si~osas the refundi?~~ bonds oI: 1~7`?. ~~7r. ~Ioto st:ated that h~ <br />cva, conf~i.~~ent a7.1. tha w1y across f.n tn~~i_s hond i_ssua. 1~r. Voto stat:ed <br />ihat: this i_ssue :vas probabiy in the positi.on Co cancel some oE [i1e <br />Euture oond i_s,ues. The City di.d reduce the 19`~3 1.evy f.or t.hi_s issue. <br />F1c. Vot.o staCad. that th~e C,i.ty mnde up on :i.nterest earn,inp;s on assess- <br />ments 1nc,t i_nvesGments for thi.s issue ~.nd that ;i.s the. r~.ason for Che <br />surpluses. ~drs. Scalze aslced why t}ie C~i.ty malcr.s mon~y froin certai.n <br />boncl issues. Pqr. Voco repl.icd tliat i.n some case, thc C'it:y m~i_ght malce <br />over. 1.0%. The interesC rate on tl~ie assessment rol.l. i.s norm,all.y on~~~ <br />or tsao po-i_nts above what: t_ne ~ity i.s payi.ng on a bond issue. 9'he <br />reason Eor this i_s that the City malces a comm~.it:ment to thc bond <br />purchaser tti~rt these bonds w~i.l.1. be pai_~. <br />i'age 23 shows the i.mprovc;ment bonds oL 197(3. Mr. Voto report.ed thxt <br />Chis i_ssue is ~.ln 1 posi.tive pos9.t~ion except ~t Che 5% i_nCerest rate. <br />VoCO stated Chr,it t.hi.s bond i_ssue ~i., fi_nanced about 75% by tnx 7.evi_es. <br />Thi., issue covers Che CiCy water tower. Votc reported th~.ic i.n 1983 <br />the Cit~ cancsl.l.ed about S; of. this bond. <br />Page 7.h si~~ows the; bonds of. 7.9f32. The City Cleric reported tt~at these <br />hiave not yet bcen assessed. :"4r, Voto reported Ch~it the bonds are in <br />a nos~i_ti.ve peojecCed posS.ti.on. <br />I?afie 29 of: the rrport shows an ove,r.view analysi.s ot: the City's fi.nal. <br />cas~~ ba7.ai~ic~~ proj<,cti.on. In 1974 th-i.s balance coas nrojected at <br />-:p693,053, ~in 1975 -~'~753,636 and i.n 19~37. ~r$650,517, <br />Mr. ~IOto reported that the onl.y hond i.,sue ~in ~z b~id po,i.tl.on :i., Che <br />19h5 and L967 ~issue. f!,owever, thc proje.ct:.ed clefic~it should be pi<:l,ced <br />up ~>y the Ci.t.y's other,• bo~~~d i.ssues ~ind the CiCy has unei_1 1997 to <br />mal<e up th~is defS.cit. <br />Yat~~ -~- <br />