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MIPIUTES <br />City Council <br />idov. 13, 1985 <br />Thul <br />(Cont.) A PREVIOUS COUNCIL GRA~lTED MR. THUL A PERMIT <br />TO OPERATE A NOME OCCUPATION, AND FURTHER <br />COPITI~JGENT THAT THERE IS NO ADDITIONAL NIRFD <br />HELP OTHER TNAN MR. THUL A~lD HIS SON A~lD <br />COMTIMGENT UPON A THREE-YEAR REVIENI BY THE BUILDING <br />OFFICIAL AND THAT ALL SET~3ACKS ARF MAI~ITAINED <br />The foregoing resolution was duly seconded by Mr. Collova. <br />Ayes (5) Scalze, Collova, Blesener, Fahey, Plardini. <br />Nayes (0). <br />Resolution declared adopted. <br />This resolution appears in Resolution Book ~lo. 12, Pages 557 and 558. <br />Bond The City's Bond Counsel, 3rad Farnham of Juran & Moody appeared before <br />Refinancing the Council to recommend the refinancing of the bonds of 1982 in order <br /> to obtain a lower interest rate. <br />Agenda <br />Addition <br />P9r. Farnham passed out a report to the Council and explained the benefits <br /> to the City of refinancing these bonds. By refinancing the bonds, the <br /> principal would decrease from $1,190,000 to $985,000. Also, through <br /> the refinancing the City would accomplish a principal reduction, savings <br />' <br /> ne <br />of interest and a rediaction in tax levies. Farnham projected t <br /> total savings to the City of $581,583.78. <br /> Scalze asked what the new interest rate was being anticipated at. <br />P4rs <br /> . <br />Farnham replied that the average coupon rate is estimated at 7.50%. <br /> The old rate has a net effect of 10 1/2%. <br /> Farnham then passed out another optian that the City has for the <br /> refinancing. The second option, labeled Option #4, would reduce tax <br /> levies. Savings would be up substantially in the first five years and <br /> then back off in later years. <br /> Farnham asked the Council for a decision on which option they ~ioulc! <br /> like, to set a sale date and to get the sale completed before the <br /> end of the yea.r. <br /> Mr. Voto, the City Auditor appeared before the council. Voto recommended <br /> that the City chose option #4 as it will allow the City to reduce taxes <br /> in earlier years versus later years. <br /> Mr. Farnham passed oiat a timetable that he proposed for the bond sale. <br /> Farnham then requested that the Council call a special meeting to open <br /> Farnham stated that his office ~~ill open the bids the day of <br />bids <br /> . <br />the sale at 11 o'clock and will run the calculations for presentation <br /> at the Council meeting. <br />Page -4- <br />