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r~z~!uTes <br />City Counci1 <br />C)ec. 4, 1985 <br />Mr. Fahey pointed out tnat a~ a previous Council meeting t'ne Council <br />e~as informed that there avould be a$?_0,000 savings to the City. <br />7he Juran and t4oody representative exptained that the present val~.ae <br />savings k~ere $~90,OOD to the City. He then stat~cf that the net savings <br />d~~ere ~14f3,000. Two E~aeel<s ago the actual savings vaere approximately <br />$?_O,Q00. Today they are approximately gE3,000 because the City is not <br />using much money to invest on an unrestricted basis. <br />Mrs. Scalze asked what the bottom line difference ~•aas between the ne~a <br />bond ~ssue and the E~onds oF 1932. Juran anc! Mooc!y replied that present <br />value savings were $4IIf3,000 and as the City a~as receiving $340,0~0 of <br />its ovm money the net gain for the City aeould be $140,000. FloN~ever, iP <br />just issue costs Gdere considered, the savings woutd be a(~,000. <br />Ji.iran and hloody also pointed out that the City is ab1e to lower current <br />tax levies through the refunding. 7he issue is structured specifically <br />for this purpose. <br />P~ir. !31 esener i n'troduced the fol 1 os~ii ng resol uti on and r~ioved i ts adopti on: <br />RESOLUTIOP.I N0. 85-12-56~i - ACCEP7IPJG THE 6ID <br />OP! SF1Lf•_ Of $1 ,0 0,000 GENER,4L Ot3LIGATI0P1 RflVt1NCE <br />Rl:FU~aDING 30NDS OF 1935 Aq1D PROVTbIidG FOR 7hIEIR <br />ISSUAtdCE <br />The foregoing resolution was duly seconded by Mrs. Scalze. <br />Flyes (4) Blesener, Scalze, Collova, rahey. <br />Pdayes (0). <br />Resolution declared adopted. <br />This resolution appears in Resolution (~ook ~Io. 12, Pages fi05 thru 622. <br />f4r. Fahey introduced the following resolution and moved its adoption: <br />RFSOlUTIO~I PlO. F~5-1?_-569 - ADJOURt~lING <br />The fore~oinq resolution U~as duly seconcled by ~1r. E3lesener. <br />~yes (4} Fahey, 3lesener, Scalze, Collova. <br />Playes (~). <br />Resolution declared adopted. <br />This resolution appears in Resolution ~SOOk aJo. 12, Page 623. <br />7here being no further bi.~siness, the meeting 4vas adjournecl at fi:07 P.ih. <br />Respectfully su6mitted, <br />'~f~.~C(:L!~lC-~~C~C~t(-sl~ -~~._l <br />I<athleen Glanze , Recordin, Secretary <br />Page -?.- <br />