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MINUTES <br />City Council <br />Nov. ~, 1987 <br />Par•k Sur•vey The for•egoing r~esolution was duly seconded by Mr•. Fahey. <br />Cont. Ayes (5) Scalze, Fahey, Collova, LaValle, Blesener. <br />Nays (0). <br />Resolution declar•ed adopted. <br />This r•esolution appear•s in Resolution Book No. 18, Page 563. <br />Bond Sale Mr•. Br~ad Far•nham, r•epr•esenting Jur~an & Moody, appear~ed befor•e the <br />Imp. No. Council with regar~d to the bond sale for• Impr~ovement No. F37-9, <br />87-g the extension of sanitar•y sewer• and water~main in the Center~ville <br />- Road ar•ea. <br />Agenda <br />Item No. 5 Far~nham pr•esented the Council with a Bond Buyer~s Index as well as <br />debt ser•vice cash flow for• Gener•al Obligation Impr•ovement Bonds of <br />1987. Far•nham r~epor•ted that the amount of the bond will be $155,000. <br />Far~nham r~epor•ted that the cash fl ow was wor•ked out wi th the Ci ty <br />Engineer, City Auditor and City Clerk. The bond is structured from <br />1987 thr•ough 1995 with fir•st payment scheduled for~ 1989. The <br />net effective inter~est r•ate is 7.71% with a pr~ojected assessed <br />interest rate at not less than 8 1/2 %. <br />Far•nham explained that Juran & Moody is pr~oposinq to pur~chase this <br />bond. <br />Mr~. Blesener~ intr~oduced the following r•esolution and moved its adootion: <br />RESOLUTION N0. 87-11-535 - APPROVING THE <br />BOND SALE FOR IMPROVEMENT N0. 87-9 IN THE <br />AMOUNT OF $155,000 AT A NET EFFECTIVE <br />INTEREST RATE OF 7.71% <br />The for•egoing r•esolution was duly seconded by Mrs. Scalze. <br />Ayes (5) Blesener~, Scalze, Fahey, LaValle, Collova. <br />Nays (0). <br />Resolution declared adopted. <br />This r•esolution appear•s in Resolution Book No. 18, Page 564. <br />Mr•. Blesener• intr~oduced the following r•esolution and moved its adoption: <br />RESOLUTION N0. 87-11-536 - PROVIDING FOR <br />THE ISSUANCE AND SALE OF $155,000 GENERAL <br />OBLIGATION IMPROVEMENT BONDS OF 1987 <br />The for•egoing r•esolution was duly seconded by Mr~. Collova. <br />Ayes (5) Blesener, Collova, Scalze, LaValle, Fahey. <br />Nays (0). <br />Resolution declared adopted. <br />This r~esolution appear•s in Resolution Book No. lII, Pages 565 thr•u 585. <br />page -6- <br />