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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 12, 1989 <br />Collova asked if the City would be faced with a penalty <br />for retiring a bond early. <br />The Auditor reported that a call date for the bonds <br />could be constructed into the issue. <br />Fahey suggested that for a 15 year bond issue, a call <br />date after 10 years should be included. Fahey felt the <br />bond issue should be as long as possible to make it <br />easier on the taxpayers. <br />1990 BUDGET The Auditor reported that the summary data which he <br />submitted to the Council on the 1990 Budget was changed <br />this afternoon. The Auditor stated that he does not <br />anticipate a dollar tax levy reduction as much as he <br />anticipates a limit on the tax levy increase. Voto <br />reported that the summary data lays out a levy limit <br />tax levy of $370,000. However, the State Statute <br />allows the financing of capital outlay for street <br />maintenance and public safety by means of equipment <br />certificates. <br />Fahey pointed out that this is a vehicle for cities to <br />work around a general fund levy limit. Fahey suggested <br />that the City make use of this financing vehicle, which <br />will result in a larger contingency fund. <br />Voto reviewed the Public Works Department's proposed <br />1990 capital outlay needs which include a street <br />sweeper, skid steer, and dump truck. <br />Fahey pointed out that the City's bonded indebtedness <br />is very hiqh. <br />Voto agreed and pointed out that when the City's water <br />tower was installed, the City Council chose to bond for <br />the improvement rather than assess for it. <br />Fahey asked if the City~s budget will be tight if the <br />City choses not to issue equipment certificates for <br />certain capital outlay items. <br />Page 2 <br />