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MINUTES <br />CITY COUNCIL <br />September 27, 1989 <br />Farnham pointed out that the reality might be that the <br />bond is issued early February with a closinq date 20 <br />days later. <br />Fahey replied that if that were the case, the majority <br />of the money would be spent within the first six <br />months. <br />Ippel stated that the City should close on the bonds by <br />the end of December in order to levy for 1990, or else <br />an arranqement to levy in anticipation of the bond sale <br />may be able to be worked out. <br />Farnham suggested that the Commissioner of Revenue be <br />contacted on these details. <br />Fahey suggested that the Council schedule a public <br />hearing to consider the establishment of an EDA, with <br />the concensus that the public hearing should be set for <br />October 25, 1989. <br />Ippel suggested that the City get the EDA in place, and <br />details on the bond issue can be considered after that <br />time. <br />Voto pointed out that he will need to know the amount <br />of the bond issue that is necessary and the length of <br />time of the bond issue, so that this information can be <br />included in the certification of the proposed tax levy <br />for 1990 which needs to be certified by October lst. <br />Final tax levies need to be certified by November 1st. <br />Farnham suggested that in the case of a fire station a <br />15 to 20 year bond issue would be normal. <br />Council discussed the amount of bond issue that would <br />be necessary, and it was the concensus that a$1 <br />million issue would adequately cover costs. <br />Ippel suggested that a conservative approach of a$1 <br />million issue at 15 years be used initially. If the <br />length of the issue is extended, the cost figures will <br />decrease. <br />There being no further business, the meeting was <br />adjourned at 7:30 P.M. <br />R ~ pectfully submitted, <br />r <br />~.: ~~~,C"~t / , _~1~~~ -zz..~,,4~. <br />KATHY GL~NZER <br />RECORDING SECRETARY Pa;3: 4 <br />