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MINUTES <br />CITY COUNCIL <br />November 8, 1989 <br />Fahey noted that the City will need an estimated cost <br />of the property to determine the amount of bond that <br />will be needed. <br />Farnham replied that that was correct. <br />Mr. Blesener introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 89-11-544 - APPROVING AN ENABLING <br />RESOLUTION SUBMITTED BY BRIGGS AND MORGAN ESTABLISHING <br />AN ECONOMIC DEVELOPMENT AUTHORITY WITHIN THE CITY OF <br />LITTLE CANADA <br />The foregoing resolution was duly seconded by Mrs. <br />Scalze. <br />Ayes (5) Blesener, Scalze, Fahey, LaValle, Collova. <br />Nays (0). <br />Resolution declared adopted. <br />Fahey stated that he would report to the Council when <br />the draft documents are ready for their review. Fahey <br />also asked if excess funds from the bond issue could be <br />used for other projects, or if the EDA would retain <br />them. <br />Farnham replied that excess funds would have to go to <br />the debt service account to make the initial payments <br />on the bond issue. <br />Blesener asked if excess funds could be used to equip <br />the fire station. <br />Farnham replied that this could be done, but the pieces <br />of equipment would have to be described in the <br />documents. <br />1990 BUDGET The City Auditor appeared before the Council and <br />submitted updated 1990 Budget information from what was <br />presented to the Council at a workshop in September. <br />Voto reported that the reason for amending the budget <br />information is due to the State's recomputation of <br />allowable tax levies and Local Government Aids. <br />Voto reviewed his letter dated November 7, 1989 <br />outlining the revisions to the Budget pointing out that <br />the City's revenue base has been decreased by <br />Page 3 <br />