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MINUTES <br />CITY COUNCIL <br />December 27, 1989 <br />Mrs. Scalze introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 89-12-609 - APPROVING THE MINUTES OF THE <br />DECEMBER 13, 1989 CITY COUNCIL MEETING AS AMENDED <br />The foregoing resolution was duly seconded by Blesener. <br />Ayes (5) Scalze, Blesener, Collova, Fahey, LaValle. <br />Nays (0). <br />Resolution declared adopted. <br />FIRE Brad Farnham, Juran & Moody, appeared <br />STATION Council requesting a determination as <br />the bond issue that will be necessary <br />of a new fire station. Farnham revie~ <br />scenarios, one for a$1,000,000 issue <br />a $1,080,00o issue. <br />before the <br />to the size of <br />for construction <br />aed two bond size <br />and the other for <br />Fahey pointed out that the City has included as part of <br />the 1990 budget a$96,000 levy to cover the first bond <br />installment. Fahey asked the size issue that $96,000 <br />would apply to. <br />Farnham replied that the $96,000 would cover the first <br />installment on a$1,080,000 issue. Farnham pointed out <br />that a$1,080,000 issue would net $967,704 for project <br />construction, while a$1,000,000 issue would net <br />$889,216. <br />Fahey asked if the City was limited to a maximum of <br />$1,080,000 since the 1990 budget includes a levy of <br />$96,000. <br />Farnham replied that if a larger bond issue is needed, <br />that issue could be structured so that the $96,000 is <br />adequate for the first installment. <br />Fahey pointed out the architect's estimates that $1.4 <br />million to $1.7 million is needed for construction of a <br />new fire station. Fahey asked if it is necessary to <br />Page 2 <br />