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MINUTES <br />CITY COUNCIL <br />January 10, 1990 <br />Mrs. Scalze introduced the following resolution and <br />moved its adoption: <br />RESOLUTION N0. 90-1-1 - APPROVING THE MINUTES OF THE <br />DECEMBER 27, 1989 REGULAR MEETING AS AMENDED <br />The foregoing resolution was duly seconded by Blesener. <br />Ayes (5) Scalze, Blesener, Collova, Fahey, LaValle. <br />Nays (O). <br />Resolution declared adopted. <br />FIRE STATION Fahey reported that the Council recently held a <br />workshop meeting to discuss the new fire station. <br />Originally it had been thought that the new station <br />could be constructed at a cost of approximately <br />$1,080,000. However, cost estimates for a 12,000 <br />square foot fire station are at $1,620,000 largely due <br />to site development costs and other costs that were not <br />originally contemplated. <br />Fahey reviewed the City Administrator's report dated <br />January 10, 1990 which outlines cost estimates as well <br />as other financing considerations. <br />The City Administrator reviewed a bar graph showing the <br />effect a$1,620,000 bond issue for financing of the <br />fire station on the City's actual and estimated bonded <br />tax levies through the year 2002. <br />Fahey asked why the projected bond issue was not <br />extended past 2002. <br />Hanson explained that the bond issue could be extended <br />further, but reducing the length of the issue reduces <br />financing costs since interest rates would be higher if <br />the length of the issue were longer. Also, the bond <br />issue is projected as shown on the graph in an attempt <br />to keep the City's bonded debt at a consistent level <br />taking into consideration additional future debt. <br />Page 2 <br />