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MINUTES <br />CITY COUNCIL <br />DECEMBER 26, 1990 <br />neighbors have agreed to help Mr. Lam move the fence. <br />Fahey pointed out that unless an adequate petition is <br />submitted, the Council cannot act on the vacation. <br />Fahey pointed out that the issue is a sensitive one <br />since there is commercial property abutting residential <br />and the alleyway has served as a buffer between the <br />two. <br />DEBT SERVICE Brad Farnham, Juran & Moody, appeared before the <br />RESTRUCTURING Council to explain the debt service study that was <br />conducted of some of the City's bond issues. Farnham <br />reported that initially five bond issues were looked <br />at, however, it was determined that only four of the <br />issues could be included in a restructuring. Farnham <br />reported that four different scenarios were looked at <br />and are explained in the City Administrator's memo of <br />December 21, 1990. Farnham reported it has been <br />determined that a scenario somewhere between #3 and #4 <br />is the restructuring method that should be used. <br />Fahey noted that the bond issues being considered are <br />lonq-term issues and because of the current favorable <br />interest rates, the City can restructure these bonds <br />and reduce debt. <br />Ted Brownell, Juran & Moody, appeared before the <br />Council and explained in detail the bond issues being <br />considered, the total outstanding debt to be <br />restructured, and the interest rates the City might <br />expect in a refinancinq. Brownell anticipated that as <br />a result of the restructuring the City could save <br />$300,000 to $350,000. <br />Farnham requested that the City adopt a resolution <br />calling for a bond sale some time in the middle of <br />February. Farnham reported that his firm wants to <br />watch what interest rates will do as well as what will <br />happen in the Middle East. Juran & Moody also want to <br />apply to Moody's Rating Service for an upgrade in the <br />City's bond rating. <br />Mrs. Scalze introduced the following resolution and <br />moved its adoption: <br />RESOLUTION N0. 90-12-561 - AUTHORIZING JURAN & MOODY TO <br />PROCEED AS PRESENTED WITH RESTRUCTURING OF CERTAIN CITY <br />BOND ISSUES AND CALLING FOR A BOND SALE SOME TIME IN <br />FEBRUARY, 1991 FOR $2 MILLION GENERAL OBLIGATION <br />ADVANCED REFUNDING BONDS, WITH THE DATE OF THE SALE TO <br />BE DETERMINED BY CITY STAFF <br />Page 8 <br />