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MINUTES <br />CITY COUNCIL <br />DECII"IBER 21, 1994 <br />DONATION Hanson reported that Betty Strohbeen has donated to the <br />City a limited edition commemorative plate of The <br />Macgillivray Pipe Band of Thunder Bay. Hanson also <br />reported that the Canadian Days Committee is planning a <br />trip to Thunder Bay from June 29th through July 2nd. <br />Anyone interested in joining the Committee on this trip <br />can contact City Hall for additional information. <br />CALL FOR Rusty Fifield, Ehlers & Associates, appeared before the <br />BOND SALE Council requesting that the City establish a Public <br />& ESTABLISH Improvement Revolving Fund. Fifield reported that this <br />IMPROVEMENT fund would increase the City's flexibility in financing <br />REVOLVING public improvements, and the fund could be used to pay <br />FUND future improvement costs or debt service. <br />Fifield next reviewed a pre-sale report for the <br />issuance of $565,000 in General Obligation Revolving <br />Funds which are necessary to finance public <br />improvements planned during 1995. Fifield recommended <br />that the Council call for a bond sale at the January <br />25th Council meeting. The City Administrator is <br />recommending that improvement hearings for the various <br />projects be scheduled for January 18th. The bond sale <br />anticipates that assessments would be spread out over a <br />10 year period at an interest rate 1.5% over the rate <br />obtained on the bonds. <br />Fifield reported that the reason he is recommending <br />that the Council call for the bond sale prior to the <br />improvement hearings is to try to find the best place <br />in the market for interest rates. Rates have been <br />increasing, and it is hoped that if the sale can take <br />place on January 25th, the City should catch a downward <br />swing in the market. The prospect for interest rates <br />going up is greater than rates coming down. <br />Pedersen pointed out that the City would be approving a <br />bond sale for a project which may not happen. <br />Fifield pointed out that with hearings scheduled for <br />January 18th, the City would have the opportunity to <br />appropriately size the bonds pending the sale on <br />January 25th. <br />Pedersen asked if there was any risk to the City in <br />proceeding in this manner. <br />22 <br />