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MINUTES <br />CITY COUNCIL <br />DECEIYffiER 6, 1995 <br />project. While increments are pledged to support this <br />debt, the mortgage payments will be the first source of <br />repayment. <br />Fahey pointed out that there is no additional cost to <br />the taxpayers of the City in making this loan to the <br />purchasers of the Market Place. The arrangement has <br />positive implications from both sides. <br />Fifield agreed that it was a"win/win" situation. <br />The City Administrator pointed out that there are a <br />number of things that will ensure repayment of the loan <br />before the burden would fall to the taxpayers. These <br />are in order of responsibility: <br />Mortgage <br />Assigned <br />Personal <br />$150,000 <br />Tax Incr~ <br />G.O. Tax <br />payments; <br />leases; <br />guarantees; <br />Loan Oriqination Fee; <br />>_ment Financing; <br />Pledge of the City. <br />Mrs. Scalze introduced the following resolution and <br />moved its adoption: <br />RESOLUTION N0. 95-12-286 - ACCEPTING AND AWARDING TI-IE <br />LOAN BID OF FBS INVESTMENT SERVICES, INC. AT A TRUE <br />INTEREST RATE OF 6.0013% FOR $1,970,000 GENERAL <br />OBLIGATION TAXABLE TAX INCREMENT BONDS, SERIES 1995B, <br />AND AUTHORIZING A PLEDGE AGREEMENT WITH THE ECONOMIC <br />DEVELOPMENT AUTHORITY WHICH WILL BE USED AS SECURITY <br />FOR THESE BONDS <br />The foregoing resolution was duly seconded by LaValle. <br />Ayes (5) Scalze, LaValle, Pedersen, Morelan, Fahey. <br />Nays (0). Resolution declared adopted. <br />ADJOURN Mr. LaValle introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 95-12-287 - ADJOURNING <br />The foregoing resolution was duly seconded by Scalze. <br />Ayes (5) LaValle, Scalze, Pedersen, Morelan, Fahey. <br />Nays (0). Resolution declared adopted. <br />3 <br />