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1 <br />Council Meeting <br />December 28, 1982 <br />Mr. Marier asked about the difference in the amount of money available to different <br />developers. Mr. Short pointed out that these figures had been worked out among the <br />developers. <br />Mr. Marier asked who handles the money after the sale of the bonds and Mr. Short <br />said these funds are put into a trust fund with an outside person to administrate <br />the fund. Mr. Marier asked what happened when the application is approved and <br />the developer can get the money? <br />Mr. Karth said that the developers never see the money. This money is put into a <br />trust account, the home buyer applies for a mortgage and if approved, then the <br />mortgage company pays the developer. <br />Mr. Marier asked what happens to the money not used by the developers and Mr. Karth <br />said that money stays in the trust fund to pay off the bonds. Mr. Marier asked <br />what happens if one of the developers goes bankrupt and Mr. Karth said the money <br />stays in the trust fund to pay off the bonds. <br />Mayor Benson asked Mr. Short for his opinion on this program not having been <br />reviewed by either the Planning and Zoning or the Task Force and Mr. Short said <br />he would have liked to had time to review the housing policies with the Planning <br />and Zoning Board. <br />Mayor Benson closed the public hearing at 8:02 P.M. <br />Mrs. Marilyn Elsenpeter moved to adopt the Revenue Bond Program and instruct the <br />City Administrator to forward the application for these funds. The City Administrator <br />is to present this information to the Planning and Zoning Board and forward any <br />comment they may have to the appropriate agency. Mr. Hawkins is to also check this <br />for comments to be forwarded. Seconded by Mr. Kulaszewicz. Motion carried with <br />Mayor Benson abstaining. <br />OLD BUSINESS <br />Mayor Benson reminded the Clerk to get the minutes to the appropriate agencies <br />on the mailing list. <br />NEW BUSINESS <br />Mrs. Elsenpeter asked that the Public Works and Police Department be commended for <br />their handling of this last snow storm. <br />Mayor Benson reported to the Council that he had written letters to the Senator, <br />Representative and County Commissioner of this district. He will make a copy of the <br />letter for anyone who wishes it. <br />Mayor Benson noted that the League of Cities is holding a seminar on the altering of <br />State Aid Formula and he felt that the City Administrator should attend these sessions. <br />Mr. Marier moved to adjourn. Seconded by Mr. Kulaszewicz. Aye. 8:07 P.M. <br />Edna L. Sarver, Clerk - Treasurer <br />