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-2- <br />C. Special Capital Projects Fund - As of June 30, 1982 this <br />fund, with a principle amount of $376, 187. 00, had earned <br />$11,196.00 in interest. As of September 30, 1982 this <br />fund will have earned approximately $20,880.00 in interest <br />for 1982 and it is projected that by the end of 1982,at <br />a net 10% earnings, the fund will have earned $30,565.00 <br />in interest and,at a net 8% interest earnings, will have <br />earned $26,691.00 in interest. Should the City Council <br />determine that they wish to purchase these buildings using <br />the interest from the Special Capital Projects Fund, there <br />would be sufficient monies to do so even though the purchase <br />would occur prior to the end of the year and such purchase <br />would not cause for the City to use any of the principle <br />amount of this fund. <br />The reason this issue is being brought to the Council at a <br />Special Meetinq during your normal Agenda Session is the fact that <br />Mr. Anderson has been advised that the owner of these buildings has <br />sold several of them and anticipates to sell the remainder very <br />quickly and should the City wish to buy these buildings it would <br />be incumbent upon us to do so as soon as possible while they are <br />still available. <br />Should Council have any further questions or require any additional <br />information regarding this matter prior to or at your Special <br />Meeting, please do not hesitate to let staff know. <br />DFP/pf <br />cc: Parks, Recreation, and Forestry Director Anderson <br />Finance Director Brager <br />