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City Council Regular Meeting Minutes <br /> June 9, 1997 <br /> • Page 7 <br /> 1 will pay the bond on January 1, 1998. The minute the issue is defeased, it comes off the <br /> 2 books and the City no longer has the debt. That allows the City to show it as a lease <br /> 3 payment or revenue. <br /> 4 Marks asked what the coverage time represented. <br /> 5 Mr. Thistle stated the coverage time shows that the revenues annually are, in this case, over <br /> 6 two times the amount spent for debt service. <br /> 7 Morrison noted the City will be in a better financial position with the issuance of this bond. <br /> 8 Currently the City is paying $73,000 annually to St. Marie plus the $90,000 in debt service. <br /> 9 The rent of$73,000 will be reduced to $0 annually. <br /> 10 Mr. Thistle suggested the City may want to fund some of the items discussed this evening <br /> 11 with the contingency fund rather than adding it to the principal of the bond issue. <br /> 12 Motion by Marks, second by Enrooth to approve Resolution 97-037, calling for the sale of <br /> 13 Liquor Store revenue bonds, series 1997 with the understanding that in Section 1, the amount <br /> 14 of the bonds will probably not exceed $930,000 and that in Section 3, the date will be left <br /> 15 blank to be filled in at a later time, and that this is contingent upon closing on the purchase of <br /> the property and awarding of the bid. <br /> 17 Motion carried unanimously. <br /> 18 C. Memorandum of Understanding with ISD #282 relating to the 1997 Local Elections. <br /> 19 Motion by Marks, second by Wagner to approve the Memorandum of Understanding with <br /> 20 ISD #282 relating to the 1997 local elections. <br /> 21 Motion carried unanimously. <br /> 22 D. Resolution 97-034, re: Purchase of a New Fire Pumper. <br /> 23 Motion by Wagner, second by-Faust to approve Resolution 97-034, approving process for the <br /> 24 purchase of a new fire pumper. <br /> 25 Mayor Ranallo noted this issue has been studied and discussed in work session. <br /> 26 Motion carried unanimously. <br /> 27 E. Resolution 97-035, re: Report on Proposed 1998 Street Improvement Project. <br /> 28 Motion by Marks, second by Wagner to approve Resolution 97-035, ordering preparation of <br /> 29 report on improvement. <br /> & Mayor Ranallo noted this issue has been studied and discussed in work session. <br /> 31 Motion carried unanimously. <br />