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Mayor Fauson stated that he would be glad to meet <br />with the developers and residents at any time to <br />discuss fees and fee: structures. <br />Mayor Fauson closed the public hearing and called <br />for a motion. <br />Ferrera moved and Carnival seconded to adopt <br />Ordinance #976, Series 1988. By Roll Call Vote, <br />Ordinance #976, Series 1988 was adopted 6-0. <br />ORDINANCE #977, SERIES 1988 - AMENDMENT TO MLfNICIPAL CODE REGARDING <br />SEWER RATES, SEWER TAP FEES AND SEWER ASSESSMENT FEE - 2nd READING - <br />PUBLIC HEARING Williamson read by ttitle only Ordinance #977, "An <br />Ordinance amending Title 13 of the Louisville <br />Municipal Code concerning fees for sewer taps and <br />sewer service rates and creating an assessment for <br />bond retirement." Certification of publication <br />and notice of public: hearing were established. <br />Mayor Fauson opened the public hearing. <br />Phare explained that: review of the sewer rates <br />indicates that additional revenue beyond <br />existing tap fee and O&M charges are warranted. <br />Staff is proposing a~ $.75 per month increase in <br />the base residential. rate from $6.80 to $7.55. <br />The proposed ordinance also contemplates <br />additional increases. in 1990 of $.50 per <br />monthly residential account and a $.50 increase <br />in 1991. Review of the City's tap fees <br />indicates additional, revenue must be generated <br />in order to meet existing debt obligations and <br />generate a debt retirement fund in order to <br />help retire bonds. Staff is proposing a $.50 <br />sewer assessment to be used for debt retirement <br />beginning in 1989 anal increase by $.50 a year <br />in 1990 and 1991. Staff is also proposing an <br />increase in tap fees (3$ annually for the next <br />five years.) The additional revenue will <br />assist in maintaining the capital balance for <br />future projects as well as help retire current <br />debt obligations. <br />Stahl presented statistics that project in 1989 a <br />$22,000 deficit, a $45,000 deficit in 1990, a <br />$34,000 in 1991 and a $31,000 deficit in 1992. <br />Stahl explained that, there is $1.2 million cash in <br />the sewer fund reserve. On the capital side where <br />we are using the funds for debt retirement, with <br />the 3$ increase over the next 5 years, we will <br />need to call on our reserves in 1989 in the amount <br />of $149,000, $272,000 in 1990, $122,000 in 1991. <br />Stahl explained that, the increases requested do <br />not meet the City's requirements at this point <br />7 <br />