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Mr. Shonkwiler askE.d that his comments during the <br />previous Agenda Item also be consider as part of the <br />record for consideration of the zoning request. <br />Mayor Fauson asked for anyone wishing to speak <br />either in favor of or in opposition to this <br />Ordinance. None. <br />Mayor Fauson closed the public hearing and called <br />for a motion. <br />Mohr moved that Ordinance #931 be adopted. <br />Szymanski seconded. By Roll Call Vote, Ordinance <br />#931 was adopted unanimously. <br />UPDATE - CITY WATER AND SEWER BOND <br />ISSUES Hundley explained that staff is working with Russ <br />Caldwell of KirchnE~r Moore and Co. regarding the <br />water bond issue to finance the City's proposed new <br />water storage tank and the possible refinancing/- <br />restructuring of the City's sewer debt. The Finance <br />Committee met earlier in the evening and it was <br />generally felt that the City should proceed with the <br />water bonds. There is still some question as <br />whether or not the City should proceed with the <br />restructuring and refinancing of the City's sewer <br />bonds. Mr. Caldwell was invited to speak to Council <br />regarding these two bond issues. <br />Russ Caldwell explained to Council that the water <br />bonds were sent to :EGIC, the insurance company who <br />had the most favorable reaction to the sewer bonds. <br />They indicated at 4:00 p.m. today that they would <br />insure the water bonds and Mr. Caldwell will proceed <br />to finalize the documents. The market has improved <br />somewhat and rates will be a little better. The <br />amount of issue is slightly below $2.6 million. Mr. <br />Caldwell anticipates that the City's schedule will <br />be met in terms of having the money from the water <br />bond issue to finance the water tank. The first <br />reading of the ordinance will be on August 4, 1987, <br />with second reading on August 18, 1987, and closing <br />on August 20, 1987. <br />Mr. Caldwell detailed the information that he, the <br />Finance Director anti the Finance Committee have been <br />examining. The goal was to try to lower the sewer <br />bond payments. The terms that two insurance <br />companies offered were "too stiff" and took the <br />flexibility away from the City in terms of how to <br />use the sewer fund balance. Since the City does not <br />have a project at present, Mr. Caldwell recommends <br />that he monitor the market and advise Council as to <br />the appropriate timE~ to look at this issue again. <br />3 <br />