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bonds from the net revenue derived from the City's Sanitary Sewer <br />System; providing for the payment and discharge of the outstanding <br />bonds being refunded; and providing other covenants and details in <br />connection therewith." <br /> <br />Davidson opened the public hearing. <br /> <br />Forrest Cason, Vice President, Kirkpatrick Pettis, 1700 Lincoln <br />Street, Denver, Colorado, stated that the results of the bond sale <br />pricing have been better than what they had anticipated. He stated <br />that the present value savings will be $180,000, 8% of the par <br />value of the outstanding debt. They received an insurance <br />commitment from FGIC. He explained that the aggregate of being <br />able to shorten the debt service payments on the outstanding debt <br />by three years shows a cumulative debt service savings of <br />approximately $1 million and a net present value savings of <br />$150,000. <br /> <br />Davidson called for anyone wishing to speak on Ordinance No. 1145. <br /> <br />NONE <br /> <br />Davidson closed the public hearing and called for Council comments <br />or motions. <br /> <br />Howard moved that Council adopt Ordinance No. 1145, Series 1994, an <br />ordinance refunding sewer revenue bonds on second reading. <br />Seconded by Sisk. Roll call was taken. Motion passed by a 7 - 0 <br />vote. <br /> <br />Tami Tanoue, acting City Attorney, stated that there is one <br />technical correction on page 54 reflecting that Tami Tanoue, rather <br />than Susan Griffiths was present for the City Attorney. <br /> <br />DISCUSSION/DIRECTION - SUBDIVISION REPLAT AND PUD A~RNDN~.NT FOR <br />CO~ TRAIN SQUARE SUBDIVISION - NORWEST BANK <br /> <br />Lathrop asked to be excused due to being a shareholder in Lafayette <br />State Bank. <br /> <br />Davidson excused Lathrop. <br /> <br />Sisk wanted an legal opinion on participating on this issue, <br />although he asked to be excused also at this time due to a conflict <br />of interest. <br /> <br />Davidson excused Sisk and stated an opinion would be sought. <br /> <br />Paul Wood, Planning Director, stated that the amendment is to <br />cor~struct a 4,200 s.f. bank/drive through facility on proposed Lot <br />1 located at the northwest corner at the intersection of South <br />Boulder Road and Hwy. 42, directly west of the Diamond Shamrock <br /> <br />4 <br /> <br /> <br />