City Council Minutes 1994 12 06 - Laserfiche WebLink

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Davidson opened the public comments calling for anyone wishing to speak on this ordinance. NONE Davidson closed the public comments and called for Council questions. Howard commented that the city's debt service from 1995 - 2003 would be $295,000. He asked if all of that debt service would come out of the city's sales tax. Cason stated that that is the average of the annual debt service payments over that time period. He explained that the projected revenues in 1994 in the Sales and Use Tax Open Space Fund are approximately $455,000, growing significantly to in 1995 to over $550,000. Lathrop asked Cason his expectation for the interest rate structure over the short term over the next six months to a year. He wanted that put into the perspective of where the city is today with their interest rates and how that reflects the last three years. Cason stated that in the last year the interest rates are about a whole percentage point above where they were, so at this time the interest rate outlook is good. Lathrop did not feel the need to pursue the bonds now, not knowing what the city is going to buy, for what amount, and whether it is even for sale or not. Keany agreed. Davidson felt the city should buy open space land as rapidly as the land could be purchased. Sisk moved that Council adopt Ordinance No. 1170, Series 1994, as an emergency at second and final reading. Seconded by Howard. Griffiths asked if that motion included all of the amendments that were provided to the Council at this meeting. Sisk agreed and seconder, Howard accepted that. Roll call was taken. Motion passed by a 6 - 1 vote with Lathrop voting against. Keany moved that Council direct the City Attorney to prepare an ordinance stating that any excess sales tax revenue from the Open Space Sales Tax Fund, above the repayment scheduled that had been laid out for the city, any additional sales tax from any new retail development above and beyond what Council had outlined in the next issue and this one for repayment, be put in reserve for early call of the bonds, before Council purchases additional open space. Seconded by Howard. Roll call was taken. Motion failed by a 3 - 4 vote with Davidson, Mayer, Sisk, and Lathrop voting against.