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are a way government has found to <br />get around going to the voter and <br />asking their permission to go into <br />indebtedness. I don't agree with <br />that process. Part of my theory of <br />getting rid of all of the lease <br />purchases is once we did that I <br />would go forward with an ordinance <br />outlawing that within the City of <br />Louisville. I wouldn't have any <br />problem with eliminating Question <br />No. 3. <br /> <br />Sisk: <br /> <br />As far as an ordinance, I would <br />suggest that the ordinance could <br />still take effect prior to 1996, as <br />to any further lease purchase <br />agreements. <br /> <br />Howard: <br /> <br />The points that were brought up <br />about the ability of the interest <br />rates to increase. That's another <br />reason why we need to have the <br />special election. <br /> <br />Davidson: <br /> <br />Mayer: <br /> <br />We are not asking for new debt. <br />We're asking to change its form. <br /> <br />It's important that Council goes <br />forward with this to ensure the <br />financial stability of the Golf <br />Course. <br /> <br />Mayer moved that Council approve Resolution No. 37, Series 1992, <br />concerning the issuance of General Obligation Bonds of the City for <br />purposes of refunding current indebtedness. Seconded by Howard. <br /> <br />Davidson asked if that was with the elimination of Question No. 3 <br />or leaving it as is. <br /> <br />Mayer stated that he preferred leaving Question No. 3 in. <br /> <br />Griffiths: <br /> <br />I'm assuming your motion relates to <br />the revised Resolution that was <br />handed out tonight and not the one <br />that was in the packet. <br /> <br />Mayer stated that it was the one passed out tonight. <br /> <br />Sisk: I want to vote for it, but I want to <br /> vote for Questions No. 1 & 2. <br />Sisk offered a friendly amendment that Council delete Question No. <br /> <br />11 <br /> <br /> <br />