City Council Minutes 1978 03 21 - Laserfiche WebLink

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ORDINANCE {f584 continued CITY iDMINISTRATOR REPORT ACTUARIAL STUDIES FIREMEN & POLICE PENSIONS PREAPPLICATION HUD FUNDING March 21, 1978 Minutes - page 4 He stated that it was relative to the expansion of the water treatment plant and the Farmers Home Admin. Loan. This is for the funding of $300,000 through the issuance of Municipal Bonds. He then reported that all members of Council had before them a copy of the Ordinance for their review and file. Attorney Joss read Ordinance {f584 on first reading by title only. Councilman Caranci asked about the wording of the title of the ordinance that in- stead of being a general obligation bond as written, shouldn't it state revenue bond. Mr. Wurl stated that the wording istrad- itionally what has been adopted, the reason being that the bonds are more saleable and therefore usually have a lower rate of interest if issued as a general obligation bond. Councilman Caranci moved that Ordinance {f584 be put out for publication. Se- conded by Councilman DiCarlo. Motion carried by vote of 4 - 1. Councilman DiCarlo moved that the City Attorney's report be accepted and placed on file. Seconded by Councilman Caranci. Motion carried. Mr. Wurl stated that the City has re- ceived a letter from the Office of State Auditors relating to the actuarial studies of the pension funds. It was staffs recommendation that the Council authorize the state to do the studies since we do not have a firm that does it now. The firemen pension board agreed to have the state do the study. Councilman Caranci moved that the state perform the actuarial study for the Firemen and Policemen Pension funds. Seconded by Councilman Kilker. Motion carried. Mr. Wurl stated that the City needs to begin their process for the preapplication for HUD funding. The City needs to write a letter to LURA requesting that they hold the necessary hearings on the appli- cation.