City Council Agenda and Packet 1978 04 04

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eNara AIL ilinutes - page 4 liIP ORDINANCE #584 He stated that it was relative to the continued 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 Honda. Ha then reported that all members of Council had before than a copy of the Ordinance for their review and file. Attorney Joss read Ordinance #384 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 is trad- itionally what has been adopted, the reason being that the bonds are sore saleable and therefore usually have a lower rate of interest if issued as a general obligation bond. Councilman Caranci moved that Ordinance #584 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. CITYADMINISTRATOR REPORT ACTUARIAL STUDIES Mr. Wurl stated that the City has re- FIREMEN & POLICE PENSIONS 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 authorise the state to do the studies since we do not have a firm that does it now. The fireman 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. PREAPPLICATION HUD Mr. Wuri stated that the City needs to FUNDING 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.