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utilization of the proposed telephone servi;e <br /> within Boulder County and the City of Louisville. <br /> Mayor Fauson moved that Ordinance 0922 be <br /> published and a public hearing be set for December <br /> li, 1996. Anderson seconded. Unanimous. <br /> APPROVAL OF STC CREDIT <br /> PROPOSAL Rundley explained that the City of Louisville <br /> recently received Storage Technology <br /> Corporation's Reorganisation Plan. Inasmuch as <br /> STC owes the City $56,497.61 for water services <br /> received in 1994 but unpaid, the City of <br /> Louisville is entitled to vote whether or not to <br /> accept or reject the reorganisation plan. City <br /> Attorney Curt Rautenstraus detailed in a memo to <br /> Council how the reorganization plan affects the <br /> City wherein he describes the proposed payment <br /> would include approximately $7,000 in cash, <br /> provide debentures in the amount of approximately <br /> $22,900 and give the City approximately 14,000 <br /> share of common stock in the corporation. <br /> Mundiay stated that it is clear from the staff's <br /> perspective that STC is making a good faith effort <br /> to honor its debt obligation to the City. <br /> Additionally, STC went above and beyond what they <br /> were required to do in 1985 when they advanced the <br /> City approximately $60,000 as partial payment for <br /> its unpaid property taxes. Lastly, STC has a <br /> major impact on the Louisville economy and <br /> acceptance of this plan by STC's creditors will <br /> provide a big boost to STC and its long term <br /> future in the City. <br /> Coun7i1 agreed with staff's recommendation. <br /> Szymanski rated that he would like to see the <br /> stock sold as quickly as reasonably possible should <br /> the reorganisation plan be acceptai by the courts <br /> as the City should not 'be playing stock broker <br /> with City funds. ' <br /> Pauson moved that Council approve STC's Credit <br /> Proposal. Szymanski seconded. Unanimous. <br /> DISCUSSION - PROPOSED LAND TRADE AGREEMENT FOR <br /> NEW SCHOOL SITE Hundley explained that over the past six months <br /> the City of Louisville as been negotiating with <br /> the Boulder Valley School District to ensure the <br /> construction of a third elementary in Louisville. <br /> The site tentatively selected is within Centennia_ <br /> Valley currently owned by Bogart. The School <br /> District, Homart and the City have been discussing <br /> a proposal whereby the City would return <br /> approximately 7 acres of open space along the <br /> 6 <br />