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Mr. Shonkwiler asked that his comments during the <br /> previous Agenda Item also be consider as part of the <br /> record for consideration of the zoning request. <br /> Mayor Fauson asked for anyone wishing to speak <br /> either in favor of or in opposition to this <br /> Ordinance. None. <br /> Mayor Fauson closed the public hearing and called <br /> for a motion. <br /> Mohr moved that Ordinance $931 be adopted. <br /> Szymanski seconded. By Roll Call Vote, Ordinance <br /> $931 was adopted unanimously. <br /> UPDATE - CITY WATER AND SEWER BOND <br /> ISSUES Rundley explained that staff is working with Russ <br /> Caldwell of Kirchner Moore and Co. regarding the <br /> water bond issue to finance the City's proposed new <br /> water storage tank and the possible refinancing/- <br /> restructuring of the City's sewer debt. The Finance <br /> Committee met earlier in the evening and it was <br /> generally felt that the City should proceed with the <br /> water bonds. There is still some question as <br /> whether or not the City should proceed with the <br /> restructuring and refinancing of the City's sewer <br /> bonds. Mr. Caldwell was invited to speak to Council <br /> regarding these two bond issues. <br /> Russ Caldwell explained to Council that the water <br /> bonds were sent to FGIC, the insurance company who <br /> had the most favorable reaction to the sewer bonds. <br /> They indicated at 4:00 p.m. today that they would <br /> insure the water bonds and Mr. Caldwell will proceed <br /> to finalize the documents. The market has improved <br /> somewhat and rates will be a little better. The <br /> amount of issue is slightly below $2.6 million. Mr. <br /> Caldwell anticipates that the City's schedule will <br /> be met in terms of having the money from the water <br /> bond issue to finance the water tank. The first <br /> reading of the ordinance will be on August 4, 1987, <br /> with second reading on August 18, 1987, and closing <br /> on August 20, 1987. <br /> Mr. Caldwell detailed the information that he, the <br /> Finance Director and the Finance Committee have been <br /> examining. The goal was to try to lower the sewer <br /> bond payments. The terms that two insurance <br /> companies offered were "too stiff' and took the <br /> flexibility away from the City in terms of how to <br /> use the sewer fund balance. Since the City does not <br /> have a project at present, Mr. Caldwell recommends <br /> that he monitor the market and advise Council as to <br /> the appropriate time to look at this issue again. <br /> 3 <br />