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<br />APPROVAL <br /> <br />RESOLUTION #18 - WATER BONDS <br />DUNN KRAHL - BOND REPRESENTA- <br />TIVE FOR BOETTCHER & CO. <br /> <br />7/7/81 <br /> <br />Page - 4 - <br /> <br />use a form or criteria type of thing. <br />It was his suggestion that if Council did <br />decide on a criteria, don't be too rigid <br />or set it in concrete. <br />Administrator Wurl suggested perhaps a <br />criteria be developed by using forms similiar <br />to those of other cities and have legal <br />opinions. <br /> <br />Attorney Rautenstraus read Resolution #17 <br />Industrial Revenue Bonds - POW WOW in its <br />entirety. The amount of the bonds. requested <br />was $1,000,000 to develop land, including <br />water and sewer, street improvements, as <br />a site for, and construct, improve, and <br />equip thereon structures, buildings, and <br />related and appurtenant facilities for <br />use as a rodeo park. <br />Attorney Rautenstraus advised the City <br />would not be obligated in any way for the <br />repayment of the bonds. <br /> <br />Councilman Meier moved that Resolution <br />Industrial Revenue Bond for Pow Wow be <br />proved. Seconded by Councilman Brown. <br />Roll Call vote: <br />Domenico <br />Heier <br />Brown <br />DelPizzo <br />Fauson <br />Motion carried 4-1. <br /> <br />1/17, <br />ap- <br /> <br />- No <br />- Yes <br />- Yes <br />- Yes <br />- Yes. <br /> <br />Dunn Krahl, representing Boettcher & Co. <br />made a prc~sentation of using the escrow funds <br />on the 1976 Water Bond issue to allow a <br />reorganization and use the funds to invest in <br />higher interest rates. There is a provision <br />which allows reorganization and use of the <br />escrow fWlds. In doing this the City can <br />receive 1/+/15% yeld rather than the 7% which <br />is the present earning yield. This process <br />will cost the City $25,000 in fees, i.e. <br />legal, CPA, and reorganization, and the <br />City would receive $43,000 after the trans- <br />action. <br />