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<br />balance each year over 15 years. If you have another bond issue <br />at three years and then go out any further, it would mean that <br />you'd have from the sixth year to the fifteenth year money <br />coming in, but meanwhile you'd have to take care of a bond <br />issue. <br /> <br />,1.- -" ~,1. 1 <br />-.- . <br /> <br />,.~. ~R. MULCAH)': ,,!-'hat~s_the problem.~,don't .see any"peopl,~. <br />m 't'h~ aud1:errce--saY:Lti<r"'th~ant"tO"'''Pay=i'trdrea13eu -e~xe~~' ". <br />help Mr. Hansen out. Any volunteers? <br /> <br />, <br />J _A' <br /> <br />MAYOR WOODBURN: As a point of fact, I don't think we <br />would be paying extra taxes. We would be carrying $9,000 at <br />the end of six years, which I'm sure would be financeable <br />internally and we'd be getting 10% interest on that. I think <br />we have enough money to finance $9,000 in six years and at <br />the end of that period of time - six years or something - it <br />would be paid off. <br /> <br />MR. POPOVICH: Your big problem is not this isolated <br />incident, but the precedent you're going to create in the <br />future when other similar situations come before you. You <br />take it on a case by case basis - which obviously you can do - <br />I'm not speaking for or against (inaudible). We do provide <br />deferment for those over 65, but that's a rare situation when <br />that occurs. The statute provides for that. As to the <br />others - it's a matter of looking on a case by case basis, <br />determining if there's any hardship, and then if anybody else <br />comes in on another improvement yet this year or next year <br />and points to this - then you have to be able to distinguish <br />why you wouldn't apply it to them as for somebody else. You <br />start down that road of deferring a lot of improvements, and <br />it could be a problem. That's all I'm saying. $9,000 isn't <br />going to make or break the City - I'm talking about the <br />principle that's involved. <br /> <br />MAYOR WOODBURN: Normally, if it isn't development <br />property with a developer, properties are assessed at 10 or <br />l5 years. <br /> <br />. <br /> <br />MR. POPOVICH: The only reason we moved from that 20 <br />years - remember, a number of years ago everything was spread <br />out over 20 years equally - but as the market got worse, <br />then everyone started shortening up on their bond issues to <br />make things more palatable. You will recall in 1982 when we <br />were selling bonds where interest rates were. Something ten <br />or fifteen years - even on definitive financing, very few <br />cities are going out over 15 years. The majority are l5 <br />years or less. The reason for that - it also affects the <br />credit rating with Standard & Poor's and Moody's Investors <br />Service. We do have a good credit rating and part of it is <br />the active participation and the meeting of debt (inaudible) <br />without delaying it needlessly. That's a subjective factor. <br /> <br />MAYOR WOODBURN: <br />anybody over a period <br />party. <br /> <br />I don't think we've ever assessed <br />less than ten years - for a private <br /> <br />-9- <br />