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Regular City Council Meeting <br /> Monday, September 12, 2011 <br /> Page 19 <br /> cilmember Pust advised that her intent in asking sooner was to determine if there <br /> were other available options; and advised that her intent in suggesting that the <br /> project be held up was based on her concerns about the cumulative effect of eve- <br /> rything being attempted this year. <br /> Public Comment <br /> A Bench Handout was provided from Georgeann R. Hall, 385 Transit Avenue in <br /> support of direct bonding for the new fire station, attached hereto and made a part <br /> hereof. <br /> No one else appeared to speak for or against the proposed project. <br /> Roll Call <br /> Ayes: Willmus; Johnson; and Roe. <br /> Nays: McGehee. <br /> Abstentions: Pust. <br /> Motion carried. <br /> Adopt Resolution Acknowledging the City's Intent to Issue Fire Station Capital Im- <br /> provement Bonds (Former Consent Item 7.g) <br /> Mayor Roe briefly reviewed the intent of this request, formerly included on tonight's <br /> consent agenda; and as detailed in the RCA dated September 12, 2011. <br /> Johnson moved, Willmus seconded, adoption of Resolution No. 10927 (Attachment A) <br /> entitled, "Resolution Establishing Procedures Relating to Compliance with Reimburse- <br /> ment Bond Regulations Under the Internal Revenue Code;" declaring the City's intent to <br /> issue capital improvement bonds to reimburse itself for the costs associated with the con- <br /> struction of a new fire station. <br /> Roll Call <br /> Ayes: Willmus; Pust; McGehee; Johnson; and Roe. <br /> Nays: None. <br /> b. Receive the Estimated Debt Service Costs for the Fire Station and Park <br /> Bonds <br /> Finance Director Chris Miller provided a brief summary of the information pro- <br /> vided in the staff report dated September 12, 2011. Mr. Miller advised that the in- <br /> formation provided was for the benefit of the community and the City Council, <br /> with final details remaining pending at this time to illustrate impacts to property <br /> owners for the various terms outlined. <br /> Fire Station Projection (Attachment A) <br /> Discussion included median value home assumptions; twenty(20) year versus fif- <br /> teen (15) year terms for bond issues; a conservative estimated interest rate of <br /> 4.25%; existing and anticipated market conditions for a bond issue; public hearing <br />