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Svc <br />MINUTES OF A SPECIAL MEETING OF COUNCIL <br />Village of Mayfield <br />June 2, 1980 <br />The Council of the Village of Mayfield met in special session on <br />Monday, June 2,1980 at 8:48 P.M. in the Village Hall. Council <br />President ProTem, Lawrence J. Flynn presided. <br />Roll Call: Present: Messrs., Boger, Carmen, Flynn, Mrs. Hanus, <br />and Miss Trask <br />Absent: Messrs., Bennett and Spellman <br />Also Present: Mayor Beebe, Gus Amendola, Robert Beatty and Dale <br />Feneli <br />Mr. Flynn stated the purpose of the meeting was to consider legis- <br />lation for the borrowing of funds for the completion of the new <br />Service Building and any other matter that may come before Council® <br />Mr. Beatty clarified for Council the need to borrow the monies to <br />pay the contractors for work previously done and enough monies to <br />totally complete the Service Building, including all the site work. <br />Mrs. Hanus questioned when the monies would lbe available. <br /> Mr. Beatty replied there is a 30 day referendum waiting period by <br /> law <br />Mr. and we should have the money the <br />Boger questioned if the building first week in July. <br />will have==actually cost a <br /> tota l .of $830,000? .. <br /> Mrs. Hanus stated in fairness to Mr. Amendola,.she didn't feel,nor <br /> did Mr. Boger., that this total amount was actual Building Costs. <br />Mr. Beatty clari~c~~i?ed that it is a combination of Building and Site <br />expense with inflation causing the total. to be higher than <br />anticipated to no fault of anyone in particular. <br />Mr. Beatty commented the interest on the $600,000, is due July <br />24th and this money will .'Dome out of the general fund. <br />Mr. Feneli suggested the format for passage of the legislation <br />presented in letter form from Bond Counsel be followed and Mr. <br />Beatty agreed: <br />Maturity Certificate for $600,000. was read by Mr,, Beatty. Mr. <br />Beatty commented that in essence it is merely a document, signed <br />by the Finance Director, stating that the assets are in fact <br />sufficient to cover the amount of monies borrowed. <br />Mr. Carmen questioned the fact that we are borrowing $600,000 <br />which had been borrowed a year ago. <br />Mr. Beatty explained that prior to the maturity date of the note, <br />which was for one year, legislation must be passed to pay the <br />interest only and then borrow the same principal amount again. <br />Mr. Boger questioned how long this can be done? <br />