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Page 2 <br />~~~ ~~ <br />Mr. Beatty stated that the monies were borrowed to construct the <br />building with the intention of paying the interest at the end of <br />the one year period and perhaps some monies on the principal out <br />of the general fund and borrow the balance owed again. This <br />procedure can be used over an eight year period, with, after the <br />first five years, from the date of issuance of the original <br />issue of the Notes, the period thereof in excess of five years <br />shall be deducted from said maximum maturity of the Bonds. Since <br />the General Fund is not sufficient to pay on the principal, the <br />entire $600,000 has to be re-borrowed. <br />Mr. Boger asked what amount of interest are we paying. <br />Mr. Beatty stated the note was for 6/ but it may be higher when <br />the note is rolled. <br />Mr. Boger said it might be wise to not pay on the principal and <br />invest the money. <br />Mr. Beatty replied,that-it might be feasible but all facts would <br />' have to be considered at the time of maturity. It might be possible <br />to put the bonds out at the end of this year, depending on the money <br />market. <br />Mr. Boger;: seconded by Miss Trask, made a motion to accept the <br />Maturity Certificate for the $600,000 Notes., <br />Roll Call: AYES: All <br />NAYS: None <br />1 <br />Motion Carried <br />Certificates Accepted:: <br />Ordinance 80-37, entitled: "AN EMERGENCY ORDINANCE TO ISSUE NOTES IN <br />THE AGGREGATE PRINCIPAL AMOUNT OF SIX HUNDRED THOUSAND DOLLARS ($600,000) <br />IN ANTICIPATION OF THE ISSUANCE OF BONDS FOR THE PURPOSE OF PROVIb°ING <br />FUNDS FOR THE CONSTRUCTION'OF A SERVICE BUILDING AND SITE IMPROVEMENTS <br />THEREFOR." Introduced by Council as a Whole. <br />Mrs. Hanus; seconded by Miss 'Trask, made a motion to suspend the <br />rules of law requiring an ordinance to be read on three separate <br />occasions. <br />Roll Call; AYES: All <br />NAYS: None <br />Motion Carried <br />Rules Stzsperided <br />Mr. Carmen, seconded by Mrs. Hanus, made a motion to pass <br />Ordinance 80-3~7. <br />Ro11 Ca11: AYES: 'All <br />NAYS: None Motion Carried <br />Ordinance Passed <br />Maturity Certificate for $230,000 was read by Mr. Beatty which <br />tracks the other certificate except for amounts <br />Mr. Carmen questioned why two ordinances? <br />I~9.r. Beatty clarified the $600,000 originally borrowed was the <br />estimated cost and the additional $230,000 is a more realistic figure. <br />