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Minutes of the Special Meeting of Council Monday, June 23, 2014 Page 4 So, what does that leave us then? At the end of this year, that leaves us, not counting the bond, what kind of debt? Mr. Wynne stated, the $4.2 million is in that $7.9 million. Council President Buckholtz asked, the $3.7 million is in what kind of debt? N1r. Wynne replied, there will still be $1.1 million in the debt line that we roll over every year. This year we increased the payout from $500,000 to $800,000 so it will be $1.1 million for that Note. Council President Buckholtz asked, and that's an annual? Mr. Marquardt stated, we can pay that one down. Mr. Wynne replied, you can pay that off altogether next year if you wanted to. Council President Buckholtz asked, what's the rate on that? Mr. Wynne replied, 1%, actually less than 1%. The others are debts we incurred in doing some sewer projects a.nd the SOM Center Road widening project that are all funded by either TIFs or special assessments on the homeowners or businesses that benefited from those projects. Council President Buckholtz stated, as usual you have done your homework. Any other questions? There were none. Mr. Marquardt stated, you will have to amend the motion. Council President Buckholtz asked for an amendment for the motion to instruct the Finance Director to pursue refunding the 2006 LTGO bond with the private placement with Huntington Bank. ? Motion to amend the previous motion to read "Motion to instruct the Finance Director to pursue refunding the 2006 LTGO bond with the private placement with Huntington Bank." Dr. Parker, seconded by Mr. Marquardt, made a motion to amend the previous motion to read "Motion to instruct the Finance Director to pursue refunding the 2006 LTGO bond with the private placement with Huntington Bank." Council President Buckholtz asked, any additional questions? There were none. Roll Call: AYES: All NAYS: None Motion Carried Motion Amended