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Session 1727, I"linutes <br />July 13, 1998 <br /> <br />4 <br /> <br />Ms. Colquirt said that she liked the idea of floating a bond issue and moved to have a <br />bond issue. Mayor Adams said that he would hold her motion in abeyance for a <br />second, in order to deal with the motion currently pending on the floor. <br /> <br />Mr. Schoomer suggested to the Third Ward Councilmembers that they attempt to set up <br />a neighborhood improvement district to pay for this, since he believes it will be very <br />difficult to get the City, as a whole, to approve a bond issue. <br /> <br />Mayor Adams said that to even consider a bond issue means setting up a bond <br />committee and their recommendations could take many, many months. We also have <br />to consider whether or not we want a tax increase. <br /> <br />Mr. Wagner said that a bond issue should not be decided on quickly. We should have <br />to discuss and study it. <br /> <br />The motion passed unanimously. <br /> <br />The Mayor asked if Council wanted to deal with bond issue question further. <br /> <br />Mr. Schoomer said that Council just passed a motion to approve federal funding. This <br />has to go now to East-West Gateway, so we will know how they plan to prioritize it or if <br />they plan to consider at all. At that point, we should ask the bond issue question or <br />other financing options should be discussed. Mr. Ollendorff said that the application to <br />East-West Gateway would be due to them in early 1999. They will hold hearings in April <br />of 1999 and make the decision very shortly thereafter. By this time next year, we will <br />know whether we are going to get federal funds. The funds that we would be applying <br />for would be for 2001. We will also ask them to allow us to trade with a bridge that was <br />approved earlier to receive money in 1999. <br /> <br />Mr. Sharpe asked if the bond issue process would interfere with the federal funding <br />process. Mr. Ollendorff said that it would not. Mayor Adams said that it would not <br />interfere, but he thinks that it would be confusing to the residents. In his historical past, <br />they have never done a bond issue for bridges, but had done some for roads. They did <br />attempt to do a bond issue election in the past to take care of a variety of neighborhood <br />concerns dealing with the flooding of the River Des Peres. Outside of the effected <br />neighborhoods, the bond issue was defeated overwhelmingly. <br /> <br />Mr. Sharpe said that he agrees with Mr. Wagner that we should discuss and study this <br />further, because he is not prepared to vote one way or the other. Mayor Adams said <br />that he was not prepared to vote for a bond issue either and even if we did, we should <br />look at more than just that one bridge. He reminded Council that the School District, <br /> <br /> <br />