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Session 1314, Minutes Page 8 August 23, 1982 steps undertaken to analyze bids received on the lease-purchase of the previously ordered fire truck. The first method consisted of investing the proceeds ($269,935) for five years and comparing the total ($497,338) to the total cost of the lease payments plus theoretical lost interest over five years. The second method that was used was a "present value" analysis of the lease payments. A third method was developed whereby the interest earned on the proceeds after the initial payment was used to offset the yearly payment. The balance of the yearly payment would be bud- geted from current revenues. Bids were to be presented to the Council at this meet- ing; however, the staff determined that new bids should be taken at a later date. Therefore, all that was being asked of the Council at this time was their approval of this concept of acquiring the fire equipment. No objections were forthcoming, and several councilmembers remarked that this method was a prudent move by the ad- ministration. RESURFACING OF TENNIS COURTS - HEMAN PARK. ` The City Manager said bids were solicited for the resurfacing of tennis courts in I Heman Park (Nos. 5 - 8). The only response was from U. S. Tennis Court Company in the amount of $7,593. That bid was slightly under the budgeted amount of $8,000, but not enough under to resurface a fifth court. ' Mrs. Metcalfe asked why there was only one bid, and also, if the proposed surface i met the criteria suggested by the group of tennis enthusiasts who have met with the City Manager several times over the summer. Mr. Ollendorff said he did not know why no other contractors bid; however, the company which did bid was recog- nized as one of the best. Concerning the resurfacing, he said there had been dis- cussions with tennis players about repairs to the courts. He noted that City work- ers, who had limited experience in tennis court repairs, were not knowledgable in the proper way of finishing the courts, so it was decided that the best thing to do was to have a professional contractor who was knowledgable in this area do the work. Mr. Levy moved approval. Mr, Schoomer seconded the motion, which carried unani- mously. PERSONNEL REPORT The Personnel report for the week ending August 21, 1982 was received and ordered filed. Mr. Ollendorff pCInted out the decrease in personnel over the last year. POLICE DEPARTMENT REPORT The Police Department report for the month of July, 1982 was received and ordered filed. EXECUTIVE MEETING Mayor Mooney said that in conformance with the new sunshine law, the Council must make an announcement and hold a roll call vote in order to hold an executive session for the purpose of discussing-confidential, legal, personnel or real estate matters. Mrs. Metcalfe moved that the Council hold a closed meeting at 8:45 p.m. August 23, 1982, in Room 2, City Hall, with the purpose of the meeting to be for discussion of legal action, cause of action or litigation. Mr. Adams seconded the motion. Upon roll call, the following vote was recorded: AYES: Councilmembers Lieberman, Adams,