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Sessi~ 1594, Minutes Page 4 <br />OMay 19, 1993 <br /> <br />agreement that the rest of the work should be funded by abort] issue of about <br />$500,000, as ~ended. <br /> <br />Mr. 011endorff noted that $364,000 a year is ~ to stay current on build- <br />ing, street, etc. repairs; a few y~s ago, the City spent about $300,00, but <br />currently is spena~ng c~ly $140,000. If sales and use tax revenues material- <br />ize as e~, sc~e of that money can go for infrastructure. Mr. Wagner <br />said a plan should be in place to ma~e sure ~ alley work is ~ so that <br />work does not fall so far b~ that it ~ ext~,~]y e~ive to catch <br />up. Ms. T~u~hly d~ussed Paw items might be ~iuuped for a bond issue, that <br /> <br />ment of the form~ skatir~ rink, mi~lt be placed separately. Various options <br /> <br />were discussed, but no ~ was reached. ~here was brief discussion on <br />the Tivoli building and additicr~ll parking for this area. <br /> <br />Ma. T~ly was asked to o~,.,~nt c~ the cost of a bcra issue; she said a $2 <br />million1 issue ~ver a 10 year payback period would ~aa a debt service of 8.7 <br />cents to the tax rate (the ~ paid back each year would be $253,000). A <br />bcra issue of $1 millic~ would be half that amount. <br /> <br />Mayor Majerus asked Council to think about the possibility of floating a bond <br />issue; a decisic~ will meea_~ to be reached very soel if a bond issue o~,u~attee <br /> <br />A~ril, 1994 ballot. Fur. 011endorff said this a~-~ic~ will be surmk3rized <br />for Council to study before they meet to ~n~ec~-ide what course to take. Mayor <br />Majerus sugges~a that Council meet at 5:30 p.m. June 7, just prior to the <br /> <br />After thanking Mr. 011endorff, Mr. Norfleet, and Ms. T~u~bly for their excel- <br />lent work c~ the budget, Mayor Majerus adjourned the meeting at 9:24 p.m. <br /> <br />Dolores A. Miller <br />City Clerk <br /> <br /> <br />