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, 10 <br /> I' ! <br /> • <br />' 1 January 11,1984 <br />- , moved by c013110,./Ilan pope,seconded by Councilman Michelson,to close <br /> the public hearing. . <br /> President Stephenson asked if anyone else wished to speak and no one <br /> replied. <br /> . Roll was called with all Councilmen voting Y... <br />. . <br /> Motion Carried ; <br /> ICOUNCIL BILL NO.8312-105 ., <br />. , <br />, . <br /> FINAL READING: <br />. , <br /> IAN ORDINANCE relating to special excise tax to . <br /> , be added to the special excise tax assessed , <br /> under 001172999 09.396-76{MC 3.64). <br />: I Moved by Councilman Overstreet,seconded by Councilman Gipson,that , <br /> I' this is declared to be the final reading of Council Bill No.8312-105 )) <br /> and the City Clerk is directed to call the roll for the final dispositice, <br /> of the ordinance. <br /> Councilman Pope spoke against the motion because of the indefinite <br /> nature of the project,additional funding that will be needed and the I..) <br />, <br /> I fact that the industry wee egeinet the iecrease. <br />. , <br />. in answer to a question from Councilman Overstreet regarding the bond <br /> issue,Bill Cushman,Finance Director,said the City would have to <br /> r ' wait a year to determine the amount this increase would generate,but <br /> felt$66,000-$100,000 was an appropriate estimate. The 91900 issue was <br /> based on the$100,000 per year figure at 94. <br />, ) Dick Kennedy,of Seattle Morthwest Securities,!raid the bonds in the % <br /> principal amount of$700,000 for a period of 15 years woul1 result in <br /> 677181 principal 2110 11329083 of$1,323,000. <br />) <br /> Moved by Councilman 09p8.seconded by Councilman Michelson,19 10119 ., <br /> , the motion to adopt the ordinance until input is received from the ' <br />' Chamber of Commerce regarding their position on this and until paper- , <br /> work is available setting forth the project this 0990 8111 30 9420 <br /> Councilman Morrow said it appeared this tax would hamper the industry's f <br /> .efforts to be competetive and expressed concern with economic recovery I- <br /> ' . <br /> in the community. He felt the amount of money generated by this <br /> tax increase was small in compa.ison to the agony it might cause. . <br /> . Roll was called on the motion to table with all Councilmen voting no, 'f, <br /> except Councilmen Morrow,Pope and Stephenson,who voted Yes. <br /> ,. Motion Failed <br /> Roll was called on the motion to adopt the ordinance as follows: 1 <br /> 0911 0091. Ayes: Overstreet,Langus <br /> Nays: Michelson,Morrow,Pope,Gipson,Stephenson <br /> Ordinance Defeated. <br /> Bruce Tones asked that Council recognize the efforts of the bond <br /> people in preparing the ordinance today. I'f' <br />