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523 <br /> December 21,1980 <br /> said that these bonds can be marketed in today's market at almost <br /> any contribution level. However at the time this comes to market, <br /> O et tions may have chan0etl he lav levels oT security <br /> urlty may naves <br /> negative impact on this antl Other LIDS. ec it <br /> He sale to conclusloe he r mmended the city re euiee a Guaranty <br /> d Contribution ox imilar"credit enhance[ent of t least 10%fo YI <br /> ,t 'et 126. He would xecom e1d to he proptogye ^ars oP <br /> o tl theheloped properties thaf thei passes LOCa to avoidat pitast ing <br /> theh cost <br /> of as amount of their acapitalizing <br /> Cod T the contribution require <br /> to Oshonorcvi undeveloped <br /> lune. He also <br /> recommended that city iaquixe LDCs on all untleveloped pxopextias. <br /> Htwe o also es mded thatto hatty texakeetatlaslet ane of the P0l0Owin4 <br /> increase <br /> asescothe°PmanGuaranty tF t d"cilevel ablevel oof P10%r"through LID <br /> property owner contributions, tax levies or other funds, or (2) <br /> maimain a level of at least 10%for all improved (residential o <br /> me katebillty"of Stas LID deltkend=1.1=.17.V% the cityTa <br /> other funds. <br /> President7,:s,Tnt.T.g.xs concerned about adding additional charges after <br /> j <br /> Bruce Jones, City Bt[orney, said [his had been discussed with the <br /> property 0wnees during the process of LI0 COO. <br /> inserted tn"thevresolution and Nr.d Jones segreedtters this P Shaus <br /> houndn bhoultletloneb". <br /> Councilmembei N ow said he was having trouble adding charges o <br /> the current LID� n ;i� <br /> COuncilmember Overstreet suggested inserting In the resolution that <br /> LIDS coming to closure In 1989, 5%,coming to closure in 90,B%and <br /> beyond 1890,10%so that there is a schedule that the City and the Id <br /> =Tee o rerknow Crt 3sllben0 g in00liu othelstbionhee <br /> eu <br /> e oPGa^tdos suggested the words should be "in addition to or in <br /> Mx. Jones said he would have reedy for next week's council a <br /> new <br /> eu cili"vhSCht Wo ld readg"^Theu8C1[y"Cou1 it hereby°establislyitlstha <br /> policy of requiring each LID to include aladditional coat far <br /> increasing the LID Guaranty Fund, unless otherwise limited by <br /> special benefit,far all LIOs coming to closure in 1989 at 5%,1990 <br /> at 8%and 1991 at 10%. 8s an alternative or an addition pr°pertc <br /> similar seowners curities.at ieix initiative, provide letters of Credit ° <br /> COUNCIL BILL NO.8812-123 <br /> SECOND READING: <br /> AH ORDIN%NCE closing the^Evergreen Way Sipnali2ation", FunO I <br /> 328, es established by Oetlilanee No. 55 Med, a mended by <br /> I <br /> l <br /> 1 <br />