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November 28,2001 <br /> Jany Braaten attested to the solid credit of the City and that the bonds can be paid <br /> down so any time without penalty.He said that the City is borrowing at a tax- <br /> exempt rete and the City's investments are <br /> ' sled in taxable investments.It is <br /> abnormal to defer principalpayments.Schools,hospitals end public utility • <br /> not <br /> do it quite often. <br /> Councilorember Gipson questioned how often we receive the real estate excise tax <br /> and how much is mots-Muted m CP H.Mayor Hansen responded monthly and <br /> approximately$1 million. <br /> Councihnember Campbell voiced that this is a smart financial move for the City. <br /> The City does have the ability to pay and by far has one of the strongest financial <br /> positions by doing this. <br /> Councilmembar Warnock stated that he realized that the City has money in the <br /> bank but that we should be cautious with sysodisg the money that has been saved <br /> It's a manes of priority.He asked if the City has even extended a debt out Me this <br /> and not paid principal and interestpaymmts. <br /> Mayor Hansen stated Wt the golf course was also funded this Way. <br /> Councilmember Pope stated that the policy bas been that the city would not bond <br /> itself beyond ys%We are significantly below Mal. <br /> Councilmember Gipson clarified that questions need to be asked as it is thein <br /> fiduciary responsibility. <br /> President Simpson asked for public comment.There was none. <br /> Moved by Councilmember Pope,seconded by Cousoilmember Anderson to <br /> close the public hearing. <br /> Roll was called with all eoaoilmembers voting yes. <br /> Motion carried. <br />