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223 lr_t.� <br /> July 20,1976 <br /> The regular m o the E t Council w called to order at <br /> meeting <br /> Room tofCthe Everett City Ha July2 'CJI <br /> 1976 with <br /> • thuPresidnL Gipson <br /> priding"and all ecouncilmen in attendance <br /> 1 <br /> SWIMMING POOL AND DRIVING RANGE BONDS <br /> Gordon Hey,Finance Director,introduced Randy V nek of William P <br /> career s n <br /> Company,the financial advisor for the City of Everett <br /> connectionin <br /> with the sale of bonds. He said a <br /> s their joint r - <br /> mendat1Unt authorize Council a nce of c n <br /> ncilmatle bonds in <br /> the total amount O£$460,000for the swimming pool and driving range.g <br /> Councilman Michelson questioned why these were lxC bonds <br /> instead f revenue bonds understood at thetime the driving rawas nge <br /> Council was told revenubonds would be issued <br /> o <br /> 681?flU 1118 facility, �I <br /> explained the difference between revenueand ouncilmatxc <br /> bond• ss as that revenue bonds were sold with the pledge tate the revenue <br /> P the facility would pay fax the bonds and if there v of enough <br /> s <br /> revenuesthen cit d default unless other funds weredesignated1I <br /> to the bonds off. These b a probably c t0 3 per c <br /> higher in interest s cilmatx bends. ilma x bonds <br /> were a thatthethan <br /> wouldfindfunds t nthesetbonds and <br /> that gave the tcity a better credit rating. These bonds were easier to 11 I <br /> sell and would sell at a lower interest rate. <br /> Three schedules of debt servicewere presented t the Council,a ear {, <br /> fifteen years at 6.2, d 20 years t 6,4 her c <br /> Afte• rxc considerable discussion the Council agreed a that the shorter length {{,, <br /> of debt would concurred in the financial advisors „Eg. <br /> recommendation for be <br /> year span, ++kk <br /> On motion the meeting recessed to the Council Chembr,rs. <br /> i it <br /> The ra ular meeting of the B nee at 9:30 a.m. 3...t 1 <br /> in the Council Ch Hall, `1,b1l <br /> Upon po roll call it was found thatall Councilmen were in <br /> attendance. <br /> SWEARING IN CEREMONY Y.�.'}� <br /> Judge S eridan t o 9005th 0th o ff 8111 M 8 fly CCnncil "F <br /> Po ion g6 a�Russ kelt for CouncilxPOavtxo g],00 s j, <br /> MINUTES CORRECTED <br /> Dick Thompson,City Attorney,lexplained t Council that <br /> w Councilman <br /> ber <br /> of <br /> Ebert <br /> acorporationewhoafter <br /> hadl t priorast ouncil to Ju yn21stthat <br /> meetingapurchesed <br /> some vicinity of 33rd end P e felt this mightssiblyd <br /> lictto ane inasmuch Pine. <br /> the motion etedcy n the award eof t construction o improvements in that area, <br /> she requested thathersecond be removed andthatshe be allowed to abstain, <br />