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<br />: Fj6' <br />~ f _ (. <br /> <br />MONDAY, NOVEMBER 25, 1985 <br /> <br />to the foregoing larger tract of land. Council also authorized the preparation of <br /> <br />deeds of transfer therefor, with authority given to City Manager Brown to execute <br /> <br />said deeds. (Note: of the sum of $49,500.00, the City is to receive $24,919.50 <br /> <br />under its option agreement with the local Economic Development Corporation.) Mean- <br /> <br />while, at the request of Vice-Mayor Severt, City Manager Brown is to prepare a re- <br /> <br />port-tabulation of amount(s) of proceeds received by the City from the sale of land <br /> <br />within the Industrial Park. <br /> <br />City Manager Brown, in his report entitled, "Recommendations for Financing General <br /> <br />Repair of Roof(s) on Six (City) School Buildings", informed Council that it is esti- <br /> <br />mated that the six projects, five of which have already been approved for State <br /> <br />Literary Fund financing and the sixth is expected to be approved momentarily, will <br /> <br />cost $880,000.00, although monies from the State Literary Fund (to be loaned to the <br /> <br />City at an annual interest rate of 4% and for a period of twenty years) will not be <br /> <br />forthcoming until the projects shall have been completed and the exact cost is then <br /> <br />ascertained (probably in September of 1986), for which up to $880,000.00 will be <br /> <br />available from said Literary Fund. Accordingly, City Manager Brown reported, a <br /> <br />special committee recently authorized by Council to study ways and means of financing <br /> <br />the cost of the roof repairs (pending receipt of Literary Fund monies) now recom- <br /> <br />mends that interim financing be obtained locally for the period beginning December <br /> <br />23, 1985--June 30, 1986 (or to the end of the City's current fiscal year), with the <br /> <br />City investing such of local borrowings as may be available at a rate approximately <br /> <br />2% higher than the Literary Fund loan rate and, furthermore, with the City to pay <br /> <br />principal and accured interest due at June 30, 1986. Following that date and trans- <br /> <br />action, consideration is to be given to either renewing-extending the local loan for <br /> <br />the period remaining on the construction contract(s) or to borrowing fromaselected <br /> <br />City fund to complete the project(s), whichever is more economical. Council <br />