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<br />l36 <br /> <br />TUESDAY <br /> <br />SEPTEMBER 25, 1984 <br /> <br />by a recorded vote, Council convened into an Executive Session for the purposes of <br /> <br />considering: <br /> <br />A. The possible disposal of certain City-owned real property; <br /> <br />B. Nominees from whom would be appointed a successor to Mr. James W. <br />Hare as a citizen representative on the Board of the West Pied- <br />mont Planning District Commission (Mr. Hare being no longer <br />eligible for this post because of his having moved outside of <br />the City); <br /> <br />C. Legal matters within Council's jurisdiction, in consultation <br />with legal counsel and with briefing by staff members; and <br /> <br />D. A personnel matter. <br /> <br />Upon reconvening into regular session, Council took no action on any of the matters <br /> <br />considered in Executive Session. <br /> <br />In connection with the sewer bond referendum scheduled for November 6, 1984, and <br /> <br />(with) the financing of proposed improvements to the City's sewer system and expan- <br /> <br />sion of its sewage treatment plant, Councilman Groden presented the following written <br /> <br />statement which Mayor Cole suggested be studied further by Councilman Groden and Vice- <br /> <br />Mayor Severt for report back to Council at its forthcoming October 9th meeting, at <br /> <br />which time Council might consider requesting that the sewer bond referendum, in <br /> <br />effect, be cancelled: <br /> <br />According to Dick Fitts, our Director of Finance, at June 30, 1984, <br />the unaudited accounts of the City's utility funds were as follows: <br /> <br />Electric $ 2,414,790.00 <br />Sewer 308,855.00 <br />Water 644,266.00 <br />Hydro Dam <br />Escrow 2,128,115.00 <br /> $ 5,496,026.00 <br /> <br />Out of these accounts Council has committed $500,000 to the Leather- <br />wood Water Project and about $500,000 to the General Fund to pay for <br />op~rating expenses which leaves $4.5 million. <br />