Minutes 09/25/1984 - Laserfiche WebLink

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~38 TUESDAY SEPTEMBER 25, 1984 Escrow Fund to the Sewer Fund. According to Worth Carter, if we set aside $1,300,000 at 12% interest it will compound to the needed $3,765,000 in 1994; therefore, we should transfer the Escrow Account to the Sewer Fund, and designate $1,300,000 out of the Electric Depart- ment surplus for Electric Department improvements and still have at least $643,000 left in surplus, and probably more, because I under- stand that the $300,000 increase in cost of purchased power from APCO budgeted by Council this year will not take place. In my opinion, Council should reduce the request on the November 6 ballot from $3,325,000 to $1,000,000 in bonds for the sewage plant expansion and improvements because the City has enough money to finance most of the project internally. The result will be to sub- stantially reduce the projected 22~% sewer rate increase which, in my opinion, is not necessary. After receiving a recommendation from the City's Planning Commission that a petition filed by Mr. Willie C. Johnson (seeking the closing-vacating of a section of Lincoln Street) be approved, with certain conditions attached thereto, Council called for a duly-advertised public hearing thereon to be conducted by Council at its forthcoming October 9th meeting. Mayor Cole then declared this meeting adjourned. W. Clerk of Council NOTE: Assistant City Manager-Public Works Director George W. Brown served as Acting City Manager in the absence of City Manager Edmonds, who was on vacation after attending a recent meeting of the International City Managers Association.