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<br />49 <br /> <br />TUESDAY <br /> <br />DECEMBER 18, 1984 <br /> <br />funds. Meanwhile, Councilman Groden asked for a clarification of Mayor Cole's <br /> <br />November 30th communication regarding this matter and Vice-Mayor Severt requested <br /> <br />information(inadvance of Council's forthcoming January 8th meeting) as to (1), of <br /> <br />past program units processed, how many were owner-occupied and how many were rental <br /> <br />properties, (2) "turn-over" history of past program units, (3) details on income <br /> <br />criteria for the proposed "Southside" HRP project, and (4) what would be proposed, <br /> <br />in the form of housing rehabilitation in the "Southside" area, if only $227,300.00 <br /> <br />is made available for that area. <br /> <br />Council unanimously directed that a duly-advertised public hearing be conducted by <br /> <br />Council at its forthcoming January 8th meeting to afford citizens the opportunity <br /> <br />of expressing their opinions and/or wishes on a proposal--supported by Council-- <br /> <br />to request the 1985 Session of the General Assembly to amend Section 9 of Chapter <br /> <br />6 of the City's Charter whereby, in effect, the responsibility for the collecting, <br /> <br />depositing, safekeeping, and disbursing of all local monies would be transferred <br /> <br />from the office of the City Treasurer to that of the City's Director of Finance. <br /> <br />Atter receiving from Finance Director Richard D. Fitts various alternatives for <br /> <br />the investing ot $2,251,4/0.00 (recently authorized to be transferred from the <br /> <br />Electric Department's tlRidgeway Hydro Escrow Account" to the Sewer Bond Fund) in <br /> <br />an effort to accumulate $3,350,000.00 in the Sewer Bond Fund forty-two months <br /> <br />hence, and with Mr. Fitts noting that a 12% rate, compounded, would be required <br /> <br />but is not currently available, Council expressed consensus with Mr. Fitts' sug- <br /> <br />gestion that said $2,251,470.00 be invested for a term of forty-two months if the <br /> <br />effective interest rate and/or yield will be at--or above--1l%. <br /> <br />Council unanimously referred to the Planning Commission, for its consideration <br /> <br />and recommendation, the inclusion (as suggested) in the City's recently-updated <br />