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MINUTES OF THE REGULAR ORONO CITY COUNCtt. <br />MEETING HELD ON FEBRUARY 12,1996 <br />(*#14) SEASONAL ROAD WEIGHT LIMITS - RESOLUTION #3678 <br />Kelley moved, Goettcn seconded, to adopt Resolution #3678 establishing the 1996 <br />Weight Limits for City streets from March 15 through May 15, 1996. Vote: Ayes 3, <br />Navs 0. <br />(#15) 1995 REFUNDING BONDS - AMENDED RESOLUTION #3679 <br />Moorse reported that the resolution is an amendment to the resolution approving the ^e <br />of the 1995 GO. Refunding Bonds and relates to simplying the accounting for the debt <br />service of the refunding bonds by consolidating the v arious portions of the new debt from <br />the Water Fund, the Sewer Fund and the new Debt Serv ice Fund into one Debt Service <br />Fund Staff has been working with the bond attorney and the bond consultant to provide <br />a resolution which accomplishes this. The amended resolution was written by the bond <br />attomev and reviewed by the bond consultant and staff. <br />Callahan clarified that the purpose was to establish a new fund in which the debt service <br />would be accounted. <br />Callahan moved, Murr seconded, to adopt Resolution #3679. providing for accounting <br />treatment of sewer revenues and assessments. Vote: Ayes 4, Nays 0. <br />(#16) AMENDMENTS TO 1996 TAX LEVY RESOLUTION #3680 AND DEBT <br />SERVICE BUDGET RESOLUTION #3681 <br />Moorse reported that the Debt Service Budget resolution involved spending in 1996 to <br />call the 1989 bonds at a cost of appro.ximately $1.5 million dollars, which is the proceeds <br />from the sale of the refunding bonds. <br />Callahan asked if this affects the legality of the bonds to which Moorse replied to the <br />negative. <br />Callahan moved, Hurr seconded to adopt Resolution #3680 amending the final 1995 Ta.x <br />Levy collectible in 1996 for Debt Service. Vote; Ayes 4, Nays 0. <br />Callahan moved, Hurr seconded, to adopt Resolution #3681 amending the 1996 Debt <br />Service Budget. Vote; Ayes 4, Nays 0.