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02-12-1996 Council Minutes
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02-12-1996 Council Minutes
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MINUTES OF THE REGULAR ORONO CITY COUNCIL <br />MEETING HELD ON FEBRUARY 12, 1996 <br />( - #14) SEASONAL ROAD WEIGHT LEVHTS - RESOLUTION #3678 <br />• <br />Kelley moved, Goetten seconded, to adopt Resolution 93678 establishing the 1996 <br />Weight Limits for City streets from March 15 through May 15, 1996. Vote: Ayes 3, <br />Nays 0. <br />( #15) 1995 REFUNDING BONDS - AMENDED RESOLUTION #3679 <br />Moorse reported that the resolution is an amendment to the resolution approving the sale <br />of the 1995 G.O. Refunding Bonds and relates to simplying the accounting for the debt <br />service of the refunding bonds by consolidating the various portions of the new debt from <br />the Water Fund, the Sewer Fund and the new Debt Service 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 />attorney 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, Hurr 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 />• <br />Moorse reported that the Debt Service Budget resolution involved spending in 1996 to <br />call the 1989 bonds at a cost of approximately $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 Tax <br />Levy collectible in 1996 for Debt Service. Vote: Ayes 4, Nays 0. <br />Callahan moved, Hun seconded, to adopt Resolution #3681 amending the 1996 Debt <br />Service Budget. Vote: Ayes 4, Nays 0. <br />it <br />
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