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� OROPdO COUIJCIL T�IE�TIIdG HELD JANUARY 12 , 1976 Page 15 <br /> • Butler movedo Paurus seconded, that the SALARY ADJUSTi�E�1T <br /> �alary of James Franklin be increased from James Franklin <br /> � $984,53 to $1,143. 61 per month, effective <br /> � Decer.tber l�, 1975. tlotion, Ayes (4) - rlays (0) , <br /> � <br /> Dick Denson, City Administrator, presented the REVEr1UE & EXPENDITUR� <br /> � 1975 Tdovember Revenue and Expenditure Report Novem3�er 1975 <br /> stating that 880 of the General Funds had been <br /> � expended through these eleven nonths. <br /> • <br /> ` Dick Benson, City Administrator, stated thato SEt�ER DEBT �t.S1�LY:IS <br /> Please find attached a copy of Improvement Debt, <br /> � Assessments and Tax Levy Study for the City of <br /> Oakdale, prePared by �hlers and Associates. I <br /> • recommend that Orono have a study made of their <br /> S Ilebt Retirement �und, inasmuch as Ordinance No 56 <br /> Establishing The Improvement Bond Redemption I'und <br /> , states that after any i:nprvvement fund financed <br /> by General Obligation Bonds is completec� aIl <br /> * prepaid assessrients ancl tax levie� collected <br /> must be deposited to this fund and all princi�al <br /> � ancl interest must be paid from this fund. The <br /> City has financed six improvement projects through <br /> the years and it would be prudent at this time to <br /> evaluate whether tae are collecting adequate func�s <br /> � to pay off the principal and interest on the <br /> � General O�aligation Bonds sold for the six projectso <br /> All prepaid assessments are invested in either <br /> � Certificates of Deposits or Government Agencies, <br /> with the interest rates fulcuating so rapidly <br /> � it is rather difficult to determine if we are <br /> earning the same rate of interst as reauired by <br /> � the different b�nd sales and assessment rollse <br /> � The investments and rates of interest for �ev�er <br /> � Debt �und are as follows for 1974 and 1975: <br /> � 1974 Investments 1975 Investments <br /> C,D. 3332 at 33�� $ 76,382 CoD. 3813 at 6 3/40 .5120,044 <br /> Call, 33�5 at 8;� 200,000 CeD, 3335 at 6 3/40 2.�0, 000 <br /> * Coi�e 3386 at 84% 100,000 CoD. 3386 at 6 3/40 100, 000 <br /> C.De 35�6 at 10�0 100,000 CoDo 3937 at 6 1/80 90 ,000 <br /> � CoD. 3327 at 84a 180,000 C.D. 3970 at 5 1/4� 160,000 <br /> CoD, 3G5� at £3'-Z% 50,000 <br /> � CeD, 36G0 at �'2� 60,000 <br /> � $7G6,426 $670,044 <br /> � In�terest Earned $ 53,762 Interest �arnecl $ 40,075 <br /> � Tlie cost of this study is estimated to be $?.,000. <br /> �Searles moved Paurus se d <br /> , con ed, to authorize <br /> , $2 ,000 to cornt�lete Orono' s Debt Retirement Fund <br /> stud�, i�otion p Ayes (4) - ilays (0) , <br /> r <br /> • <br />