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Show , ,Gfy Council Cent! jos Jo Sludy -..On Ons System Purchase Pron&sa! Mo:i! City iVuncil mcm- ims met T'.ii'-iil.iy owning ,, iwl ivn!iM'il Ilu ni:ijfTty I t hoi c ili.-vussum juvuiul ,,v.. it1 proposal ;i: ii 1 1 a so of ";ah li.is Sen i i-o t'onip. li vVy.s M.iy M- WintVril rutu--. Yiuvl that nut of the iu-:ii'iis which wvi'i !V'.l:!lt Up OlMU'tM'lUl woi . iiiT in the agreement .hiih wolilJ bo si.cueil by A ho City if tho purch;ise y jj niriveil upon. Somo nuoslions brought up inoludod Iho legality of tho pun liaso by tho City. A ft or somo invosti. nation, I'ity Attorney Koh-iMt Koh-iMt Ku.vei'i told the t'oun-eilmen t'oun-eilmen that sueli a purchase pur-chase was local. The loss of revenues from taxes to tho school was iilso a point at issue. After some discussion dis-cussion it was decided that such revenue could be made up by paying the schools the money and charpin;4' such payment to the company. Furchase price which was set for the company is listed at $1.2'.K..000 with no down payment and tin-company tin-company owners will take all bonds for a "0 year period during which time payments will be made out for revenues from the company com-pany operation. lHirini; tho SO years, after payments pay-ments anil expenses are met, the City would keep 7" per cent of tho surplus with the remaining 25 per cent Roinjr into a surplus fund to be used against emenrencies. All forecasts on the feasibility fea-sibility study were set at the 1070 low and allow lor no new homes, no now connections, no new industrial indus-trial hookups. Approximately $127,000 per year could be expected expect-ed l"r;m the operation, said Mayer Win ford Bunee. Out id' that amount would hav.i to come payment on thi bonds. lbirinir t.he first two years, tlie City would pay only interest on the bonds, about ,Sl,,ri00 pin- year. They would then begin payments in the amount id' $15,000 per year and these payments would increase in-crease as the interest amount, am-ount, went down. Mayor l'unce indicated that some decision on the purchase would probably be made around the first of April. The mayor also said that a public meetiiu: might i'ossibly be called for later this month. The next meeting of tho council will deal with pro. blems with dogs in the City, according to the Mayor Ma-yor who indicated that some ordinances may even have to be changed to make enforcement more stringent. |