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�A represented five or even possibly 10 to 12 bond houses all over the United States. Mr. Wilson agreed,that this was a high bid. The interest rate of the sale of the $500,000 averaged 3.58%* He stated that there were two alternatives. The City could carry the bonds themselves, or amend the procedure to add 10% to the tax levy. The 10% levey would provide additional security which might tend to bring in a better bid., Mr. Taylor was in the audience and stated that he did not know if the bonds would commend a better bid if held up for two months. He stated that they have six bond houses as their associates. These bond houses include houses in Chicago and New York. Councilman Britschgi wanted to know if it would not be better to sell the amount which is needed at this time and offer $2509000 and throw this bid out and readvertise. Mr. Wilson stated that he did not think this would be wise for some of the bond houses would not bid on this small amount. They do not like to MAN bid on less than $500,000. City Attorney Currie asked that he be excused from the meeting to meet and discuss this problem further with Assessor—Auditor Brophy and with Attorney Wilson. They were excused and the matter deferred for a short period. PUBLIC HEARING, CONTINUATION OF HEARING ON COATS APPLICATION TO REZONE PROPERTY AT VALOTA AND WOODSIDE ROADS. There were no written protests, The Mayor asked the Clerk to read the January 9th minutes so that the audience might know what action had been taken. After the reading of the minutes the Mayor asked that any action that had been taken before not be repeated at. this time. The Clerk read the letter from the Planning Commission wherein they recommended that the Official Plan Lines paralleling Woodside Road from Valota Road to Massachusetts Avenue be adopted as drawn up by the City Engineer. Mr. Thomas Tuite, Jr. Spoke in opposition to this rezoning stating that he was opposed to all C -1—H zoning now and in the future. He spoke at some length against further commercial zoning in the outlying districts. Mr. Gerald Wagstaffe, representing Fayal family, spoke in favor of rezoning property on the outskirts of town. He stated that in the future when his clients ask for rezoning they will provide off street j parking without the need of a City bond issue. He suggested that the Council have the Planning Commission make a survey of the area and then the Council could vote on the whole area. Mr. Erwin Eiger, owner of property between Fayal and Coats, spoke against the rezoning, stating that he was in the process of building 40 apartment houses. He stated that when he purchased the property and planned their apartment buildings they had no knowledge at that time of this proposed commercial rezoning. Mr. Frances Britschgi spoke in regard to the commercial rezoning in the outlying districts. It was his opinion that the plan lines should be observed. Councilman Stout wanted to know if the State had designated any set back lines on Woodside Road. City Engineer Jain stated that the State asked for 17' set back lines on both sides of Woodside Road. The State eventually wants to make Woodside Road a six lane road 100' wide. Councilman Britschgi stated that there is a little more to this than meets the eye. He can't quite see WASO accepting the Plan Lines and then not voting for commercial rezoning. He would be very hesitant to agree or approve the Planning Commission recommendation here of the denial of the application and then go along and set the plan lines. They might have to take off the plan lines completely and allow apartment houses and if this is done he doesn't agree to allow the plan lines and not have commercial rezoning and still expect the pg®ple to put in the side street. He was of the opinion that items 18 and 2 on the agenda should both be considered before any council action is taken. Councilman Royer was of the opinion that they should set the public hearing on the plan lines and continue this hearing. He stated that they should take some definite action on the plan lines for side road even if the apartment houses are built. Councilman Royer moved that the public hearing be continued to January 30th and that a public hearing be set for Jauary 30th on the plan lines. Councilman Stout seconded