1967 Jan to Dec - Laserfiche WebLink

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R V94 15 '67 Councilman Rosselli questioned cash fund balances and was advised by Mr. Davis the bond funds remained the same but cash balances in all cases up. Councilman Bury questioned whether any change had been made in the tax exempt status as he had been questioned on this aspect. Mr. Davis stated Bond Counsel contended bonds are tax exempt, but that this subject had been discussed for years in Con- gress as to the advisability of removing the exemption from municipal securities; one of areas attacked being that of industrial development bonds where industrial plants were being built by municipalities. He stated so far no action had been taken and it was their feeling such action would be quite remote. Councilman Bury also questioned fair market values quoted against assessed valuation, and if on a current market, and relation to proposed Marine World. Mr. Davis stated figures quoted a matter of judgment of the Appraisers and their figures had been used; that fair mar- ket value considered value when improvements are in and figures quoted indicating Marine World will have put in monies agreed to, plus participation by owner -developer. Councilman Henderson questioned whether final document to be presented for Council's approval next week would be submitted to Council in advance of the meeting for study, and was advised by Mr. Davis final document should be forwarded latter part of the next week. City Manager assured Council that document would be submitted as soon as it was received from Stone & Youngberg. Councilman Henderson also asked that an accounting of expenditures from the Series A bonds be submitted to Council. (Memo 5/16/67) Councilman Henderson made reference to several publications containing information concerning bond sales, and in particular the municipal financing news contained in a recent circulation by Stone & Youngberg containing descriptions of official statements. She questioned Mr. Davis on document prepared for Series A Bonds, and refer- ence to statement in the Series A Bond Sale, Official Statement, concerning recommendation for levying of a tax, but which was not levied nor mentioned in the proposed document. Mr. Davis stated this had not been mentioned as state- ment contained bond service aspects only. City Manager advised there was a "m & o" tax recommendation to be presented in the current budget. Councilman Henderson also questioned statements made concerning approvals received by the BCDC but with no indication of those still needed. Mr. Davis reviewed statements made and felt they were not misleading because of By lands which had not been approved for development, and felt statements made very valuable. Councilman Henderson also questioned whether industrial acreage should be stated as in previous Document when certain changes in the planning have been made indicating acreage statistics for industrial land should be reduced. Mr. Davis stated figures on this acreage had been presented by Staff of DMJM. Mr. Charles Blair of DMJM, stated answers would be completed after conclusion of Planning Commission hearings. Councilman Henderson questioned whether these figures should be corrected in the final bond prospectus.