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' 4�4-3� <br /> � <br /> In response to questions, Mr Kuebelbeck stated that Bond Anticipation <br /> Notes imply a commitment by Mobil and that it would be obligatory to <br /> �ssue long term general obligation bonds when the development has reached <br /> the required FMV. <br /> The motion (page S) died for lack of a second <br /> ' MOTION �Councilman Barrett moved, seconded by Councilman Bury, to <br /> issue the bond anticipation notes for the Holly Street Interchange, <br /> the water line and Areas A and B and that staff be directed to do <br /> whatever is necessary in order to do so, and that a poll of the <br /> residents be taken on an advisory basis only. <br /> MOTION RESTATED:� Councilman Barrett, with the consent of his second, , <br /> stated that it is the intent of the motion that the recommendations <br /> _of Williams-Kuebelbeck & Associates, Inc contained in the report of <br /> September 1977 with regard to the bond anticipation notes concept be <br /> approved and that staff work out the legal documents for doing so with <br /> the developer; that the concept is limited to approximately $7 million, <br /> and that some sort of information poll be made of the homeowners. <br /> City Manager Fales advised that his office can proceed according to <br /> the motion and provide alternatives for consideration by the District <br /> Board <br /> City Attorney Schricker advised that it will be necessary to take a <br /> practical view with regard to any poll, since there are Election Code <br /> requirements with regard to advi'sory votes. Mr Schricker suggested <br /> an �nformation clinic for homeowners might be appropriate. <br /> PROPOSED AMENDMENT TO MOTION• Councilman Barrett re�ected the re- <br /> , quest of Councilman Norris to amend the motion to include that 1.0 <br /> per cent of FMV be used as the repayment capacity gu�deline <br /> Councilman Norris stated for the record that he will support the <br /> motion to authorize staff to develop the necessary documents in order <br /> to see what the total package would be. <br /> The motion, as restated, carried unanimously by voice vote. <br /> (MINUTE ORDER N0. 77-2356) <br /> . <br /> Ad�ournment <br /> Upon motion duly made, seconded and carried, the Study Session ad- <br /> �ourned at 5 50 p.m <br /> , <br /> .� <br /> JACQUELINE C HILDEBRAND <br /> Ctty Clerk <br /> ' ` <br /> _g_ Study Session <br /> GID No. 1-64 <br /> 11/7/77 <br /> � <br /> , <br /> ,„ <br />