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• • <br />(2} <br />Bond Issue <br />The Board discussed having a bond issue for the following program of <br />park developments- <br />~. Vermont' ~ Park Site <br />2 15th Street N.W. Site <br />3 Freedom Park <br />4 Hansen Park <br />5 Totem Pole Park <br />6) Creek View Park <br />7 Silver Oak Site <br />The Board was informed that a bond issue, if passed, would accelerate <br />and guarantee all of the indicated priorities in the Capital Improve- <br />ments Plan for 197--78. Discussion for such a bond issue in various <br />areas throughout the community indicated questionable=support in the. <br />downtown, Totem Pole and Sunny Square areas. Dahl questioned if a <br />bond issue, regardless of the result, would affect the present Capital <br />Improvements Plan. Gunderman :fe~.t that we are running a high risk <br />of losing projects for 1975-76 if a bond issue vrerepursued and not <br />successful. It was pointed out that projects in the present Capital <br />Improvements Plan would remain until official change occured. Sullivan <br />asked what was the correlation of the survey results to the bond issue. <br />It U.ras explained that the survey results were ambiguous because no <br />dollar figures were included in questions relating to the bond issue. <br />Questions regarding "bond indebtedness" were asked and the Board was <br />informed that the present recommended limit for the City was $795,000 <br />for the year of x.975. Jaskinski questioned the maximum bond indebtedness <br />and was explained that state statutes limit the total amount of bond <br />indebtedness for cities and that the recommended bond indebtedness limit <br />is established in order to maintain a high bonding rate. He further <br />asked how the figure of $795,000 was determined. It was detailed that <br />statutes allow municipalities to bond up to 6-2/3/ of their total <br />accessed value. The estimated accessed value for 1975 is 59 million <br />dollars9 therefore, allowing legal limits of $3,933,000. The recommender: <br />limit is $1,915,000. The existing debt V,rill be $1,120,000. The amount <br />available for bonding is determined by subtracting existing debt from <br />recommended limits. Dahl indicated a committment to residents of the <br />Vermont Park and 1.5th Street N.W, sites to projects already iricluded <br />in the Capital improvements Plan for 197--78 and asked what was actually <br />included in these projects. It was answered that '75 sitework would <br />include grading and installation of utilities and in '76 development <br />projects would include play apparatus, ball fields and skating facilitie~~ <br />Gunderman expressed a need to examine closely items possibly to be <br />included in a bond issue. <br />Motion by Smith to have a Park Bond Issue in December of 3.97-for <br />1/2 million dollars. Motion was seconded by Dahl. Motion was defeatedv <br />6 - Nayes 0 - Ayes <br />