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Joint Meeting of the Personnel &Finance Committee&Public Works&Finance Committee <br /> March 12, 2001 <br /> Page 2 <br /> Mr. Rompola then reviewed the funding mechanism which would be created for using COIT <br /> dollars. The mechanism would be similar to the one used to fund the O'Brien School Park project <br /> and the York Road Fire Station. The Building Corporation would issue the bonds and lease the <br /> building to the City. The City would pay the bond obligation by using COLT dollars. The lease <br /> calls for a maximum of a 20-year pay off with the first payment to begin in July. The lease would <br /> be amended to reflect the actual dollars needed once the bids are received. The maximum bond <br /> issue would be $ 10 million in principal. Bonds are proposed to be sold in mid-April with a <br /> closing by the end of April. <br /> Following discussion, Council Member King made a motion, seconded by Council Member <br /> Varner that Bill No. 19-01 be recommended favorably to Council. The motion passed. <br /> There being no further business to come before the Committee, Council Member Aranowski and <br /> Council Member Varner adjourned the meeting at 5:25 <br /> Respectfully submitted, <br /> Council Member James Aranowski, Chairperson <br /> Personnel and Finance Committee <br /> Council Member David Varner, Chairperson <br /> Public Works and Property Vacation Committee <br /> KCF:kmf <br /> Attachments <br /> • <br />