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finance 100% of the costs of the multipurpose community building to <br />the extent bond proceeds are available. The value of all property in <br />CFD 87-1 will need to be established by formal appraisal. The costs of <br />the appraisal can be reimbursed to the City out of bond proceeds. <br />The original appraisal firm for CFD 87-1, Bruce Hull & Associates, Inc., <br />has submitted a proposal to prepare the needed appraisal, at not to <br />exceed $9,000. Whipple, Kinsell & Co., Inc., estimates the proposed <br />sale of the second series of bonds could be completed within approximately <br />four months. <br />City Manager Sotelo recommended the Council authorize the selling of <br />a second series of bonds by CFD 87-1 and that Council approve the <br />hiring of Bruce Hull & Associates to prepare an appraisal report for <br />the issuance of a second series of bonds and direct the City Manager <br />to execute the proposed contract. <br />Mr. Bill Fawell, Whipple, Kinsell & Co., stated they were the financial <br />consultant on first isssue of CFD 87-1. Mr. Fawell reiterrated that the <br />second bond issue would not result in an increase of special taxes to <br />the property owners, the maturity date would be 2018, same as the <br />first issue and that the Council could move ahead with the bond sale <br />and determine the use of the bond proceeds at a later date. <br />Upon Council concensus, no action was taken, the Council desiring <br />additional time to look into the proposed second bond issue for CFD 87-1. <br />ADJOURNMENT: <br />Moved by Councilman Lofy, seconded by Councilman Roman and unanimously <br />passed, Mayor Gonzales adjourned the Meeting at 7:18 p. m. <br />26�e�eq, 7,4-'Z'77� <br />HELEN A. RAMOS, CMC <br />City Clerk <br />City of Colton <br />2 <br />JUS 4 19M <br />