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150 Ms. Rossi indicated that in 1993 with the existing mortgage, the annual debt service payment would be $1,140,000. that would be projected then to decrease in 1994 with the refunding bonds to $782,000; a reduction of approximately $360,000. In the current year the projected deficit is $260,000. and with the refunding it would result in a surplus of approximately $104,000. The surplus would grow over a period of time and then in a ten year projection it grow up to $160,000/year and the funds would go back to the property owner as prepayment for those advances. It was moved by Ms. Scribner, and seconded by Ms. Mob. r, that Resolution No. 93-86, be adopted, authorizing the issuance, sale and delivery of Mortgage Revenue Refunding Bonds in an aggregate principal mount not to exceed $11,500,000 for the purpose of refunding bonds issued to provide financing for a multifamily rental housing project known as Gatewood Apartments, determining and prescribing certain matters relating thereto, and approving and authorizing related actions and the execution and delivery of related documents. The roll call vote was as follows: AYES: Councilmembers Dennis, Mohr, Pico, Scribner and Mayor Tarvet NOES: None ABSENT: None ABSTAIN: None 7, REPORTS OF THE CITY ATFQRNE. Y There were none. ~, LEGISLATIVE UPDATE REPORTS Item 8a Report on Senate Bill 1313 (SR93:283) Ms. Aeosta presented the staff report. It was moved by Ms. Scribner, and seconded by Ms. Mohr, directing staff to communicate Council's opposition to Assembly Bill 1313 (Willie Brown) regarding sales tax exemptions. The roll c~ll vote was as follows: AYES: Councilmembers Dennis, Mohr, Pico, Scribner and Mayor Tarver NOES: None ABSENT: None ABSTAIN: None 07/06/93 10