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150 <br /> <br /> Ms. Rossi indicated that in 1993 with the existing mortgage, the annual debt service <br />payment would be $L1~-0,000. that would be projected then to decrease in 1994 with the <br />refunding bonds to $782,000; a reduction of approximamly $360,000. In the current year the <br />projected deficit is $260,000. and with the refunding it would result in a surplus of <br />appwximately $I04,000. The surplus would grow over a period of time and the~ in a ten year <br />projection it grow up to $1 60,000/year and the funds would go back to the pwperty owner as <br />p~gayment for those advances. <br /> <br /> It was moved by Ms. Scfibner, and seconded by Ms. Mohr, that Resolution No. 93-86, be <br />adopted, authorizing the issuance, sale and delivery of Moilgage Revenue Refunding Bonds in <br />an aggregam principal amount not to exoeed $11,500,000 for the purpose of refunding bonds <br />issued to provide financing for a multifamily rental housing project known us Gatewood <br />Apartments, determining and prescribing certain matters relating thereto, and approving and <br />authorizing related actions and the execution and delivery of related documents. <br /> <br />The roll call vote was as follows: <br />AYES: Councilmembers Dennis, Mohr, Pico, Scfibner and Mayor Tarvet <br />NOES: None <br />ABSENT: None <br />ABSTAIN: None <br /> <br />7. REPORTS OF THE CITY ATI'ORNEY <br /> <br />8. LEGISLA. TIVE UPDATE REPORTS <br /> <br />Item 8a <br />ReVort on Senate Bill 1313 (SR93:283) <br /> <br /> Ms. Acosta presented the staff report. <br /> <br /> It was moved by Ms. Sc~bner, and seconded by Ms. Mohr, directing staff to <br />communicate Council's opposition to Assembly Bill 1313 (Willie Brown) regarding sales tax <br /> <br />The roll call vote was as follows: <br />AYES: Councilmembers Dennis, Mohr, Piun, Sc~bner and Mayor Tarvet <br />NOES: NOne <br />ABSENT: None <br />A TAU : None <br /> <br />07/06/93 10 <br /> <br /> <br />