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<br />I <br /> <br />I <br /> <br />I <br /> <br />. Regular Meeting of March 15, 1965 ':'> 1 ,v~~. <br />asked Mr. Sassara to explain this proced~e which he did bt -. <br />explaining that HHFA was' agreeable to receiving an applicat10n <br />from the City to underwrite the Street Improvement Bonds at the <br />established Government rats'of interest if no private buyer was <br />willing to meet that rate or a lower rate; that he had discussed <br />this with the First National Bank of Anchorage which had purchas- <br />ed the previous bonds and they were interested in this and would <br />meet with him the following day to advise their decision; that <br />again because of the emergency situation everything needs to be <br />hurried as much as possible though he thought the City was fami- <br />liar with this procedure~ in having employed it in connection. <br />with the 1962 Water Improvement Bonds; that to accomplish this <br />an application to HHFA is necessary and the City Manager needs <br />to be authorized to file such an application and provide other <br />information which HHFA may need. Resolution No. 432 was then <br />read as follows: <br /> <br />RESOLUTION NO. 432 <br /> <br />Resol~tion authorizing filing of application with the Housing <br />and Hame Finance Agency, United .States of America, for a loan <br />under the terms of Public Law 345, 84th Congress, approved <br />August 11, 1955, as amended. <br /> <br />WHEREAS, under the terms of said Public Law 345, the United <br />States of America has authorized the making of loans to public <br />agencies to aid in financing the construction of specific public <br />projects: <br /> <br />Now, Therefore, Be <br />The Common Council <br /> <br />1. That <br /> <br /> <br /> <br />2. <br /> <br /> <br />This Resolution to be in full force and effect immediately upon <br />passage and approval. Passed and approved this 15th day of <br />March 1965. <br /> <br />The City Manager advised that Mr. Sassara had been in Seattle <br />in discussion with HHFA regarding this and that they were expect- <br />ing this document from the City and Mr. Sassara assured the Coun- <br />cil that which ever way the Council wished to go in this matter <br />was perfectly satisfactory to HHFA. Councilman Lewis - I move <br />that Resolution No. 432 be adop~ed at this time. seconded by <br />Councilman Zentmire. all in favor. <br /> <br />Mayor Stockton asked if this was all that was standing in the way <br />of the paving program at this time. Mr. Sassara said that this <br />should move along and that it was just a matter of paper work, <br />Clmn. Kirkpatrick asked how much time was involved and Mr. Sassara <br />said that it should move right along and as soon as the sale of <br />the bonds was agreed to the money could be secured through bond <br />anticipation notes which would provide very cheap money with which <br />to start the project. <br /> <br />Clmn. Zentmire asked what was the status of the Lorraine Crane <br />and the Manager it should be in Anchorage at this time. Clmn. <br />Vincent asked if the City Manager could anticipate the digging <br />necessary at this time and the Manager said many streets would <br />have to have quite alot of digging and he mentioned some of these. <br />Clmn. Vincent said he was thinking of Railroad Avenue where there <br />was some drainage and main work needed and thought also there were <br />~ny number of places where thaw wires should be installed. The <br />anager said he had asked the water foreman to report on this as <br />he now has the as built plans and agreed that certainly any under- <br />~ound corrections had to be made before the paving work started. <br />The Council suggested that if ClDm. Vincent had any knowledge of <br />such pr'Jb1-~m& 'thai"J hA '0+, <br /> <br />