SPECIAL MEETING

The Fairbank City Council met in Special Session on Monday, September 29, 2003. Mayor Welsh called the meeting to order at 6:00 P.M. Members present: Suckow, Frost, Plaster, Woods and Kayser. Also present: Jim Peters, City Attorney and Marlene Strempke, City Clerk.

Motion by Plaster, second by Suckow to approve the agenda as presented. Roll call vote—Ayes: Plaster, Suckow, Frost, Woods and Kayser. Nays: None.

Representatives from Fairbank State Bank were present to explain various amortization schedules and spread sheets. It was decided to make both pure TIF loans and not go with GO Bonds even though the interest rate is ¼ percent higher. The Assisted Living Loan is scheduled to be paid off in 2007 and the Pool Construction Loan will be for 13 years.

Motion by Kayser, second by Frost to set a Public Hearing for Monday, October 13, 2003 at 6:05 P.M. for the Assisted Living Project. Roll call vote—Ayes: Kayser, Frost, Plaster, Suckow and Woods. Nays: None.

Motion by Suckow, second by Woods to adjourn at 7:02 P.M. Roll call vote—Ayes: Suckow, Woods, Kayser, Plaster and Frost. Nays: None.

___________________________________

Maurice Welsh, Mayor

________________________________________

Marlene Strempke, City Clerk