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Myron Frazier explained that the money generated by the TIF would free the°thertown.m°ney in the sewer revenue to work on the sewer lines in the rest of Mr. Thomas Shake asked if TIF is the only way to receive the needed revenues? Mike Shaver answered that the town could increase sewer rates, obtain a gneral revenue bond on a sewer revenue bond. However, Tax Increment Finance is the most attractive means of financing at this time. Mr. Shake asked what happens if the revenue generated from the TIF is not enough to pay bond payments. Mr. Frazier stated t2~at case bonds would not be issued and the money received from TIF would be spent on sewer rehabilitation each year instead of bonding the entire project. Faye Shumate wanted to know how l~g it will take to pay the bond issue? Myron Frazier stated that would depend on how n~ch the bond was for and how long the term of the bond. Shirley Welker asked if Tax Increment Financing would assure that there would be no sewer increase? Myron Frazier answered no, however it would m~an that there could be no increase and there definately would not be an inm~diate increase. Council President Edwards stated that without the TIF the town was a-sured a sewer rate increase. Mrs. Welker stated that the sewer fund receipted $858,000 in 1989, is it possible for the town to tighten its belt on spending to stop a rate increase. Councilman Edwards stated that m~ch of the expense of the sewer fund is to meet state mandates such as generators and testing of affluent. asked the Council to table the Tax Increment Financing Mrs. Welker until the next meeting. Councilmmn Dick Heald made a motion to approve the order of the Mooresville Plan Co~,~[ssion approving the declaratory resolution and redevelopment plan. Councilman Jack Forbes second the motion. M~tion carried unanimously. Council President Edwards called for a ten minute recess. The meeting resuned by Council President Edwards stating that the Redevelopment Cc~mission would hold a public hearing for Tax Increment Financing on Tuesday, April 10, 1990 at 7:30 p.m. at the Mooresville High School Auditori~n. M~tion was made by Councilman Heald and second by Councilman Ballard to approve Resolution #2, 1990 a resolution of the Town Council of the Town of M~oresville, Indiana, approving an order of the Mooresville Plan Ccmnission approving a Certain Declaratory Resolution and Redevelopment Plan Adopted by the Town of Mooresville Redevelopment Cc~nission. Motion carried unanimously. Economic Development Director Randy Haymaker asked the Council to meet in executive session, Thursday, April 12, 1990 at 7:30 a.m. in tbm Economic Development office to discuss personnel. The Council approved. Motion was made by Councilman Ballard and second by Councilman Heald to accept the cemetery, mowing bid of Greenwald Enterprises in the amount of $865.00 per mowing and $220.00 for each mowing of the additional acreage. Motion carried. Motion was made by Councilman Heald and second by Councilman Ballard to approve the bills and claims. Motion carried. There being no further business to come before the M0oresville Town Council at this tim~ motion was made by Councilman Heald and second by Councilman Ballard to adjourn. Motion carried. The next regular meeting of the Mooresville Town Council will be held T~esday, April 17, 1990 at 7:30 p.m. at the Mooresville Town Hall. President