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000255 Regular City Council Meeting January 22, 2007 Page 4 Mayse Lake water rights. Gene told Council for Spaces 3, 4, and 5 the principal amount was $4,716,436.00, and would require monthly payments in the amount of $1,139,231.00 should they elect the five year option; monthly payments in the amount of $581,600.00 should they elect the ten year option; monthly payments in the amount of $409,742.00 should they elected the fifteen year option; and monthly payments in the amount of $326,954.00 should they elect the twenty year option. Council Member Fendley suggested they place an action item on the next Agenda. Ernie stated he would like to talk to a couple of attorneys to obtain additional information and bring it back to Council at a later time. B. Report by Director of Community Development regarding telephone system improvements. Lisa' Wright reported to Council that the telephone system currently in place was purchased ten years ago and the City pays an annual fee in excess of $14,000.00. She stated with the expansion of the Fire Department and Public Works, the City had outgrown the current system. Lisa told Council she had spoken with the telephone vendor, Cedar Creek Technologies, and it was determined it would be less expensive to purchase a new systems. Lisa explained to purchase the new system would cost the City annual increase of $1,000.00 for three years. In the fourth year the City would save a substantial amount of money, because the payments would cease and there would no longer be line charges. Lisa asked that this item be added to the lease purchase list previously approved by Council. Council Member Wilson wanted to know why they were not going out for bid. Lisa said the equipment was bid through state contract. 13. Adjournment. There being no further business, the meeting was adjourned at 7:12 p.m. pffl-aze, G� IN [411 V.111 . N Q�nl,e UObD ONICE ELLIS, CITY CLERK