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block of water rights, met all the objectives. <br />Williamson stated that this refinancing is not <br />inconsistent with the goal of funding depreciation <br />because every water right that is in the City's <br />portfolio is worth more now that when acquired. The <br />availability of funds is very important in <br />negotiating water rights as the major acquisitions <br />recently negotiated required cash. <br />Sackett concurred with the analysis and feels that <br />the present value cost of $114,000 is worth the <br />benefits outlined and discussed. <br />Mayor Fauson closed the public hearing and called <br />for a motion. Carnival moved and Mohr seconded to <br />adopt Ordinance #997, Series 1989, on second and <br />final reading. By roll call vote the motion passed <br />6-0. <br />ORDINANCE #998, SERIES 1989 - ALLEY VACATION - CORRIGAN SUBDIVISION - <br />15T READING, <br />SET PUBLIC HEARING Read by title only, Ordinance #998, Series 1989, "An <br />Ordinance vacating a portion of an alley located in <br />Corrigan Addition." Staff is requesting the <br />Ordinance be placed out for publication and a public <br />hearing set for October 17, 1989. <br />Franklin explained that Norman Elms has requested <br />that the City vacate a 20 ft. wide undeveloped <br />right-of-way located south of his property. The <br />right-of-way is being used for utility purposes. <br />Boulder Valley School District has also requested <br />retention of a pedestrian access easement for which <br />Mr. Elms agrees to deed a utility and a pedestrian <br />access easement to the City. <br />Mayor Fauson moved and Ferrera seconded to place <br />Ordinance #998, Series 1989 out for publication and <br />a public hearing set for October 17, 1989. Motion <br />carried. <br />RESOLUTION #23, SERIES 1989 - CENTENNIAL 8 <br />REPEAT Read by title only, Resolution #23, Series 1989, "A <br />Resolution approving a Plat for Centennial No. 8 <br />Replat A." <br />Franklin explained that McStain Enterprises Inc. is <br />requesting approval of a replat of a portion of <br />Centennial No. 8 Subdivision. The replat will <br />result in 9 fewer lots in the original 120 lot <br />subdivision. The lots within the replat will be <br />larger, averaging 7,500 s.f. than the lots in the <br />portion not replatted which average roughly 6,000 <br />s.f. in area. The replat will also revise the <br />right-of-way at Washington Avenue/McCaslin Blvd, as <br />