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Susan Griffiths: <br /> <br />Along the lines of Amendment 1, I <br />added up the $2.985 million <br />(construction costs), the $300,000 <br />(contingencies), and the $364,000 <br />(pre-construction costs), and came <br />up with $3,649,000. My question <br />would be whether the city has <br />present cash available to pay the <br />$3,649,000? <br /> <br />Phare stated that the Water Fund contains adequate reserves to pay <br />that. <br /> <br />Griffiths: <br /> <br />Trout: <br /> <br />Ail of the future ongoing costs are <br />subject to annual appropriations <br />outside of this $3,649,000? <br /> <br />That's correct. <br /> <br />Griffiths wondered if there was some potential that the city won't <br />be paying out the entire $3,649,000 in 1993. <br /> <br />Phare: Yes. <br /> <br />Griffiths: <br /> <br />I would add as an amendment to this <br />approval language at the bottom of <br />the Council memo, in order to <br />address Amendment 1 and the <br />potential for a payment of some of <br />these funds in 1994, the addition of <br />language that not only would the <br />Council approve the Allotment <br />Contract as stated, but the Council <br />would also approve an irrevocable <br />pledge of present cash reserves to <br />be held for payments due under the <br />Contact in future fiscal years, <br />except those sums which are subject <br />to annual appropriation. The pledge <br />would not include those amounts <br />which are subject to annual <br />appropriation. <br /> <br />Shimmin: <br /> <br />That sounds good to me, Susan. That <br />was the intent by which we set up <br />the structure of the agreement, so <br />that the initial that could be <br />determined at this point, could be <br />subject to a pledge. <br /> <br />Davidson stated that he had talked with Boulder County <br />Commissioners Stuart and Hume. His understanding from them was <br /> <br />6 <br /> <br /> <br />