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Phare explained that the shares are for 15 shares <br />of stock in Marshall Lake. 13 shares will be <br />purchased at this time and the right to purchase <br />the remaining two shares. The purchase price is <br />$8,000 per share - total of $104,000 Phare <br />detailed specifics of the contract stating <br />that it is not often that the City is able to take <br />advantage of a large block of shares such as this <br />and recommends Council approve the agreement. <br />Asti-Caranci stated that the water fund has a cash <br />deficit of approximately $30,000. With the <br />approval of the water shares purchase approved <br />tonight plus the approval of this agreement, the <br />water fund would have a cash deficit of between <br />$60,000 - $63,000 less any water tap purchases <br />that may come in prior to the end of the year. <br />This is the equivalent of about six water taps. <br />Mayor Fauson moved that Council approve the <br />purchase agreement for the purchase of 15 shares <br />of Marshall Lake water stock. Mohr seconded. <br />Unanimous. <br />Mayor Fauson moved that Council authorize the <br />transfer of up to $65,000 from the sewer fund to <br />the water fund and t:o be repaid in 1987. Mohr <br />seconded. Unanimous. <br />COMMITTEE OPENINGS Hundley related to Council committees that have <br />opening for appointments. A State Highway Commis- <br />sion opening for this transportation district - <br />Larimer, Boulder & Jefferson counties. He asked <br />Council to give serious thought to nominating <br />someone for the for the appointment. Also, <br />Boulder Valley School District authorized the <br />establishment of a long-range facilities planning <br />committee to look into the issues of new <br />facilities in the school district and each board <br />member will be appointing two people. Hundley <br />asked that Council ask Louisville's Board Member <br />Dr. Dale Vigil to appoint someone from Louisville, <br />possibly someone from the Planning Commission. <br />AUTHORIZATION TO CHANGE STREET LIGHTING CONTRACT WITH <br />PUBLIC SERVICE Incorporated in the 1987 Budget was a change in how <br />the City would be billed by Public Service and <br />also adds an additional responsibility on the <br />Public Works Department. Staff feel that there is <br />a substantial savings that is well worth the risk <br />and the budget reflects this change. Hundley <br />recommended that Council authorize staff to <br />proceed with this contract change. " <br />9 <br />