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original agreement: gives an undivided one-third <br />interest to all three parties of the entire parcel <br />with an easement granted to Louisville for use of <br />the reservoir. The City proposed that the <br />agreement be revised to reflect that the City of <br />Louisville would have one-third interest for that <br />area immediately around Louisville Reservoir where <br />the City is concerned with expansion. Then agree <br />to some common development restrictions consistent <br />with open space uses. <br />Luce disagreed that the agreement should go back <br />to the Planning Commission as this item has been <br />discussed in several different contexts including <br />public hearings over the last three years. <br />Leary noted that the expansion of the Louisville <br />Reservoir has been part of the City of <br />Louisville's Capital Improvement Plan for several <br />years and this agreement would allow the expansion <br />to take place anal would also provide for open <br />space at no additional expense to the City. <br />Fauson moved that. the pending draft of the <br />Steinback Agreement be sent back to the Planning <br />Commission to negotiate the suggested changes by <br />staff. Mayor Meier seconded. The motion was <br />defeated 5-1 with Fauson voting yes. <br />1984 AUDIT - FINANCIAL <br />STATEMENT Asti-Caranci answered questions from Council <br />regarding the 1984 Audit. <br />Leary disagreed with the auditor's recommendation <br />regarding the consolidation of funds. "Fees <br />collected for particular purposes should be <br />directed back into that specific fund, not be put <br />into the general fund. Funds should be kept <br />separate for accountability purposes." Approval <br />of the 1984 Audit need not include the approval of <br />management recommendations or suggestions. <br />Leary moved that the 1984 Audit and Financial <br />Statement be approved. Mayor Meier seconded and <br />the motion was passed unanimously. <br />INTERFUND LOAN Staff recommended a.n interfund loan in the amount <br />of $450,305 from the Sewer Fund to the Water Fund <br />for the purpose o~f offsetting the current cash <br />deficiency in the Water Fund. <br />Prepaid tap fees are among the accounts <br />receivables from Homart ($632,079.50), Columbine <br />($140,375.00), and McStain ($117,915.00). This is <br />creating a liquidity problem in the Water Fund. <br />9 <br />