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8/7/84 <br />Page -9- <br />stated <br />Mr. Rupp/the period that he envisioned hav- <br />ing the financial analysis done and presented <br />back to Council would be within the month of <br />August. <br />Councilman Leary Commented that he did not feel another con- <br />Parameters for Financing sultant would be able to verify the figures, <br />even though they have municipal financial <br />experience. He did feel that we needed to <br />hire such a person but also strongly felt <br />that Council needed to set forth some general <br />philosophies that the consultant is to work under. <br />Under_ the scenario that was presented tonight, <br />he felt that it went away from where Council <br />is going rather than refined it. He felt <br />that there were certain parameters that Council <br />felt very strongly about that needs to be laid <br />out first. <br />Some of his suggestions would be some type bond- <br />ing but not amounts that are not for improve- <br />ments that are needed irrespective of growth. <br />Commented that the 700 homes that were built <br />a ye<~.r ago did not pay enough money and per- <br />haps this was true of previous ones. He <br />did not think the population base should have <br />to pay those costs of growth. One other op- <br />tion would be prepayment, then if building <br />drops off the City would not be paying the <br />interest, it would be the developers. Another <br />option would be that if a developement does <br />not materialize, a guarantee that they will <br />pay the short fall that the City has, or split <br />that among the developers. Other things <br />that were needed was something more than <br />$100,000 balances at the end of the year. He <br />would feel much more comfortable with a <br />million dollars a year as a contingency than <br />$100,000. Further he did not think that we <br />should be developing scenarios that lead us <br />to 30 million dollars surpluses. <br />One other point in the watering operating fund <br />we have been budgeting some depreciation, so <br />there is some contingency for replacing pipes, <br />equipment and facilities. However if the <br />operating fund is running in a deficit, this <br />would be one of the last priorities. <br />Councilman Luce Wished to add another criteria to Councilman <br />Leary's suggestions and that would the ex- <br />amination of tap fee increases. He also <br />commented that typically when one hires a <br />