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point will that come to us and council for approval or does it? Mr. <br />Johnson said it doesn't specifically prescribe that but what it does do is <br />set up monthly financial statement and update reports that require them to <br />provide financial statements and to have quarterly meeting to discuss. <br />Councilmember Lipton said, that would be a matter for the Board and do <br />we have a member on the board. He stated it's the Board that approves <br />the contract and not the individual City's, is that correct? Mr. Johnson <br />confirmed and stated that it's the Windy Gap Project Enterprise that will <br />be undertaking the debt contracts, etc. Mayor Stolzmann commented <br />that her question regarding Group Financing hasn't been answered yet <br />and continued saying it sounds like we should go into this with the <br />assumption of financing it ourselves and then after we get the information <br />that convinces us we should do the Group Financing then we could do an <br />amendment. Councilmember Lipton agreed that is important and we <br />shouldn't lock into something at this point and time. Mr. Kowar asked if <br />Mr. Johnson could clarify/discuss how we would make those things <br />happen at the same time and stated that we aren't going to make any <br />decisions without coming to Council to say this is where we see ourselves <br />voting as a board member. Mr. Johnson referred to Exhibit A to the <br />Allotment Contract sets out the total capital outlay for the project initial <br />capital cost and then for each participant what percentage they have and <br />how they are paying for that whether its cash or loan. That would be part <br />of the contract that is approved and ultimately executed by each entity. <br />Mr. Johnson continued with once that is approved what the District is <br />telling them is once they start the withdrawal process they resist making <br />any changes. So this should be decided before the Contract is approved <br />at the October 6 meeting. Councilmember Lipton stated that this will <br />come to Council in a separate document and there are a number of <br />questions we still have and suggested we send them to Mr. Kowar and <br />Mr. Peterson as part of the analysis that we expect to come back to City <br />Council. <br />Mr. Kowar asked the Utility Committee for some guidance on what's <br />important to you. Mayor Stolzmann wanted to have Mr. Manire give us a <br />financial analysis on which is our best option; Group Financing or Go <br />alone. Mr. Kowar agreed and said it's going to be close will come down <br />to Risk and Debt Coverage. Mayor Pro Tern Councilmember Maloney <br />added that we really don't know what the pool looks like and we don't <br />have enough information for him to go one way or the other. <br />Councilmember Lipton asked for staff and our outside advisors have to <br />advise us as to what we need to be looking at. What are the most <br />important things we need to look at as a Governing Board? What are the <br />options, risks and rewards? Mr. Kowar agreed that is what we are here <br />for. Councilmember Lipton also suggested that if anyone has any <br />additional comments/questions to email them to Mr. Kowar and Mr. <br />Peterson tomorrow. Committee all agreed. <br />Financing Update — Page 19, Mr. Manire explained the numbers he <br />provided and what they are trying to accomplish. He said they are trying <br />