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if they had any questions. Mayor Pro Tern Councilmember Maloney <br />asked if the participants have choices. Mr. Dragger said yes and <br />explained you are agreeing to pay for a portion of the Chimney Hollow <br />Project but not making a final decision on whether you are financing <br />yourself or become part of the Pool Financing. The reason they did it this <br />way is that the litigation is not complete and we still don't have a court <br />ruling on the first round and there may be an appeal. Northern wanted to <br />give participants an option while interest rates are low, etc. and give the <br />90 day notice for time to decide. Councilmember Lipton asked what will <br />trigger the financing. Mr. Johnson explained the WGF Enterprise will <br />issue a notice that triggers the 90 day period and said that Northern will <br />wait until litigation is resolved before the notice is given. Councilmember <br />Fahey asked if the 20 vs 30 year loan is an individual decision or a group <br />decision. Mr. Manire stated this is an individual decision and we can <br />decide without amending the contract. Councilmember Fahey also asked <br />when we pay it off do we do interest only for the first 5 years; is that our <br />decision also? Mr. Manire said, "No", it is part of the structure built into <br />the group loan. Committee continued and discussed the financing on <br />page 23. Mr. Peterson said that we had a lot of consultants working on <br />the numbers and this is the most complete picture you can have. <br />Councilmember Lipton continued saying that this is great and asked if he <br />can include a column with present value. Mr. Manire asked if we were <br />interested in the Pool Program and contributing some cash down would <br />they indicate in the allotment contract by doing both. Mr. Dragger <br />responded, that's correct, by indicating you are paying X amount and the <br />balance in the Pool Program. There are other participants that are doing <br />this as well. Councilmember Lipton asked if there are any other <br />questions. Mrs. Balser wanted to confirm that we are asking the <br />Committee to support signing the Allotment Contract suggesting we are <br />interested in the pooling at this point. Mr. Dragger said the push to <br />getting the contract done is that we want to lock in the CWCB loan at <br />2.08% so we need that done this year. Councilmember Lipton said we <br />are committed to the project and will decide on payment later. Then said <br />this will go to Council for approval on October 20t". Mayor Pro Tern <br />Councilmember Maloney made a motion the Utility Committee <br />recommend the Council to sign the WGF Project Allotment Contract. <br />Councilmember Fahey second the motion. Mayor Pro Tern <br />Councilmember Maloney also wanted to thank the Consultants and staff <br />for all the good work and their efforts that went into this. Councilmember <br />Lipton agreed and stated the packet was stronger and it addressed all our <br />questions and issues because of all the good work; thank you. <br />Councilmember Lipton continued asking all in favor of the motion, <br />Committee all agreed. <br />VII. 2021 Utility Rates <br />• Water - Pages 24-31, Mr. Peterson explained briefly the next few slides <br />