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<br />City Council <br />Meeting Minutes <br />September 1, 2009 <br />Page 5 of 11 <br /> <br />are determined and consider the LRC's proposed 2010 budget through the <br />overall 2010 City budget approval process along with updated procedures for <br />documenting the costs and Elxpenses of the LRC as provided for in the <br />Cooperation Agreement. <br /> <br />Mayor Sisk requested public comments. There were no public comments. <br /> <br />COUNCIL COMMENTS <br /> <br />Councilor Muckle asked if there is an accounting mechanism to charge Staff time <br />to the LRC budget and whether the LRC would be less active in 2010 and require <br />fewer consultants. He asked about the impact of delaying the bonds. City <br />Manager Fleming stated there is a 25-year time limit for the LRC Bonds, which <br />began in 2007. The tax incnement within the urban renewal area would payback <br />the bonds for infrastructure and redevelopment. He explained the LRC felt the <br />timeline for transit station and related development are key items for the urban <br />renewal area and there should be more certainty before deciding on what <br />infrastructure is most desirable. <br /> <br />Mayor Sisk felt the LRC will be busier in 2010 because there are more factors <br />involved. He applauded the LRC for reducing their budget and agreed there <br />should be accounting betwe,en the Council and the LRC on project development. <br /> <br />Councilor Muckle asked if the consultant indicated the implications of delaying <br />the project with respect to bonds. Finance Director Watson confirmed the <br />consultant advised the L1RC what would be lost in bonding capability for each <br />year the project is delaYEld. It also is a function of the tax increment. <br /> <br />Councilor Muckle asked if the Charter requires Inter-fund loans be approved by <br />ordinance. City Attorney Li~lht stated the Charter has a requirement for Inter- <br />fund loans to be authoriz:ed by ordinance. He noted at least one loan was <br />authorized by resolution. Staff will follow-up on loan repayment. <br /> <br />Mayor Sisk noted with re!SpElct to the bonding issue, the current economic climate <br />is not favorable for advertising and selling bonds. <br /> <br />MOTION: Mayor Sisk movEld to defer action on the LRC budget until the October <br />20,2009 City Council ml:leting, seconded by Councilor Clabots. All in favor. <br /> <br />RESOLUTION No. 29, SERIES 2009 - A RESOLUTION AMENDING THE 2009 <br />BUDGET BY REDUCING APPROPRIATIONS IN THE GENERAL FUND AND <br />THE CONSERVATIONI TRUST - LAND ACQUISITION FUND AND BY <br />INCREASING APPROPRIATIONS IN THE HISTORICAL PRESERVATION <br />FUND, CAPITAL PROJECTS FUND, WATER UTILITY FUND, WASTEWATER <br />UTILITY FUND, AND STORM WATER UTILITY FUND AND BY ADJUSTING <br />