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7/24/84 Page -3- <br /> Obviously Council does need some source of <br /> funding for the Howard Berry plant. He felt <br /> that bond money should be considered. He <br /> realized that it is never popular to raise <br /> taxes, or fees, or to float a bond; but given <br /> the current crisis situation, he didn' t see <br /> much of a choice otter 'tzarâ–º to agsih. AND indebted <br /> to developers. It was his suggestion that <br /> the bond money be obtained and pay it off <br /> with the tap fee revenue. Mr. Norris then <br /> referred to page 4 of the material he had <br /> provided Council showing the number of out- <br /> standing permits as well as the 100 additional <br /> new permits that had been authorized and how <br /> that related to water usage. Then stated <br /> when all these are on line the peak use <br /> would be 1.72 MGD out of the 2 MGD Howard <br /> Berry Plant. He felt that obviously Council <br /> would have to expand that plant as quickly <br /> as possible to at least 4 MGD because this <br /> did not include any of the other developments <br /> that are proposed and planned in addition to <br /> the Centennial Valley development. <br /> Mayor Meier Stated he felt it was unrealistic to make <br /> bond payments from the tap fees. During the <br /> years 1980-81 there were only 29 building <br /> permits issued and if the City is bonded to <br /> that extent to build a service facility, then <br /> the citizens would have to pay back that bond. <br /> Mr. Norris agreed that the bond would have <br /> to be based on more reliable figures than <br /> just the tap fees. <br /> Councilman Leary Commented that he obviously shared Mr. Norris' <br /> concerns on growth dependency and that is why <br /> after several difficulties we are still in <br /> Court by denying the Warembourg annexation. <br /> This Council has a policy that essentially <br /> we are not annexing any more land. Mr. <br /> Leary asked of Mr. Norris, if we bond, how <br /> does that alleviate us from our binding agree- <br /> ments with developers? <br /> Mr. Norris stated that it doesn't today; it <br /> could in the future. <br /> Mr. Leary stated that the agreements with <br /> developers essentially say that if we have <br /> the water, they can have the permits. We <br /> guarantee the permits by building the water <br /> plant not by borrowing money from them. They <br /> are going to build one way or the other, then <br />