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<br /> In response to Councilman Leipzig's questions regarding the Utilities Users Fees, <br /> Director Ponty said the debt amount on the Public Financing Authority Series A <br /> Bonds was $23-24 million, and the bonds will be paid off in the year 2011; also, $2.4 <br /> million per year out of the $4.2-4.3 million in revenues per year was earmarked for <br /> payment of principal and interest. <br /> Councilman Leipzig said he would vote against adoption of the budget. He said "It is <br /> not very wise of us to be looking at a $235,000 deficit the following year of this 2-year <br /> budget when the only way we are approaching making that up is possibly....raising <br /> taxes of about three-quarters of a million dollars. If we decided not to do that we <br /> would still be faced with a budget deficit in the second year of $235,000. I think we <br /> need to look, for once, at reduction in spending rather than raising taxes constantly to <br /> pay any deficit. I think this is foolish." <br /> 2) Open public hearing; <br /> Mayor Hartnett declared the public hearing open at 8:30 p.m. <br /> 3) Hear public comment; <br /> Mayor Hartnett asked if any member of the audience would like to address the <br /> Council on this matter. No one came forward. <br /> 4) Close public hearing; <br /> MIS: CLAIRE/ BUCHAN TO CLOSE THE PUBLIC HEARING. <br /> CARRIED BY UNANIMOUS VOICE VOTE AND MEETING CLOSED AT 8:31 P.M. <br /> 5) Council action <br /> a) INTRODUCTION OF ORDINANCE <br /> MIS: CLAIREIHOW ARD. TITLE READ. <br /> AN ORDINANCE OF THE CITY OF REDWOOD CITY ADOPTING THE FINAL <br /> BUDGET OF THE CITY OF REDWOOD CITY FOR THE FISCAL YEAR JULY 1, <br /> 1996 - JUNE 30, 1997; PROVIDING FOR THE APPROPRIATION AND <br /> EXPENDITURE OF ALL SUMS SET FORTH IN SAID BUDGET; PROVIDING FOR <br /> EMERGENCY EXPENDITURES, TRANSFERS, ADDITIONAL APPROPRIATIONS, <br /> CANCELLATIONS AND REAPPROPRIATIONS OF EXISTING APPROPRIA- <br /> TIONS; ADOPTING THE BUDGET FOR GENERAL IMPROVEMENT DISTRICT <br /> NO. 1-64 FOR THE FISCAL YEAR JULY 1, 1996 - JUNE 30, 1997; MAKING <br /> PROVISIONS FOR INTERIM EXPENDITURES AS OF JULY 1, 1996; AND <br /> REPEALING ORDINANCE NO. 2098, AND ALL ORDINANCES AND <br /> RESOLUTIONS IN CONFLICT THEREWITH; (1st reading) <br /> - - - - -- - - - -- -- _m - -- - - - -- -- - -- - mn -- - - - -- - -- - -- - -- - _mm -- - -- - -- - -- - -- - --- - -- - -- - _m- - -- - -- - -- - -- - - - -- - -- -- - -- - - - -- -- - mm n- -- - m- m <br /> REGULAR MEETING JULY 1, 1996 <br /> MINUTES PAGE 9 <br /> MINUTE BOOK NO. 54 <br /> Page No. 351 <br />