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Item No. 1 continued) Mr. Schricker stated that the area known as "South Shores" is part of the entire District and cannot legally be carved out of the project, although some legal devices may exist which might have that effect. Discussion followed and Mr. Schricker commented and replied to questions regarding the possible effect of reduction of bond authorization on statements made in the bond prospectus; the fact that a fire station as such is not under any of the bond measures; whether any other items mentioned in the Advisory Committee report could not be included; the section of his opinion on an advisory vote (page 3); the effect of the Committee recommendation re reduction of debt service to fair market value ratio from 1.25% to 1.0 %; and the fact that the bonds exist as a reserve in the event of emergency needs. Mayor Stangel declared the public hearing open at 8:40 p.m. Gus Pappas, 587 Seahorse Lane, suggested "open ended" questions exist and referred to the "Unspecified Emergency Requirement: $8,000,000" in the Advisory Committee report, stating that Redwood Shores residents would foot the bill if a real emergency existed, or that some federal or other government funds might be available in the event of need. Mr. Pappas recommended deauthorization of all bonds totally. Thetis Pappas, 587 Seahorse Lane, stated bonds make it impossible for those who wish to do so to pay off their homes completely and suggested that parks and unused lands in the District are being abused by nonresidents so the District would not want to build more. Mrs. Pappas urged deauthorization of all bonds. Ruben Aldrete, 586 Keelson Circle, said he does not want any more bond tax. Bruce Albin, 569 Compass Circle, questioned the legality of the original bond authorization document and threatened a "fight" if bonds are not deauthorized now. Joe Wucher, 18 Barcelona Circle, real estate investor, said that as a homeowner in Redwood Shores, he is opposed to retaining any bond authorization. John J. Murray, Jr., President, Redwood Shores Homeowners Association (RSHA), referred to his letter of 1/17/83 and commented concerning its contents and stating RSHA wants the bond authorization eliminated entirely. Discussion followed and Mr. Murray commented and replied to questions re- garding the approval of his letter by majority vote of the RSHA Board; the fact that the Advisory Committee report containing recommendations was not circulated to members of RSHA; whether growth will occur if bond authori- zation is removed; the fact that the present bond obligation cannot be cancelled; the experiences of residents of Friendly Acres who have no financing vehicle available to replace worn facilities; annd whether it is prudent to eliminate a source of funds which might be needed for facilities replacement or emergency use. Donna Fuqua, 22 Barcelona Circle, favored retention of bond authorization for a fire station and might favor it for sewer replacement and possible mandated future projects as a kind of reserve. Ms. Fuqua suggested it is not good fiscal sense to eliminate the only means to continue development in the Shores, noting that to do so might degrade property values. She urged the bond authorization be reduced to the bare minimum recommended by the GID Advisory Committee. Reg.Mtg. 1/24/83 Page 3 MINUTE BOOK NO. 44 Page No. 48