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of limiting its discretionary expenditures. Any un- reimbursed debt service payments <br />would be financed by utility users' tax revenues. <br />Al6emative <br />The Council may reject staff's recommendation to approve the Agency's sale of bonds <br />and direct staff to modify the plan of finance for the Agency's various projects. Doing so <br />may delay the sale of bonds until the first or second quarter of 2004. This would delay <br />the repayment of the $20 million loan to the City which may delay capital projects that <br />have been approved by the Council. Moreover, a delay in issuing bonds might result in <br />the bonds paying higher interest rates as interest rates have recently begun increasing <br />due to the nascent recovery of the national economy. <br />Hp� <br />Brian J. Ponty <br />Director of Finance and Financial Planning <br />Ed Everett <br />City Manager <br />