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ORDINANCE 2255 FIXING THE AMOUNT OF MONEY TO BE RAISED BY TAXATION <br />UPON THE TAXABLE PROPERTY WITHIN GENERAL IMPROVEMENT DISTRICT NO. <br />1 -64 TO PROVIDE FUNDS FOR GENERAL IMPROVEMENT DISTRICT NO. 1 -64, AND <br />FIXING AND LEVYING THE TAX RATE THEREFORE <br />7. PUBLIC HEARINGS <br />A. 2003/2004 Budget Ordinance Introduction (301) <br />M/S Howard /Ira to continue the public hearing and introduction of the ordinance <br />on this topic to the meeting of August 11, 2003. The motion passed by a <br />unanimous voice vote. MINUTE ORDER 03 -183 <br />8. STAFF REPORTS <br />A. Approval of a resolution authorizing the issuance of special tax bonds for <br />the Ralston Avenue /U.S. 101 freeway interchange reconfiguration project <br />(Phase II of the Shores Transportation Improvement Project) in the aggregate <br />amount not to exceed $8,490,000.00 and approving certain financing <br />documents in substantially final form and taking certain actions in <br />connection therewith. (505) <br />Financial Services Director Ponty explained that the total amount to be expended <br />on the project is approximately $19.2 million. He stated that $6.6 million will come <br />from bonds, $7.6 million is coming from two Federal grants by way of the State <br />government, the City of Belmont will contribute $1.1 million and property owner <br />prepayments of $3.9 million are included. Mr. Ponty recognized and acknowledged <br />the work of C /CAG Executive Director Rich Napier which included several trips to <br />Sacramento representing the City before the California Transportation <br />Commission to secure the two grants. <br />Public Comment. <br />Rudy Luca asked why Redwood City needs to be involved in the project or the <br />bonds. <br />Mayor Claire stated that the Redwood Shores neighborhood uses the interchange <br />as much, if not more, than the City of Belmont. Council Member Jordan stated that <br />there are Redwood City businesses in that area that are using the interchange as <br />well as the residents. <br />David Valkanaar stated that he drives and bicycles the area daily and requested <br />that the designers keep in mind the needs of the bicyclists in the area. <br />REGULAR CITY COUNCIL MEETING JULY 28, 2003 <br />MINUTES PAGE 6 <br />MINUTES Book No. 60 <br />Page No. 06 <br />