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<br /> Couneil Member Ira asked, "Why are we limited to $11 million?" Direetor Ponty <br /> explained that the Council approved a reimbursement resolution in 1995 which would <br /> have provided around $14 million for various projects. "However the time has passed on a <br /> number ofthose projects" such as Red Morton Community Center. <br /> Mayor Howard asked if anyone else wished to speak to this issue. No one came forward. <br /> MIS: CLAIRE/BUCHAN TO START THE PROCESS TO REVIEW THE POSSIBILITY <br /> OF ISSUING BONDS TO FINANCE CITY HALL AND OTHER CITY BUILDINGS. <br /> Couneil Member Ira stated that the Port might need additional financing for possible <br /> clean-up costs and suggested that a similar bond issue be pursued for the Port, to reduce <br /> the City's cost. <br /> City Attorney Sehrieker said, "The procedure we are using here refers to reimbursement <br /> expenditures which have already been made and we are paying ourselves back. They can <br /> only go to the projects which were described in the 1995 resolution. So what I would <br /> recommend with respect to the Port, is that a separate motion be offered to carry out the <br /> intent of Council Member Ira's comments." <br /> CARRIED BY THE FOLLOWING VOICE VOTE: <br /> AYES: COUNCIL MEMBERS BUCHAN, CLAIRE HARTNETT, IRA RUSKIN AND <br /> MAYOR HOWARD <br /> NOES: COUNCIL MEMBER LEIPZIG <br /> MINUTE ORDER NO. 97-244 <br /> City Manager Everett suggested Council now consider directing "staff to work with the <br /> Port to see, if they are going out for a bond, if they would like to work and merge with us." <br /> Couneil Member Hartnett said there wasn't enough information right now on the Port's <br /> needs to endorse any expenditures by the Port. <br /> Direetor Ponty explained that he and Mr. Euphrat had met with Port Director Giari and Port <br /> Finance Manager Escobar several weeks ago to explore this opportunity. He said they were <br /> waiting for the Port to get back to them. Director Ponty said if the City and the Port elected <br /> to issue bonds, "there was a potential of sharing the issuance costs... and both realizing some <br /> efficiencies from doing so." <br /> MIS: IRA/CLAIRE TO EXPLORE THE MUTUAL FINANCING WITH THE PORT AND IF <br /> THERE IS INTEREST ON THE INVESTMENT COMMITTEE'S PART, TO BRING IT <br /> BACK TO THE COUNCIL <br /> ADJOURNED REGULAR COUNCIL MEETING MINUTE BOOK NO. 56 DECEMBER 18,1997 <br /> MINUTES Page No. 128 PAGE 23 <br />