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<br />Mr. Donna advised that there was a two percent cap on the Build America Bonds and confirmed <br />that some costs would have to be paid out-of-pocket, which would cause the credit to wash out. <br />He reported that the program would be good through 2010. <br /> <br />Public Works Director Olson confirmed that the $425,000 reimbursement from the County in <br />regard to the old CR63 turn back project was also applied to this project's cost. <br /> <br />Chairperson Look advised that he originally opposed the Sunfish Lake project and would be <br />voting against the funding tonight. He stated that he thought the joint powers agreement should <br />be reviewed and that it may be difficult to find funding sources for other projects. <br /> <br />Councilmember Elvig questioned Chairperson Look's opinion in regard to the amounts of <br />$850,000 or $1,300,000. <br /> <br />Discussion ensued in regard to the different amounts. <br /> <br />Public Works Director Olson stated that he understood some were against the project originally <br />but advised that the project was approved and the issue was how to pay for the project. <br /> <br />Councilmember Elvig stated that he agreed with the approach being taken and thought that this <br />option allowed the City some flexibility. He suggested keeping the Build America Bonds in <br />play. <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Wise, to recommend that the <br />City Council adopt the Resolution Authorizing the Issuance of General Obligation State Aid road <br />Bonds in the amount of$I,360,000. <br /> <br />Motion carried. V oting Yes: Councilmembers Elvig and Wise. Voting No: Chairperson Look. <br />Absent: None. <br /> <br />STAFF & COMMITTEE INPUT <br /> <br />City Administrator Ulrich advised that another meeting of the Finance Committee would occur <br />the following Tuesday and reported items that would be on the agenda. He advised that the <br />previous item could be added to the agenda for further discussion. <br /> <br />ADJOURNMENT <br /> <br />Motion by Councilmember Elvig, seconded by Councilmember Wise, to close the regular <br />meeting of the Finance Committee. <br /> <br />Motion carried. <br /> <br />The regular meeting ofthe Finance Committee adjourned at 5:30 p.m. <br /> <br />Respectfully submitted, <br /> <br />Finance Committee I September 22, 2009 <br />Page 3 of 4 <br />