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Councilmember Specht asked how long it takes to get the money from the bonds if they were to <br />do that. <br /> <br />Finance Director Lund replied it is a month to two-month process. <br /> <br />Councilmember Specht asked if for next year they could potentially have it. <br /> <br />Finance Director Lund replied they would issue it this fall so they would have the money for 2023. <br />Because they are putting it on this levy so they have to issue the debt so the debt service is known. <br /> <br />Councilmember Specht asked if it was correct that it would have to be over $10 million. <br /> <br />Finance Director Lund replied yes. <br /> <br />Councilmember Woestehoff asked if would make more sense then to stick with the levy and the <br />ARPA funds for 2023 and know that in 2024 is when they start the bonding. So instead of taking <br />the bond and having it available in 2023, having everything ready to go in 2024. Because 2023 <br />was covered by what is budgeted. <br /> <br />Councilmember Musgrove commented she thought they could benefit from doing it this year. <br /> <br />City Administrator Hagen asked if Council was going to stick to this plan. <br /> <br />Councilmember Woestehoff replied that is a good question. <br /> <br />Councilmember Riley asked what does the new Council do next year. <br /> <br />Councilmember Woestehoff replied he thought it was fair. <br /> <br />Councilmember Musgrove commented she likes to keep the maintenance separate and increase it <br />because that is going to be an on-going need and it is a smaller amount to increase. She thought <br />there was a benefit to doing the bonds this year. She stated she supported option one or three. <br /> <br />Finance Director Lund asked if $750,000 against the ARPA funds, increase the bonding amount <br />by $750,000 or keep the bonding amount the same and push everything further, she wasn’t sure. <br /> <br />Councilmember Specht replied increase the bond, he didn’t want to reduce the amount of roads <br />that are going to be done next year. <br /> <br />Finance Director Lund asked if Council was okay with options one and three or if they wanted to <br />see four different scenarios on the tax payer. <br /> <br />There was Council consensus for this. <br /> <br />3. TOPICS FOR FUTURE DISCUSSION <br /> <br />City Council Work Session /July 26, 2022 <br />Page 18 of 19 <br /> <br />