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149 <br /> <br /> Ms. Acosta pointed out that there was no legal obligation to refund this money however, <br />· - the sewer ordinance is different than the City's Fees and Charges. She added that it has taken <br /> years to get through the analysis and believed that if Council wanted to go back, it should go <br /> back to the point and time that this issue was originally raised for consideration (five years ago). <br /> <br /> Ms. Scribner called for the question. <br /> <br /> Ms. Rossi added that the City will be implementing the stand-by-demand charge for all <br /> of those who have bought excesses capacity. It would benefit the existing users if refunds were <br /> processed. <br /> <br /> Mayor Tarver believed that credits should not be issued at this time. He did not object <br /> to those having excess capacity and selling it back and the City will resell it when able to. He <br /> did not want to give anyone credit because they ,bought more capacity than they should have. <br /> The City has given the tenants a tremendous asset and it should be to the City's discretion how <br /> the capacity will be reallocated. <br /> <br /> It was moved by Ms. Scribner, and seconded by Ms. Mohr, approving the repurchase <br /> of excess wastewater capacity, contingent on DSRSD approval and authorizing the expenditure <br /> of up to $200,000. <br /> <br /> Th~ r011 call vote was as follow~: <br />.... AYES: Councilmembers Dennis, Mohr and Scribner <br /> NOES: Councilmember Pico and Mayor Tarver <br /> ABSENT: None <br /> ABSTAIN: None <br /> <br /> Item <br /> Item 4i <br /> Refundin~ of Multi-family Mortgate Revenue Bonds - Gatewood Apartments (SR93:282) <br /> <br /> Ms. Rossi presented the staff report. Mr. Beougher reiterated the staff recommendations. <br /> Mayor Tarver inquired about the refinancing and terms of the bonds. <br /> <br /> In response to Mr. Pieo's concerns, Mr. Beougher explained that this was a legitimate <br /> default and how this was determined. He further explained to Mayor Tarver that the refunding <br /> of these bonds would correct the problem of placing more money into this project. The Trustee <br /> determined that there would be no liability to the City. <br /> <br /> Mayor Tarver asked what the difference is in cash flow on an annual basis. <br /> <br /> To give Ms. Rossi some time to respond to this answer, Council moved on to the next <br /> item on the agenda. <br /> <br /> 07/06/93 9 <br /> <br /> <br />