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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. Seribner, 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 />The roll call vote was as follows: <br />AYES: Councilmembers Dennis, Mohr and Scribner <br />NOES: Councilmember Pico and Mayor Tarvet <br />ABSENT: None <br />ABSTAIN: None <br /> <br />l~¢m <br />Item 4i <br />Refunding of Multi-family Mortgage Revenue Bonds - Gatewood Anad.nents <br /> <br />(SR93:282) <br /> <br />Ms. Rossi presented the staff report. Mr. Bcougher reiterated the staff recommendations. <br /> <br />Mayor Taxver inquired about the re~nancing 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 Tarvet that the refunding <br />of these bonds would correct the problem of placing more money into this project. The Trastce <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 annum basis. <br /> <br /> To give Ms. Rossi some time to respond to this answer, Council moved on to the next <br />item on the aganda. <br /> <br />149 <br /> <br />07/06/93 9 <br /> <br /> <br />