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In response to an inquiry by Mr. Brozosky, Mr. Fiaiho noted that the City has a reserve in place to lend approximately $1.6 million dollars, which is equal to the bond payment. The requirement is that the City makes two payments over the course of 12 months: the first payment is due in October 2005 and the second payment is due March 2006. As the bond payments are due, Mr. Brozosky asked if staff would come back to Council requesting additional funds? Mr. Fialho said that a reserve is in place for the first bond payment. Bond payments are made annually to pay back the debt, which will be factored into the City's next budget process. He mentioned that at some point, staff would be shadng a pro-rata formula with Council that shows the pay back and expected time frame. To follow up with a question asked by Mr. Close, Mr. Sullivan asked if the Miscellaneous Reserve ClP Funds would take money away from any funded or designated project? Mr. Fialho said the City has a reserve in place that was established as a result of Council policy to assist for cost overruns as it relates to various CIP projects that the City might undertake on a year-to-year basis. In response to an inquiry by Ms. McGovem, Mr. Roush said the property owner is required to dedicate the land necessary for the bypass road; however, the Happy Valley Specific Plan contemplated that the cost of construction would be divided between the property owner and the City. He noted that approximately $1 million dollars has been set aside to pay for the costs of the bypass road: half a million dollars came from the New Cities Development and the other half the Council set aside a year ago. Ms. McGovern asked what is the percentage of the split of the cost for the bypass road. Mr. Roush said the Specific Plan contemplated a two-thirds/one-thirds split based on the traffic that was anticipated to be generated throughout the Specific Plan. He was not aware of this ratio changing. Ms. McGovern asked if the ratio split was recorded and agreed upon? Mr. Roush said the ratio split is written in the Specific Plan. As this project moves forward, those ratios would be identified as part of what will be required to be paid as part of the approval of the project. When the City worked with the Happy Valley residents towards annexation, Ms. McGovern asked if the bypass road, as mentioned in the Specific Plan was included as part of the annexation? Mr. Roush pointed out that the bypass road has always been a part of the Happy Valley Specific Plan. When the annexation vote was proposed to the residents, it was with the understanding that it was Council's intent that the bypass road would be Pleasanton City Council 23 03/15/05 Minutes