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Councilmember Thorne voiced similar concerns as Councilmember McGovern. He noted he is concerned about how this money will be recovered and it is obvious to him that they will not recover it all and questioned why that is not being addressed at this point. He noted he will be supporting the motion but does not want to give up on trying to better understand on how the City will deal with the money they may not get. Councilmember McGovern noted she will be voting against the financing plan because she does not feel it is adequate yet. However, she will support the projects that are needed, as there is no choice but to move forward. She agrees that the Council needs to start planning for the worst case scenario of the funds not being replaced. In response to question, City Manager Fialho noted if the Council does not approve the financing plan the award of contracts cannot be made. He also noted the first step in the analysis going forward is the water rate study. Councilmember McGovern clarified if you vote for 20(b) you are saying that you are voting "for" the loans. She indicated she is saying the financing plan is much more than just the awarding of those loans. The City Manager noted the financing plan articulates how the transfers would occur. By authorizing the transfers, specifically for the third loan, Council would be authorizing the projects listed in Item 20b. Councilmember McGovern commented that although she will be voting to support Item 20b, she would like to make it clear that she believes this is a weak financing plan and that it needs to be redone. The Mayor reopened the public hearing. Mary Roberts addressed the City Council and stated this issue is for far more than the Vineyard Corridor -it's Ruby Hills, it's to balance the reservoir and Vintage Hills, etc. She indicated she knows this is a risk, but she did not know what Council could do without the financing plan. From her perspective as an existing homeowner, hoping to hook into the water as soon as possible, from the time the financing plan was first developed until now her costs have gone up 300%. She urged the Council to move forward with the plan and the bids. The Mayor then closed the public hearing. It was m/s by Sullivan/Thorne to approve the updated draft Financing Plan for Vineyard Avenue Corridor Infrastructure Improvements and authorize expenditure for the Vineyard Avenue Booster Pump Station (CIP 011023), Water Turnout No. 6 (CIP 011023 and related contract management and consulting services. Motion carried by the following vote: Ayes: Cook-Kallio, Sullivan, Thorne, Mayor Hosterman Noes: McGovern, Absent: None City Council Minutes 7 February 6, 2007