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0"m'.. MINUTES <br />CITY COUNCIL <br />JANUARY 24, 1996 <br />purchase price. <br />Pedersen suggested the street reconstruction and curb <br />and gutter were more capital improvement items. <br />Fahey asked the down -side to taking the money from the <br />Closed Bond Fund. <br />The City Administrator replied that ultimately these <br />funds will be gone. However, once bonded debt drops <br />off in the year 2000, the City will have additional <br />funding opportunities. The Administrator pointed out <br />that the City still has some acquisition needs, <br />specifically the McNamara property. While more <br />acquisition dollars will be needed, the Administrator <br />stated that in reality Closed Bond Funds and the Park <br />Acquisition Fund are all money from the same pot. <br />Scalze felt that Morelan's suggestion would be setting <br />a precedent. The existing precedent is to pay for <br />these types of costs from the Closed Bond Fund. <br />The Administrator pointed out that the assessment for <br />the Edgerton Water Main along Gervais Mill Park and for <br />Desoto Street along Pioneer Park were paid for from <br />Capital Project Funds. <br />Mrs. Scalze introduced the following resolution and <br />moved its adoption: <br />RESOLUTION NO. 96 -1 -29 - ACCEPTING THE RECOMMENDATION <br />OF THE ACCOUNTANT AS OUTLINED IN HER MEMO DATED JANUARY <br />19, 1996 TO PAY THE CITY'S PORTION OF ASSESSMENTS FOR <br />THE JACKSON /OLD C /LAKESHORE PROJECT AND THE LAKE STREET <br />PROJECT FROM THE CLOSED BOND FUND <br />The foregoing resolution was duly seconded by Pedersen. <br />Ayes (4) Scalze, Pedersen, LaValle, Fahey. <br />Nays (1) Morelan. Resolution declared adopted. <br />Page 97 <br />