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EDA Member Kuether .questioned if the project budget was cut, would the city still bond . <br />for the $3.5 million and then take less out in reserves. Mr. Schumacher responded that the <br />city was bonding for what it projects the project to be when it is bid out in the spring. Mr. <br />McGillvery said the city would not be able to adjust the bonds downward at a later date, <br />but the bonds are callable, so it but could put the money in the bank and wait for the call <br />date. The .city could call earlier, but the interest rate .would be .higher. <br />EDA Member Neal moved to approve. Resolution No. 97 -18.. EDA Member Bergeson <br />seconded the motion. Motion passed unanimously. <br />Meeting adjourned, 6:25 p.m. <br />