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C. Example Pro Formas LE Avenue Bendel explained the bond payment schedules for 10, 15, and 20 year bond scenarios. <br />Secured income consists of: letters of credit, WAC, and Pratt/Ryland, Lateral Benefit charges. <br />Why some properties do not receive LBC was explained. Nelson asked when the $5,800 LBC was established. It was established ~2005-2006. Why that amount? It was determined that it <br />was the average on past project. <br />Nelson asked why Pratt/Ryland are not paying <br /> <br />V. Developer Obligations for Extension Council Discussions 7:30 PM <br />• Should city employ area wide assessment policy to serve new areas with water/sewer? <br />• Should city require that all WACS/SACS approved at prelim plat be paid up front before <br />infrastructure is extended? <br />• Should landowners without defined plans be required to post a method of security before service extension? <br />• Should a combination policy be used? <br />Nelson believes that if party wants service early, they should have to pay for it. Mayor agrees, but how do you do it? If water does not happen, these developments do not happen now. <br />Mayor pointed out that the issue is that city has to run transmission line great distance, but <br />without users. For first 5 years, water fund will be tight. This does not account any additional <br />revenue….. Reeves asked about putting water into the two neighborhoods on LE Ave. Cimarron has its own h20 system and the city cannot require them to connect like it can with sewer. <br /> A. Area Assessments Jack Griffin <br /> B. WACS Dean Zuleger <br /> C. Letter of Credit D. Combination Policy <br />VI. Resident Obligations for Water System Management Council Discussion 8:00 PM <br /> A. Lateral Benefits <br />Nelson wants only the cost to install the infrastructure. The difficulty is that the cost is variable depending on each property. Staff opinion is that the $5,800 is low and a great deal. Bloyer <br />wants there to not be a stub. Put it on the resident to pay 100% if want to connect at later date. <br /> <br />Whether there is a realized benefit was discussed. Insurance rates, property value, fire <br />suppression availability are amongst those identified…. B. Water Assessment Policy C. Surcharges <br /> <br />VII. Conclusions Mayor Pearson 8:30 PM <br />Mayor Pearson adjourned the meeting at 8:54PM