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<br />3' ~ <br />.' <br /> <br />MONDAY <br /> <br />APRIL 30, 1984 <br /> <br />-- <br /> <br />4. It is envisioned that both the Electric Fund and the General <br />Fund, in concert, will require for some years to come all the <br />monies available to these two funds; <br /> <br />5. In terms of precedent, should Council elect to use the <br />escrowed Electric funds, such funds should be used for side- <br />walk-street construction and/or reconstruction; <br /> <br />6. If Electric escrowed funds are used (for Sewer Fund needs) <br />to off-set sewer rate increases, Sale Knitting Company <br />(because it is not a City electric service customer) will <br />be the principal beneficiary; and <br /> <br />7. Because of the City's adopted policy of paralleling <br />Appalachian Power Company's retail electric rates and the <br />possibility (in the future, as once in the past) of being <br />faced with adverse wholesale electric rates, the City and <br />its Electric Fund could be caught in a financial "squeeze". <br /> <br />After some discussion of Mr. West's memorandum and Mr. Edmonds' points cited herein- <br /> <br />above, with Councilman West anticipating that Electric Fund "profits" during ensuing <br /> <br />years, along with a 07-01-85 beginning Electric Fund surplus of $2,500,000.00, will <br /> <br />provide "1995 dollars" sufficient to finance Electric Fund needs, all members of <br /> <br />Council agreed that the question of using Electric escrowed funds should not be con- <br /> <br />sidered in relationship to the proposed 1984-85 budget but should be kept separate <br /> <br />and distinct therefrom as a question to be resolved at some future date. <br /> <br />Mayor Cole then declared this special meeting adjourned. <br /> <br />-- <br /> <br /> <br />Clerk of Council <br />