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adopt the resolution, the City Clerk would record, mail and publish the required documents for the assessment and the 30-day pre-payment period would begin. • OPENED PUBLIC HEARING Rich Larsen, resident, addressed Council and acknowledged that he was representing 14 families residing in the West Loyola neighborhood that supported the formation of the assessment district. Larsen offered that the process to bring sewers to the area had taken approximately eight years and included annexation of the properties to the Town. He was looking forward to the ballot count and moving forward with the process. Councilmember Kerr requested clarification on the issuance of the bond and the amount. Bond Counsel, Scott Ferguson from Jones Hall, explained that the Town would be issuing the bond for the Sewer Assessment District because given its location within the Town's boundaries. He estimated the bond amount to be $3.2 million, but noted that the amount could be lower when and if cash prepayments were made. Kerr questioned if the Town would be responsible for the bond in anyway, apart from the tax-free status it accorded to the bond. Ferguson offered that the payment would be from the assessments of the 52 parcels within the Sewer Assessment District and the Town would not be liable. In the event of non-payment, the County would impose liens on the property. The projected date for marketing the bond was mid to late January, 2009. Mayor Mordo announced the final call for ballots before the close of the public hearing. • No ballots were submitted. CLOSED PUBLIC HEARING COUNCIL MEETING RECESSED AT 7:45 P.M.: The council meeting was recessed to permit the City Clerk to tabulate the ballots. COUNCIL MEETING RECONVENED AT 8:00 P.M. The City Clerk announced the results of the ballot tabulation. 48 valid ballots had been received with 41 yes and 7 noes resulting in an 85% affirmative vote in favor of the West Loyola Sewer Assessment District No. 1. The Clerk advised that the assessment would be equally weighted for all properties within the district with an estimated amount of $62,600.00. MOTION SECONDED AND CARRIED: Moved by Mordo, seconded by Warshawsky and passed unanimously to adopt Resolution No. 73-08 adopting the Engineer's report, confirming the assessment and ordering the work and acquisitions, and directed actions with respect thereto. UNFINISHED BUSINESS 10. Maintenance Responsibility for Chaparral Way(Staff. R. Chiu) (Item continued from September 11, 2008) 5 City Council Regular Meeting Minutes October 23,2008