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Busa Debt Service – (9-0) <br />u.The Committee voted in support of this <br />proposed expenditure, which they assumed would be in the range of $2.7 <br />million. The exact figure for the first year debt service will not be available <br />until Mr. Addelson, Assistant Town Manager of Finance, has determined <br />the appropriate amount for the first year payment on the front-loaded bond. <br /> <br /> Administrative Fees – $150,000 (9-0) <br />v.No discussion on this expenditure. <br /> <br /> Land Acquisition – (no vote) <br />w.There was no vote on this project, since <br />there were no details on the acquisition. <br /> <br /> Cotton Farm Land Acquisition – (no vote) <br />x.There was no vote on this <br />project since there were no details on the acquisition. <br /> <br /> <br /> <br />3.Discussion of $2 Million Reserve <br /> – Ms. Weiss opened the discussion of this topic, <br />noting that there may have been some confusion regarding the appropriate <br />account(s) where the suggested $2 million dollars be held in reserve. She said that <br />Ms. Krieger had questioned whether the $2 million should be kept in the various <br />“buckets” in $500,000 amounts each. The Committee noted that such a policy <br />would eliminate flexibility for larger projects or acquisitions, which was the intent <br />of the reserve. Ms. Manz moved “that the CPC establish a guideline to keep $2 <br />million in the Undesignated Fund Balance”. The Committee voted 9-0 in favor of <br />this motion. <br /> <br /> <br />The meeting was adjourned at 5:15 pm. <br /> <br /> <br />Respectfully submitted, <br /> <br />Nathalie Rice <br />Administrative Assistant <br /> <br />Community Preservation Committee <br /> <br />4 <br /> <br />