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Regular City Council Meeting Monday, October 17,2011 Page 23 At the request of Councilmember Pust, Mr. Miller responded that the City cur- rently had $11 million in debt. Councilmember Pust noted that this was before the additional $19 million and $8 million; with Mr. Miller responding that this was true, however to bear in mind that the City would continue to pay down those debts, even though they would spike in three years, but then continue to diminish. Councilmember McGehee sought clarification on the difference in General Obli- gation (GO) bonds issued under or not under the City's Port Authority; with Mr. Miller advising that a straight GO bond was about as straightforward for a bond issue as possible, and had fewer administrative and upfront costs as other issues, such as found with a Park Abatement Bond. As staff responded to City Council directive to issue bonds and to do so without a voter referendum, Mr. Miller advised that staff reviewed all options and returned with this recommendation as previously outlined in staff reports, and in Ms. Ip- pel's letter. Ms. Ippel clarified reverse referendum disparities and requirements of this pro- posed bond issue at the request of Councilmember McGehee; and questions of Councilmember Pust related to categories covered by Port Authority laws and cir- cumstances allowing the City to use those powers. Councilmember McGehee questioned if staff had met the official notice require- ments for holding the Public Hearing at the October 24, 2011 meeting; with Mr. Miller responding affirmatively; and at the request of Mayor Roe, confirming that the purpose of the bond issue had been included in that official notice. Mayor Roe asked if there was anything preventing the City from holding public comment on each $10 million issue over the course of the process; while recog- nizing the statutory requirement of holding the initial Public Hearing on October 24, 2011; and thus allowing public comment along the way. Mr. Miller advised that the public could speak and the City Council solicit feed- back at any public meeting; and reviewed the purpose behind the upcoming Pub- lic Hearing prior to the three (3) actions the City Council will be considering and asked to take action on next week. Mr. Miller advised that those actions would be: to establish or confirm the City's Port Authority powers; to set a bond sale date; and to amend the Redevelopment Plan. Mayor Roe recommended to establish formal public hearing procedures for each of the three additional scheduled issuance dates; with staff directed to duly note this directive.