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_2_ ME��iO: June 2�, 1974 A pariion of the rationale behind why the �eneral propertu tax should be uti7ized to pa.y for retiring th�� specia7 assessment bond is that nane of the city properties 4vas s�ecially assessed for the benefits rnceived b.y havin� the water �acilities brought to it or ran by it. There must aiso be sonie means available from v�hich to offset the difference b�tween actuai cost af do3ng projects and th� front-foot assessments levied agair�st the private prop�rtv owners. Other portions of the �eneral property tax contribution might reflect construction of tf1� contral �Faci 7 i ti es , to�rers , etc. , and the benef� t that the general public gets, even if no-� hooked ir�to the water system through having a fire fighting capab�iity available. The operating r�serve fund is re- quired to have monies avai�able in the event of an unforeseen break- down i n part of tl�e faci 1 i tv that woul d req ui re i n�medi ate expendi tures , plus a replacement of portions of ttie system which vaauld nvt �e assessed. It is recommended tl�at this matter be reviewed b,y yourself and the Council, and an opportunity be given for questio�s and answers to be exchanged among all parties and a dec�sion reached as expeditious7y as possible. If an,y a7ternative is selected which would result in altering the rates for water biilinc�s, it is strongly suggested that this �� dane by the meeting of July 15, so that the new rates could be made retroactive ta June 1, as was our St. Paul cantract and this adjustment reflected in the billings tvhich ►uould cover that per�od.