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Regular City Council Meeting Monday, June 11, 2007 Page 27 between now and June 20t\ or to talk to a Councilmember before the deadline. Councilmember Ihlan noted issues beyond environmental that needed City Council policy discussion, including traffic mitigation, payment in lieu of taxes to reimburse the City for additional infrastructure (road improvement) costs, prior to taking final action on the PUD. Mr. Stark advised that staff would put additional information on the City website seeking public comment, as well as issuing a press re- lease. City Attorney Anderson reviewed reasonable public notice prior to meeting provisions from State Statute, ensuring that there was more than adequate notice being provided to the public. k. Letter of Credit Proceeds - Financial Statement Presentation of the Twin Lakes Developer Letter of Credit Proceeds Finance Director Chris Miller provided his comments related to the previous presentation of the 2006 Annual Financial Report that in- clude a separate line item denoting the drawdown of the Letter of Credit supplied by the former Twin Lakes developer; and Council- member Ihlan's subsequent concerns about whether the financial statements properly report the Letter of Credit proceeds and whether they sufficiently identified the purpose of the proceeds. Mr. Miller advised that, while additional documentation regarding the proceeds could be added, staff questioned the value-added to the reader, concluding that the item was already separately and specially denoted in the Annual Report; and that the intended audience of the City's annual report is limited. Councilmember Ihlan reiterated her concerns, originally raised by a resident at the Audit meeting that the City Council be aware of their fiduciary duties, clarifying that proceeds of the Letter of Credit are currently in dispute; and avoiding assumptions on the availability of $827,000 in potential General Fund revenue.