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Regular City Council Meeting Monday,July 13,2015 Page 34 Mayor Roe referenced the displayed map and the small portion of land that could be purchased for the cost of this bond issue. As a rhetorical question, Councilmember McGehee noted the City's ownership of 185,000 square feet of easement now that could be sold, and questioned if there was any reason the City couldn't or shouldn't bond for more than$3.1 million. Mayor Roe clarified that amount, after analysis, was all that the TIF District would support based on current development. Councilmember McGehee opined that, with the City's Port Authority ability, it could do the $3.1 million and partner to do additional work. Mayor Roe concurred that the City could use Port Authority bonding at any time if they chose to do so. At the request of Councilmember Willmus, City Attorney Gaughan advised that the City could not sell land purchased for rights-of-way or easement, and if not needed by the City chose not to hold it, it would revert back to the original prop- erty owner. At the request of additional Councilmembers, Mr. Gaughan advised that property owners would not return any money to the City as the City did not have the right to sell the property as a third party; with the original property own- er then getting the property back and retaining the original purchase money from the City. City Manager Trudgeon noted that the federal government would also want their money returned that was used to purchase the last segment. Councilmember McGehee opined it would make a nice pathway to the Langton Lake Park. Mayor Roe confirmed with City Manager Trudgeon that requested action at the July 20, 2015 meeting would be to authorize a sale date for bond issuance. At the request of Councilmember McGehee, City Manager Trudgeon reviewed the limitations for using bonds based on eligible expenditures, which could be an- swered in more detail at the July 20 meeting by Bond Counsel. At the request of Mayor Roe, City Manager Trudgeon addressed specified bond purpose and a time clock for selling the bonds; and using this conservative pro- posal as presented, advised if there was further development in the area, it would