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Committee approves WEP bond authorization restructured as $320,000 bond with $80,000 cash offset
Summary
The committee approved a revised WEP bond resolution (motion seconded and adopted by voice vote) authorizing a $320,000 bond with $80,000 cash to offset the maximum $400,000 project cost, clarifying earlier confusion about the financing structure.
WEP presented a revised request to authorize bond financing and use cash to offset debt for a capital item. The presenter explained the request was modified to show $320,000 in bond authorization with $80,000 in cash to simplify prior confusion. Committee members asked about cash levels and how cash-to-capital is applied; WEP staff described typical cash ranges and how cash offsets reduce borrowing needs.
A committee member moved the bond resolution, another seconded, and the body approved the motion by voice vote. The record shows the motion carried following an "Aye" voice vote; no roll-call tally was provided in the transcript.
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