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basis over one year. The debt or letter of credit will be replaced once permanent bonds are <br />issued to buy back the power plant to be constructed. <br />This interim financing mechanism can be covered by existing rates and no budgetary <br />increases are expected other than transferring budgeted funds between line items, which will <br />be brought back to the City Council for approval once the exact mechanism and costs are <br />determined. <br />ENVIRONMENTAL IMPACT: There is no environmental impact in securing the short-term <br />financing. The City will take out all required permits and licenses before actual construction of <br />the project. <br />RECOMMENDATION: It is recommended that the City Council direct staff to secure a short- <br />term financing mechanism and return to the City Council for formal approval at a later date. <br />Report Prepared by: Nitin Modi, Electrical Engineering Manager <br />