Page 32 - Fund Amount News Today : Breaking News, Live Updates & Top Stories | Vimarsana

And the second frankly is that the Decision Making process about appropriating funds from the reserve to the district is now resting with the mayor and the board of super visors so certainly that was the intent of the original language, but that is something that the city has you know, the willingness to revisit and change. Thats some of the discussion thats taking place now. The possible changes. One is that there would be two separate reserves created so right now instead of having the one plot of funds in the rainy day reserve, that there would be a split of the one reserve into two reserve...

Is one change, but in technical terms, that would be less than 25 percent of the whole balance in the rainy day reserve, but at least there would be certainty about that. Thats why we think there would be less money. Thank you. I want to follow up on that. This is where my antenna goes up because i want to make sure we thought through the whole thing. Clearly there are people that beyond the Rating Agency issue think this is a better situation for them. So i mean, i havent i have to confess and i havent read through your whole memo that you sent us so you may have done this, but it just seems ...

[inaudible] or whether or not we would be getting [inaudible]. Not in the materials that i went through tonight, but yesterday i sent an email with scenarios and calculations to you. Its hard to tell because its speculative. We dont know what the among other things, we dont know what the policymakers of the city would do in the future, including the near future about making draws or appropriations to the district under the current language so its part of this depends on one zone predictions about how likely and for how long the city would continue to appropriate funds from the rainy day reserv...

Problem. If thats done im okay. Any other questions, comments . You mentioned none of this is set in stone, so can we 60, 40, instead of 75, 25 . Just kidding. My suggestion about this is [inaudible] or whether or not we would be getting [inaudible]. Not in the materials that i went through tonight, but yesterday i sent an email with scenarios and calculations to you. Its hard to tell because its speculative. We dont know what the among other things, we dont know what the policymakers of the city would do in the future, including the near future about making draws or appropriations to the dist...

Percent of the current balance and the district would receive 25 percent. And then if the say if and when the city in any year where they would make an additional deposit to the reserve then the same per centages would apply. In other words, we would use the funds to avoid lay offs rather than rescinding lay offs and thats proving to be a very process. The second change is who decides whether a draw should be taken. This change would allow the board of education without needing approval to decide to take a draw under certain conditions. The third change is that all of this is subject for the b...