Draft Bond Committee Minutes 3/3/20
Extracted text (via pymupdf)
9170 characters
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¶VFRVW0V &DPDFKRH[SODLQHGWKHILJXUHZDVDQHVWLPDWHDQGFRVWVZRXOGEHUHILQHGWKH DVWKHILVFDO\HDULQZKLFKLWLVEXGJHWHGIRUGUDZVQHDU &RPPLWWHH0HPEHU6RFDFLXLQTXLUHGLILWZRXOGEHSUXGHQWWRDVNIRUPRUHWKDQ WKHH[DFWDPRXQWRIYRWHUDXWKRUL]DWLRQDQWLFLSDWHGLQFDVHDSURMHFW¶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¶VUHFRPPHQGDWLRQVZRXOGJRWR&RXQFLOILUVWWKHQ &RXQFLOZRXOGDSSURYHRUDPHQGDQGWKHQ&RXQFLO¶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