Citizen Bond Committee Minutes February 18, 2020
Extracted text (via pymupdf)
8325 characters
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±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±UG$YHQXHDQG3HRULD )LUH6WDWLRQ±:HVWHUQ$UHD 0U6W-RKQUHSRUWHGWKDWDILYHDFUHSDUFHOKDVEHHQVHFXUHGDW 2OLYH 5HHPVDQGWKH&LW\LVFORVHWRVHFXULQJWKHGHHG 0V:R\WHQNRZLOOFRPHEDFNZLWKFODULILFDWLRQRQWKLVSURMHFW YHUVXVWKHVLWHQHDU+LJKZD\ 5HSODFH5HPRGHO)LUH6WDWLRQ±8QLRQ+LOOVQHDUUG$YHQXH 5HQRYDWH)LUH6WDWLRQ±WK'ULYHDQG'HHU9DOOH\5RDG 5HQRYDWH)LUH6WDWLRQ±1HDU*OHQGDOH&RPPXQLW\&ROOHJH 3ROLFH6WDWLRQ±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¶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