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6. Regular Meeting January 4, 2005 Page 6 the short-term necessities of the City. He stated the Blue Ribbon Bond Committee recommended the City build a new fire station and sell the Central Fire Station, with the proceeds going towards the bond debt. Mayor Narvaiz thanked the Blue Ribbon Bond Committee for their hard work. Mr. O'Leary stated originally the Blue Ribbon Bond Committee proposed their schedule for the May election, and since that time the Council has changed the City Elections to November. He stated he feels the Council could discuss the Bond Election proposal during the Budget process and hold the election in November. Mayor Narvaiz inquired whether the Council feels a Bond Election should be held in conjunction with the General Election in November or a Special Election in May. Mr. Mihalkanin stated he would like to have additional time to review the Blue Ribbon Bond Committee Report. He also stated he feels the Council should hold a discussion at the next Regular Meeting scheduled for January 18, 2005. Mr. Thomaides stated he feels the Bond Election should be held in November. He stated by holding the election in November the Council would have more time to receive citizen input. Mr. Guerrero stated he feels the Bond Election should be held in May, to possibly get a lower interest rate on the bonds. Mr. Diaz stated he feels the Council should hold the Bond Election in November. Mr. Bose stated he would also like to have additional time to review the Blue Ribbon Bond Committee Report and receive input from the citizens. Mr. Taylor stated he agrees with Mr. Mihalkanin regarding needing additional time to review the Blue Ribbon Bond Committee Report. He stated he also feels the Council should hold a discussion at the next Regular Meeting scheduled for January 18, 2005. Mr. Mihalkanin stated he feels the Blue Ribbon Bond Committee Report will have an impact on the budget discussions and process. Mayor Narvaiz stated a Citizens Summit will be held on January 27, 2005, to allow citizens to participate with the visioning of the City. She stated she feels this would be a good time for citizens to provide comments about the Blue Ribbon Bond Committee Report. - - Mayor Narvaiz introduced for consideration approval of an Ordinance on first reading, the caption which was read as follows: AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, APPROVING THE RELEASE OF AN ELECTRICAL EASEMENT LOCATED IN LOT 2, GIL-MOR COMPANY SUBDIVISION LOCATED NEAR THE INTERSECTION OF STATE HIGHWAY 123 AND INTERSTATE 35 TO THE PROPERTY OWNER, JUD'S FOOD STORES, INC.; AUTHORIZING THE CITY MANAGER TO EXECUTE A RELEASE; AND PROVIDING AN EFFECTIVE DATE. Mr. Diaz moved for approval of the Ordinance on first reading, Guerrero seconded the motion, which passed unanimously. and Mr. - Mayor Narvaiz introduced for consideration approval of an Ordinance on first reading, the caption which was read as follows: