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17 <br />the integrity of the building needs to be respected. He said he was distressed by what was <br />submitted to the Planning staff by the applicant. He said he respects the BAR an d has <br />never appreciated the appeal to Council. He said Council should not second guess the <br />BAR. <br /> <br />REPORT <br />: AAA BOND RATING <br /> <br /> Mr. O'Connell said that the City saved $1.7 million because of the AAA bond <br />rating. <br /> <br /> Ms. Rita Scott, Director of Finance, explaine d that funding for the City's capital <br />improvement plan comes from the General Fund and bond issuances. She said it is done <br />in a planned fashion to maintain a level amount . She said bond ratings are done every <br />time we go to the bond market. She said onl y 21 cities in the country are rated AAA. <br />She thanked Council for their role in achieving the AAA bond rating. <br /> <br /> Mr. Caravati said he thinks the conservative management and pay as you go <br />statement represents what the City has been about. <br /> <br /> Mr. Cox recog nized the continuity of fiscal responsibility. <br /> <br /> Ms. Richards noted that the AAA bond rating saves the City significant money. <br /> <br />REPORT <br />: LOCATION OF FREE EXPRESSION MONUMENT <br /> <br /> Mr. O'Connell said that two years ago the design concept for the Free Expression <br />Monument was approved in the context of the mall redesign. He said approval is needed <br />for the Monument's location so plans for the mall can move forward. <br /> <br /> Mr. Tolbert said the suggested location is between City Hall and the Merrill <br />Lynch building. <br /> <br /> Mr. Robert Winstead, designer of the Monument, said he is excited about the <br />Monument being a part of the larger development downtown. He asked for Council's <br />approval so they can move forward with funding raising and construction documents. <br /> Mr. Lynch said he continues to have concerns about where the Monument is <br />located and about its closeness to City Hall. He said he would rather see the Monument <br />somewhere like the State Capitol or Congress. He said he likes the concept but would <br />rather see it some place l ike Central Place. <br /> <br /> Mr. Caravati said he would rather vote on the location as a piece of the whole <br />downtown development. <br /> <br /> Mr. Schilling said Mr. Lynch has a good point and suggested that the matter <br />deserves further deliberation. He agreed with Mr. Carav ati that Council should look at <br />the whole downtown development. <br />