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ON MOTION by Commissioner Lyons, SECONDED by <br />Commissioner Wodtke, the Board unanimously <br />added the emergency item as requested by the <br />Administrator. <br />Administrator Wright stated that as the Board is aware, the <br />rate study is predicated on two things - on existing bond <br />covenants and then a reduction in the 20% annual debt service <br />payment cushion fund and reduction of the capital replacement <br />contribution fund. We want FHA to consider these items as <br />outlined on page 12 of the rate study. <br />ON MOTION by Commissioner Lyons, SECONDED by <br />Commissioner Scurlock, the Board unanimously <br />authorized the Administrator to approach the <br />FHA in regard to setting aside some bond cove- <br />nants as outlined in the rate study. <br />There being no further business, on Motion duly made, <br />seconded and carried, the Board adjourned at 3:10 o'clock P.M. <br />ATTEST: <br />Clerk <br />Chairman <br />18 5 <br />