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items in favor of OUC, while the other set would provide lesser cost savings to the City but would keep the PPA in place only through 2023. The City is in the process of evaluating the various terms, with its goal being to select the option that provides maximum value to all of its electric customers. Beyond those efforts, the City has also entered into a contract with Public Resources Management Group, Inc., to perform a comprehensive "Rate Study; which will include, among other products, an evaluation of the feasibility of financing transmission and distribution capital expenditures with debt,* rather than with current funds, as potential means of lowering rates. The Rate Study is expected to be complete by April 2015. Additionally, the City issued a Request for Proposals and .received several responses for a study of ways to improve the electric utility's efficiency, including ways to lower costs. The City expects to execute the contract for that study in January 2015, and expects that study to be complete by July 2015. The City's Referendum Initiative. Following enactment of the original version of Section 366.04(7), Florida Statutes, the City considered whether that Act applies to the City at a .City Council meeting in August 2008. The City concluded that, by the express terms of the Act, the City was not subject to the Act for two reasons: (1) the number of "named retail electric customer[s]" as of September 30, 2007, who were to be the electors franchised to vote in the referendum prescribed by the Act, was 27,854, which is less than the lower bound of the range (30,000 to 35,000 customers) set forth in the Act; and (2) the City served customers outside its home county (in St. Lucie County, whereas the City's home county. is Indian River County) on September 30, 2007,. and accordingly, by this criterion, the City was also outside the applicability criteria in the Act. Notwithstanding its determination that the Act does not apply to the City, the City has stated publicly, at the previous meetings in this dispute resolution process, that the City will work toward holding the referendum sought by the Town (and perhaps by the County). To that end, the -City contacted the Indian River County Supervisor of Elections, The Honorable Leslie Rossway Swan, to inquire as to her ability to conduct the referendum; she replied that she cannot, because the electors are "named retail electric customer[s]" as opposed to registered voters, and also because her office can only conduct elections involving entire districts, e.g., County Commission districts, Florida House :Districts, and the like. Further, the City engaged Mr. Ronald A. Labasky, the General Counsel for the Florida State Association of Supervisors of Elections, to advise the City as to how the sought-after referendum may be conducted. On December 2, 2014, the vero Beach City Council adopted its Resolution No. 2014-41 (Attachment C hereto), by which it authorized City Staff to work 12 •