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about the difference between an advance to a fund and a subsidy. President Haynes said that the decision about what to do with a fund that does not break even is for the Council to make. Councilor De Forest asked for clarification of the incidents found during the audit of the City's 2011 bid processes. Mr. York said that the purchase without the bid process was a generator in the public works department and that the purchase with only two bids was because of the unique nature of the bid request. Mr. York said that both of these incidents occurred prior to the City's discovery of fraud in the water resources division. Mr. Arft said that after the fraud was discovered, the City completed an extensive fraud-risk analysis and implemented a purchasing card system. He said that employees were retrained and procedures were refined. Councilor Luebke made a motion to accept the 2011 Audit Report, and Councilor Leavy seconded. The motion carried 6-0. File 8463 11. REPORTS FROM BOARDS AND CITY OFFICERS a. Mr. York presented a resolution authorizing the Application and Borrowing of up to $377,000 from the State of Wisconsin Board of Commissioners of Public Lands State Trust Fund Loan Program for Projects contained in the 2012 Capital improvement Budget. He indicated that this loan would fund a number of small projects that could not be part of the general obligation debt issue. Councilor Luebke made a motion to adopt the resolution, and Councilor Spreitzer seconded. The motion carried 6-0. File 8514 b. Mr. Casper presented a resolution releasing the City's Right of First Refusal for 348 Locust Street. Councilor De Forest recused herself from this matter because of a conflict of interest. Mr. Casper presented a short history of the property and discussed how the City obtained the right of first refusal. He recommended that the City waive the right to purchase the property, which would allow the current owner, Family Services of Southern Wisconsin and Northern Illinois, Inc., to sell the property on the open market and use the profits for programming. Councilor Luebke moved to adopt the resolution, and Councilor Leavy seconded the motion. Mr. Arft said that the property is in a single-family zoning district and could only be used for single-family or other similar uses. The motion carried 5-0-1. File 8560 12. At 8:26 p.m., Councilor De Forest made a motion to adjourn the meeting, and Councilor Spreitzer seconded. The motion carried 6-0. .//LIP• al Rebel. S. House ari, City Clerk www.ci.beloit.wi.us Date approved by Council: August 6, 2012