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Home My WebLink About4/29/2014 Study Session Agenda Packet1%6%2%83;2'392'-0 789(=7)77-32 238-')%2(%+)2(% ;'MZMG'IRXIV(VMZI1EVERE%VM^SRE &SEVHVSSQ%TVMPEXSVEJXIV41 )H,SRIE1E]SV .SR4SWX:MGI1E]SV (EZMH&S[IR'SYRGMP1IQFIV 4EXXM'SQIVJSVH'SYRGMP1IQFIV ,IVF/EM'SYRGMP1IQFIV 'EVSP1G+SVVE]'SYRGMP1IQFIV 6S\ERRI>MIKPIV'SYRGMP1IQFIV 4YVWYERXXS%67jRSXMGIMWLIVIF]KMZIRXSXLIQIQFIVWSJXLI1EVERE8S[R'SYRGMPERHXS XLIKIRIVEPTYFPMGXLEXXLI8S[R'SYRGMP[MPPLSPHEQIIXMRKSTIRXSXLITYFPMGSR%TVMPEXSVEJXIV 41PSGEXIHMRXLI&SEVHVSSQSJXLI1EVERE1YRMGMTEP'SQTPI\;'MZMG'IRXIV(VMZI1EVERE %VM^SRE %'8-321%=&)8%/)2&=8,)'392'-032%2=-8)10-78)(328,-7%+)2(%6IZMWMSRW MXEPMGW XSXLIEKIRHEGERSGGYVYTXSLSYVWTVMSVXSXLIQIIXMRK6IZMWIHEKIRHEMXIQWETTIEVMR 8LI'SYRGMP'LEQFIVWEVI[LIIPGLEMVERHLERHMGETTIHEGGIWWMFPI4IVWSRW[MXLEHMWEFMPMX]QE]VIUYIWXE VIEWSREFPIEGGSQQSHEXMSRWYGLEWEWMKRPERKYEKIMRXIVTVIXIVF]GSRXEGXMRKXLI8S[R'PIVOEX 6IUYIWXWWLSYPHFIQEHIEWIEVP]EWTSWWMFPIXSEVVERKIXLIEGGSQQSHEXMSR 8LMW2SXMGIERH%KIRHE4SWXIHRSPEXIVXLER1SRHE]%TVMP41EXXLI1EVERE1YRMGMTEP 'SQTPI\;'MZMG'IRXIV(VMZIXLI1EVERE3TIVEXMSRW'IRXIV;-RE6SEHERHEX [[[QEVEREGSQ [[1070,4312,3286,4424][12][,,][Arial]]SRXLI8S[R'PIVOTEKIYRHIV%KIRHEW1MRYXIWERH [[3261,4312,3950,4424][12][,,][Arial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tudy Session - April 29, 2014 - Page 1 of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jXLI8S[R'SYRGMPQE]ZSXIXSKSMRXSI\IGYXMZIWIWWMSR[LMGL[MPP RSXFISTIRXSXLITYFPMGXSHMWGYWWGIVXEMRQEXXIVW ))\IGYXMZI7IWWMSRTYVWYERXXS%67j % 'SYRGMPQE]EWOJSV HMWGYWWMSRSVGSRWYPXEXMSRJSVPIKEPEHZMGI[MXLXLI8S[R%XXSVRI]GSRGIVRMRKER]QEXXIV PMWXIHSRXLMWEKIRHE ))\IGYXMZIWIWWMSRTYVWYERXXS%67j % ERH JSVPIKEPEHZMGIJVSQ XLI8S[RWEXXSVRI]WERHXSMRWXVYGXXLI8S[RWVITVIWIRXEXMZIWVIKEVHMRKHMWGYWWMSRWERH RIKSXMEXMSRW[MXLXLI%VM^SRE7XEXI0ERH(ITEVXQIRXGSRGIVRMRKXLI8SVXSPMXE4VIWIVZI *9896)%+)2(%-8)17 2SX[MXLWXERHMRKXLIQE]SVcWHMWGVIXMSRVIKEVHMRKXLIMXIQWXSFITPEGIHSRXLIEKIRHEMJXLVIISVQSVI 'SYRGMPQIQFIVWVIUYIWXXLEXERMXIQFITPEGIHSRXLIEKIRHEMXQYWXFITPEGIHSRXLIEKIRHEJSVXLI WIGSRHVIKYPEV8S[R'SYRGMPQIIXMRKEJXIVXLIHEXISJXLIVIUYIWXTYVWYERXXS1EVERE8S[R'SHI 7IGXMSR & %(.39621)28 Study Session - April 29, 2014 - Page 2 of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i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tudy Session - April 29, 2014 - Page 3 of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tudy Session - April 29, 2014 - Page 4 of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tudy Session - April 29, 2014 - Page 5 of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tudy Session - 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April 29, 2014 - Page 7 of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tudy Session - April 29, 2014 - Page 8 of 9 ;'-:-'')28)6(6-:)1%6%2%%6->32% &SEVHVSSQ%TVMP41 1E]SVERH'SYRGMP 8S-XIQ ) *VERO'EWWMH]8S[R%XXSVRI] *VSQ 7XVEXIKMG4PER*SGYW%VIE 'SQQYRMX] 7XVEXIKMG4PER*SGYW%VIE%HHMXMSREP-RJSVQEXMSR -RMXMEXMZIWXVEXIK]G-HIRXMJ]JMRERGMEPP]WYWXEMREFPIPSRKXIVQWSPYXMSRXSXLI8SVXSPMXE4VIWIVZIWXEXI PERHPIEWI ))\IGYXMZIWIWWMSRTYVWYERXXS%67i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tudy Session - 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