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City Attorney Schenk advised that he had. passed out a copy of the City <br />Council's Resolution which is being conservative.as far as part of this approval <br />process. The City Council's resolution was adopted by the City Council'last <br />Monday night to follow a similar approval by the City Council when the note <br />was originally written. City Attorney Schenk said he had a few questions that <br />needed to be answered by the bond attorney in regard to the documents <br />associated with renewal of the note. It had to do with whether or not prior <br />owners had been satisfied and it would require a change to the documents if that <br />were the case. The City Attorney said they wrote them as if they had not been. <br />The question of the development agreement, which was part of the original <br />package, will be the next item for their consideration. City Attorney advised <br />that if the PBDC adopts this resolution he felt this note will satisfy the goals, <br />which was to have the indebtedness paid out coextensive with the terms of the <br />bond. <br /> <br />Mr. Schenk told the Board that the document was prepared by McCall, <br />Parkhurst & Horton, who was the bond council for the original transaction. <br /> <br />After further discussion, a motion was made by Director Fendley, seconded by <br />Director Severson, .for. approval of the resolution. The motion carried <br />unanimously. <br /> <br /> <br />