Committee Minutes

Minutes of Grand Forks City Council/Growth Fund
Authority (JDA) - Monday, September 28, 2009 - 5:30 p.m.____

The city council of the city of Grand Forks sitting as the Growth Fund Authority met in the council chambers in City Hall on Monday, September 28, 2009 at the hour of 5:30 p.m. with Chairman Gershman presiding. Present at roll call were Council Members Bjerke, McNamara, Glassheim, Christensen, Kreun, Gershman, Mayor Brown - 7; absent: Council Member Bakken - 1.

APPROVE ASSIGNMENT AND AMENDMENT OF EXISTING
REMARKETING AGREEMENT FOR VARIABLE RATE
DEMAND INDUSTRIAL REVENUE BONDS, SERIES 1999

The staff report from the director of urban development relating to assignment and amendment of existing remarketing agreement for $5 Million, City of Grand Forks, ND, Variable Rate Demand Industrial Revenue Bonds, Series 1999, with recommendation to approve Grand Forks Regional Economic Development Corporation (EDC) consenting to remarketing agreement.

Greg Hoover, director of Urban Development, reported this is a pro forma action and attachment on the city council agenda for the special meeting that will follow, in 1999 on behalf of the Economic Development Corporation the City issued this bond, the remarketing agent at the time was financial services component of Wells Fargo and that we have been notified that they are going to be consolidating with Wachovia Bank and this action is necessary because we have a lease with EDC where the payments that LM Glasfiber makes go to repay this bond, and that the JDA consents for the EDC to join into this agreement that the City is going to be asked to do later in the special meeting of the city council. The EDC Board will meet on Thursday to consider this and expect that they will approve it also.

It was moved by Mayor Brown and seconded by Council Member Christensen that this recommendation be approved. Upon call for the question and upon voice vote, the motion carried 7 votes affirmative.

ADJOURN

It was moved by Mayor Brown and seconded by Council Member Glassheim that we adjourn. Carried 7 votes affirmative.

Respectfully submitted,



Maureen Storstad for
Saroj Jerath, City Auditor