BC 1990 11 30 - Laserfiche WebLink

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599 SOSSAMON: There is one other option. If you are looking to insure that (1) the City completes the project and as Ms. Melvin indicated, there is some uncertainties especially with things in the Mid-east and how that might affect our time frame that has been outlined in the schedule forwarded to us by DOT and FAA. One way that you can accomplish the same thing and still track the 10- year payment period would be under the repurchase option identified in #6. If you would change that date from January 1, 1996 to January 1, 2001, that still ties in, leaves the repurchase option there and if we haven't built up to the obligations of the airport, keep the payment schedule on time. HARTSELL: The only problem I have with that, Leonard, and I agreed with...it's the year 2000 even. SOSSAMON: 2000 even is fine HARTSELL: It's not my...you want to have some incentive built in to expedite the construction. MELVIN: Right SIMMONS: Not to transfer our assets and just have them sit there. I mean... HARTSELL: That is a judgement call. But that's the flip side. MELVIN: This is only a safeguard. HARTSELL: I mean, I realize this is something you can do as well. SIMMONS: With the date that is there right. I mean the City can maintain the integrity of the project by simply paying off... HARTSELL & SIMMONS: (Both speaking at same time - unable to transcribe) HARTSELL: I am not particularly accustomed to giving advice in some type of setting. I have to admit. SIMMONS: It is not a good way to do it. MELVIN: I'm sorry. SIMMONS: It is difficult to counsel us...not to the City's .... I mean we are adversaries in constructing this contract in trying to do what is best for both our public bodies. That is hard to do that and get advice from counsel and the other side sitting in front of you, you understand...as well as it is for you .... for Gordon to give you advice with us sitting here. LENTZ: All right MELVIN: Would you like to go back into executive session and chat with counsel on this? SIMMONS: After the City has made all of its comments, it might be appropriate. MELVIN: If they want to do the same after their comments. HARTSELL: You could go into session together, technically.. You can invite them in. MELVIN: That would be fine. BELO: If you are going into session, then let us pow wow out here a little bit, if we need you ..... LENTZ: That will be fine, you are excused. Go back in the conference room. So if you would like to go back and we will give you a few minutes and we will see what we need to do. BELO: I take that back. I heard last night about your executive sessions.