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City Council Minutes — 07/29/02 <br /> Page 17 <br /> another law firm, Ice Miller of Indianapolis, Indiana, <br /> which will provide the opinion that this type of financial <br /> arrangement is legal and valid, but that this would <br /> require the City's use of an alternate bond counsel. <br /> Kysylyczyn moved, Kough seconded, to direct staff to <br /> obtain additional covenants from Northwestern College <br /> that would provide assurances that they would refinance <br /> the City-issued debt should any legal challenge be <br /> presented; with additional covenants being obtained to <br /> ensure that the bond proceeds are used for non-religious <br /> purposes. <br /> Mr. Doug Schroeder, Vice President and Chief Financial <br /> Officer, representing Northwestern College, and Ms. <br /> Jenny Grain, an attorney representing Briggs and <br /> Morgan, were present to address comments and answer <br /> questions. <br /> Mr. Miller stated that Northwestern College had been <br /> very receptive to providing the requested covenants and <br /> further assurances as requested. <br /> Discussion items included the estimated size of the <br /> variable rate demand bond issue ($9 Million); security <br /> backing for the bonds by letter of credit from a qualified <br /> bank; seven (7) day call period provision; potential <br /> impact on the City's bonding capacity; <br /> Mayor Kysylyczyn referred to his motion as stated, and <br /> his intent to ensure that City taxpayers were indemnified. <br /> Mr. Miller introduced Ms. Grain from Briggs & Morgan, <br /> who clarified their concerns, as no precedent existed at <br /> the federal court level to any potential challenge. <br /> Mayor Kysylyczyn requested further credentials and <br /> information on the firm of Ice Miller and their <br /> qualifications to provide an opinion. <br /> Mr. Grover Sayer, an attorney representing Northwestern <br />