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<br />City Council Minutes - 07/29/02 <br />Page 17 <br /> <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 /> <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 /> <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 /> <br />Mr. Miller stated that Northwestern College had been <br />very receptive to providing the requested covenants and <br />further assurances as requested. <br /> <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 /> <br />Mayor Kysylyczyn referred to his motion as stated, and <br />his intent to ensure that City taxpayers were indemnified. <br /> <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 /> <br />Mayor Kysylyczyn requested further credentials and <br />information on the firm of Ice Miller and their <br />qualifications to provide an opinion. <br /> <br />Mr. Grover Sayer, an attorney representing Northwestern <br />