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<br />Page 2 - 3-22-00 - Development Corporation Minutes <br /> <br />information is received. A bond sale is scheduled for Monday, March 27,2000 on the <br />Library Project. The City will be issuing three million dollars in certificates of obligation <br />at that meeting. The City of La Porte tax base due to a good credit rating will back the <br />certificates of obligation. This will enable the certificates of obligation to be sold for a <br />much lower interest rate. In addition, the City has more than sufficient debt capacity to <br />handle this debt load. <br /> <br />We will be requesting to enter into an agreement with the Development Corporation and <br />the City where the Development Corporation will pay back the City for the debt issued. <br />They will use the sales tax proceeds to reimburse the City for the debt that had been <br />issued. <br /> <br />6. Consider approval of Ordinance authorizing Sales and Use Tax Retention <br />Agreement between the City of La Porte and the La Porte Development <br />Corporation. <br /> <br />Paul Martin provided the group with a summary and recommendation. <br /> <br />Motion was made by Bill Love to approve the Ordinance as recommended by Mr. <br />Martin. Seconded by Chuck Engelken. The motion carried unanimously. <br /> <br />Ayes: Pat Muston, Ed Matuszak, Chuck Engelken, Bill Love, Jerry Clarke and Peter <br />Griffiths. <br />Nays: None <br /> <br />7. Board Action - Martha Gillett provided the members with an updated member list and <br />travel policy. <br /> <br />8. Adjournment <br /> <br />There being no further business to come before the Development Corporation, the <br />meeting was duly adjourned at 7:45 p.m. <br /> <br />Respectfully submitted, <br /> <br />Lfi/ ;M:(j/JlldtI <br /> <br />Martha A. Gillett <br />City Secretary/La Porte Development <br />Corporation Secretary <br /> <br />raJ:. <br /> <br />,2000. <br /> <br />Passed and approved on this ~ Lf!I- day of <br /> <br />P~rn~~ <br /> <br /> <br />Pat Muston, President <br />