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CITY OF MUSKEGON
LOCAL DEVELOPMENT FINANCE AUTHORITY
REGULAR MEETING
MINUTES
November 22, 1994
The meeting was called to order at 12 p.m. by Chairman K. Harris, and roll was taken.
MEMBERS PRESENT: K. Harris, D. Seifert, G. Sarut, L. Eklund, P. Roy, R. Wabel,
F, Farmer, G. Milkins, R. Hovey, R. Long, R. Kersman
STAFF PRESENT: T. Paul, J. Edmonson, B. Mazade
OTHERS PRESENT: C. Stacer, Bendzinski & Co.; R. Morgenstern, Muskegon
Chronicle; T. Johnson; S. Pleimling
APPROVAL OF MINUTES
Minutes of the special meeting of October 11, 1994, were approved by voice vote.
APPROVAL OF SALE OF BONDS (LDFA II)
A total of six bids were received with the low bid submitted by Kemper Securities, Inc./Old
Kent Bank of Grand Rapids. The City’s Bond Counsel recommended approval of the Kemper
Securities, Inc. bid. A motion to accept the low bid of Kemper Securities, Inc./Old Kent Bank
of Grand Rapids for $1,475,000 of local development bonds at a net interest cost of 6.315916
and to adopt the Amending Resolution was made by K. Harris, supported by R. Kersman, and
unanimously approved.
APPROVE AGREEMENT ON USE OF EXCESS TAX INCREMENT REVENUES
R. Kersman moved to adopt the pass-through agreement, supported by K. Harris. Discussion
ensued concerning the language proposed in paragraph four. P. Roy moved to delete the first
sentence in its entirety from paragraph four of the agreement, supported by D. Seifert, and
unanimously approved. The Chairman called for the vote on the original motion, and it passed
unanimously to adopt the agreement, as amended.
There being no further business, the meeting was adjourned.
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