2018-04-30 Meeting to discuss PFD bondMeeting to discuss PFD bond
April 30, 2018
2:02 p.m.
Present: Commissioner Fund, Commissioner Jackson, Commissioner Stamper, Suzette Smith, Arny Davis,
Becky Butler, Jonathan Meyer
Guests: Centralia City Manager Rob Hill, PFD president Todd Chaput
Recorder: Rieva Lester
Jonathan Meyer said he spoke with the county’s bond counsel,
Roy Koegen of Kutak Rock, the previous week. He said he
forwarded the contingent loan agreement to Suzette Smith.
Jonathan said he would like clauses added to the agreement.
Some things to be addressed included:
• Language indicating the BOCC can withdraw after
completion of the feasibility study
• Language addressing repayment of the .09 loan
• Language clarifying the 2010 agreement in section 3.6
• The hold harmless language in Article 5
• Language regarding a potential default payment (sections 2.1 and 3)
• Order of repayment and core expenses
Jonathan said bond counsel was going to explore adding the .09 loan amount to the bond request so it
could be paid off now.
Suzette discussed concerns with language regarding the bond maturity. She asked Arny Davis if the
county would need to add an additional note as GASB 88 goes into effect. Arny said it would need to be
added in. Jonathan noted that interest rates are beginning to climb.
Jonathan said he expects to have something concrete by week’s end.
Arny asked if the board wanted to go with three $66,000 payments. Commissioner Jackson said that was
one possibility. He said there is some flexibility. Becky Butler suggested rewriting the .09 agreement.
Jonathan discussed the verbiage in the county’s agreement that indicates the county is to receive $1 for
each ticket sale.
Arny said the PFD board has authorized him to make a payment on the .09 loan.
Todd said the PFD board recently did a walk-through to discuss what work needs to be completed. He
said floors, walls, bleachers, the elevator, and seating need to be completed.
Meeting ended at 2:36 p.m.
TO-DO LIST / RECAP
Jonathan Meyer: Discuss Roy
Koegen’s suggestions then
forward them to the BOCC.