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LEGAL DEPARTMENT MEMORANDUM <br /> NO. 2001-27 <br /> December 13, 2001 <br /> TO: Honorable Mayor Howley and City Council <br /> FROM: Steve Garman, City Manager <br /> John W. Couter, Corporation Counsel i �� <br /> RE: Amendment to Easter Seals Bond Issue <br /> SUMMARY RECOMMENDATION: Staff recommends that Council approve a <br /> resolution amending the previous issuance of bonds for Easter Seals. <br /> BACKGROUND: In 1999, the Council approved the issuance of bonds in the <br /> amount of Seven Hundred Fifty Thousand Dollars ($750,000.00), with the proceeds to <br /> be used by Easter Seals Central Illinois, Inc., for the construction of its new building at <br /> 2715 North 27th Street. The entire liability for the payment of these bonds is Easter <br /> Seal's, and the City has no obligation whatsoever. <br /> Easter Seals now wishes to amend the previous resolution in order to take <br /> advantage of the current lower interest rates and thereby lower its costs. The liability for <br /> payment will remain with Easter Seals, and the City will continue to have no obligation. <br /> Staff recommends approval of the amendment. <br /> OBJECTIONS: None of which staff is aware. <br /> STAFF REFERENCE: John Couter (424-2807) <br /> BUDGET/TIME IMPLICATIONS: N/A <br /> JWC:ps <br /> cc: Wendy L. Morthland <br /> Steven G. Jones <br />