1995 JT SPE MIN MAR 28 - Laserfiche WebLink

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purposes in the LAIF. Mayor/Member Fulp stated he was advised that this paragraph need not be in the document, that the resolution is operable without it and that it is possible that if there was ever an investigation by Federal or State authorities and it was found that there was misuse in the past of low -mod and/or bond proceeds that it could be construed that the Council willfully and knowingly allowed the illegal use of these funds. Mayor/Member Fulp requested consideration that this paragraph be deleted or that the word approved be stricken. Mayor/Member Fulp said this would acknowledge the use of the monies but not approve it. Councilperson/Chairperson Beltran stated that this is merely accounting for the use of an accumulation of funds and that the paragraph does not spell out what the money was used for. Discussion followed with regard to the time frame and the dollar amount covered by Page 2, Section 2, of the resolution. Councilperson/Chairperson Beltran requested clarification from Special Counsel Sabo. Special Counsel Sabo said following the last meeting he had reviewed the resolutions and the agreement and had deleted the provision in the agreement for the additional loan. Regarding the issue raised by Mayor/Member Fulp, Special Counsel Sabo said he did not have a concern if the Agency wished to acknowledge, ratify or just be silent on the issue. Special Counsel Sabo said Mayor/Member Fulp's concern is much like that raised by Councilperson/Member Bennett at the last meeting. Special Counsel Sabo stated it was never intended that this matter be viewed as approval before the fact. Special Counsel Sabo said with regard to the concern of whether low -mod and restricted bond proceeds were used, he is very comfortable from the records that he has seen that this did not happen. Counci 1person/ Chairperson Beltran asked City Attorney/ General Counsel Biggs if she had any concerns in this regard. City Attorney/General Counsel Biggs said so long as Special Counsel Sabo is comfortable with this matter, she does not have a problem with the deletion or modification. She said the only concern she had was that on the City Council side, the Council needed to add this to its agenda as an emergency matter that happened subsequent to the posting of the agenda in order to amend or reconsider the resolution. Counc i 1person /Member Bennett said she did not have a problem with the procedure outlined by City Attorney/General Counsel Biggs; however, she asked if the same would not apply to RDA Resolution No. 658, adopted at the last RDA meeting. City Attorney/ General Counsel Biggs stated that it would. City Attorney/ General Counsel Biggs asked Special Counsel Sabo if the resolutions acted on previously are not signed and in place, does this prevent the RDA/Council from going forward. - 2 - 7995