HomeMy WebLinkAbout09/18/84,N
September 18, 1984
The Council of the City of Waterloo, Iowa, met in Special Session at
City Hall Council Chambers, Waterloo, Iowa at 5:00 p.m., on September
18, 1984. Mayor Bowers in the Chair. Roll call: Lichty, Penaluna,
Klinger, Seeber, Wright. Absent: Getty and Dowie.
86481 - Moved by Seeber, seconded by Wright
receive and file the copies of the call.
Motion carried.
86482 - Moved by Wright, seconded by Klinger
that the Agenda, as proposed for the Special Session of September 18,
1984, at 5:00 p.m., be approved.
Motion carried.
86483 - Moved by Seeber, seconded by Wright
that the Council adjourn to Executive Session for the purposes of
discussion on the status of secured position in Rath Bankruptcy.
Motion carried.
E X E C U T I V E S E S S I O N
86484 - Moved by Lichty, seconded by Wright
to adjourn Executive Session.
Motion carried.
86485 - Moved by Penaluna, seconded by Klinger
that the City, subject to the negotiation of a satisfactory
agreement, honor its guarantee of the 15th day of June, 1983, under
the current facts and circumstances as presented. Ayes: Five.
Absent: Getty and Dowie.
Motion carried.
86486 - Moved by Klinger, seconded by Wright
that the City, subject to the negotiation of a satisfactory
agreement, agree to subordinate its security position to that of any
new lender and equity investor as may be necessary to continue Rath
operations during the development and preparation of a plan
reorganization. Ayes: Five. Absent: Getty and Dowie.
Motion carried.
86487 - Moved by Seeber, seconded by Klinger
that the Council adjourn.
Motion carried.
Larry P. Burger
City Clerk/Auditor