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<br />2 <br /> <br />JANUARY 25, 1983 <br /> <br />MONDAY <br /> <br />reported that: <br /> <br />(1) at the present time, the project is very interest <br />dependent; <br />(2) in the event the project continues and bonds therefor <br />are sold at what might be considered an adverse <br />interest rate, the City might consider refinancing <br />(through a refunding bond issue) at a later date, <br />should a more attractive interest rate become available; <br />and <br />(3) the advisors' financing projections have been on a <br />conservative basis. <br /> <br />-, <br /> <br />Upon motion, duly seconded and unanimously carried, and pursuant to Section 2.1-344(a)(6) <br /> <br />of the CODE OF VIRGINIA (1950, and as amended), Council convened into an Executive Session <br /> <br />for the purpose of considering--and being briefed by legal counsel on--legal matters per- <br /> <br />taining to the Ridgeway Hydroelectric Project. At the conclusion of said Executive <br /> <br />Session, Council reconvened into regular session and (upon motion, duly seconded and <br /> <br />unanimously carried) directed that copyright(s) be secured on the license application <br /> <br />documents (and other pertinent data) and (that) procedures continue, with no additional <br /> <br />cost to the City, toward obtaining acceptance by the Federal Energy Regulatory Commission <br /> <br />of the project license application. <br /> <br />The meeting was then declared adjourned. <br /> <br />'h.~k~- <br />W. H. t~ Clerk <br /> <br />of Counc il <br /> <br />.- <br />