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DORSEY & WHITNEY LLP <br /> Page-2- • <br /> Mr. Michael Mornson <br /> April 18, 1996 <br /> 5. Memorandum briefly describing Chandler <br /> Place refunding bonds and satisfaction of TIF <br /> loan. <br /> Paragraph 4 of the City Council resolution for the Chandler Place <br /> refunding bonds conditions the obligation of the City to issue the bonds on the <br /> payment of the $600,000 in satisfaction of the TIF loan. As -I previously mentioned <br /> to you this payment.would take place at the closing of the refunding bonds which is <br /> presently scheduled for May 22nd. <br /> If you have any questions, please give me a call. <br /> Yours .truly, <br /> Jer e P. Gilligan <br /> JPG:cmn <br /> Enclosures <br /> cc: Bill Soth <br />