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. --- ..l�r WiirrMm� 1 413 Official Statement In order to prepare the Council for additional ac�ions to be taken by them on February 5, District Attor�ey Schricker referred to the draft Official Statement for GID No. 1-64 Series E Bonds, eopies of which had been provided to the Directors. He advised them of the j.mportance ,�,.., of reviewing the Statement carcfully, and that they may be held liable for misstatements made in conneGtion with i�suance of bond$. He added � that Council may not rely entirely on staft, but that if any member is, in fact, in possession of knowledge pertinenfi to statements or mis- statements, he or she is obligated to disclose that iz�formation; that bond purchasers are entitled to such disclosure, Mr. Schricker continued, stating that the Boar�l is required to review the Official Statement for the purpose o� ascertaining the truthful- ness of the statements therein. As clarification and in response to questions by the Board, he assured them that insofar as statemen�s attributed to others, they would not be held responsible, unless from some outside source the Board i.s privy to such information; that, is, if the Board does not have such information, they are not obligated to obtain it. He assured the Board that simply by virtue of the fact he is advising them of the law, there is no implicatior� that they would not have done anyway what he i� adv�.sing them to do, but that it was to their advantage to review the law. He also requested that any corrections such as incomple�e sentences anS the like, be brought to staff attention before next Monday. Mr. O'�Ieill added that the draft has been thoroughly reviewed by trheir staff and bond counsel, and that refinements wi11 probably be made during this week, with the final version Xeady in time for the next agenda packets, and that it would be appreciated i,f they eould re- �"" ceive any comments by Council no later than Wednesday, �anuary 31. � Executive Session MOTION: Director Norris moved, seconded by Director Biagi, to adjourn to executive s�ssion to consid�:r matters relating to labor negotiations and to reconvene solely to adjourn. The motion carried unanimously by voice vote. 'I'he Board adjourned to executive se�sion at 9:45 p.m. Adjournment MOTION: Upon motion duly made, seconded and unanimously carried, the Council adjourned to an executive session at 5:30 p.m. on Wednesday, January 31, 1979, in the office of the City Manager. The Council adjourned at 11:00 p.m. � FRANCES I. REGGETT$ �"�` Deputy District Clerk GID 1-64 Bd./Dir. 1/29/79 Page 4