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We will perform such work pursuant to specifications prepared by and subject to the inspection of the District Engineer. If for any reason the District does not sell sufficient bonds prior to July 1, 1967 to accomplish the balance of the District's 1967-68 construction program or if after sale of bonds it fails to commence such work within a reasonable time or, having commenced, curtails or stops performance, Leslie Properties, Inc., may at its option, cur- tail or terminate performance of its portion of the District's con- struction program. Very truly yours, LESLIE PROPERTIES, INC. (signed) Coleman C. Johnson, Vice President and General Manager May 9, 1967 --- "Attention: Howard C. Ullrich City Manager and District Manager Dear Mr. Ullrich: At the request of Mr. Davis of Stone and Youngberg we are writing to you regarding our subsidiary, Leslie Properties, Inc. Leslie Salt Co. has recently concluded a transaction with its First Mortgage Bondholders which will enable it to invest $3,000,000 addi- tional capital in its subsidiary, Leslie Properties, Inc. during the calendar year 1967. Accordingly these funds will be invested in Leslie Properties, Inc., and available to it for the purposes and on the conditions indicated in Mr. Coleman Johnson's letter to the District of May 5, 1967. Sincerely, (signed) HARRY E. KELLOGG Vice President and Treasurer" City Manager stated no formal action of the Council required at this meeting as presentation planned only for informational purposes, but that request for approval of the statement and authorization to call for bids would be on the Council's Agenda of May 22nd. He asked that Mr. Don Davis, of Stone & Young- berg, City's financial consultants, inform the Council further concerning the proposed sale of bonds. Mr. Davis briefly summarized the more important aspects of the proposal in that an Official Statement had accompanied the sale proposal of the Series A bonds approximately a year ago similar to that now proposed. He stated significant change made in that no attempt had been made to make long term projections as had been done before, particularly in view of Council having now adopted guidelines which had been indicated, and statement, therefore, confined to the immediate future. He stated, other than this change, statement contained all the typical type of information needed in an Official State- ment, i.e., description of bonds, how secured, redemption provisions, recall features, assessed valuations, and fair market values as established by independent appraisers, a part of the guidelines involved. He thought it also signi- ficant to note the proposed 1967 construction program costs of over five million dollars, over three million to be sup- plied by owner -developer, who over the last two years will have supplied about 34% of the total costs, and all of which bear out the guidelines adopted by the Council. Councilman Rosselli suggested Mr. Davis report on the changes which had been made in the draft copies of the Official Statement. Mr. Davis explained changes made essentially only covered background information concerning the City to update facts from the first Official Statement made a year ago and in- formation on valuations, expenditures, etc. 67 * 15 .87