City extends kill date on stadium deal - Business First of Louisville:

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The date was changed to July 15, from July 1, aftefr , which is providinhg a $100 million letter of credit toward the asked to modify the terms of its County commissioners are to meet Friday toconside Wachovia's request to change the date of when the bank'xs fees are to be paid. Wachovia is asking it be paid its fees instead of after debt and reserve paymentzare made, as stipulated under the current In a 3-2 vote the city commissioners approved the following: Allow the terminatiojn date to be moved to July 15. Give the countu until July 17 to terminatse the deal if it has not closed on the bond Extend the date forthe city’w $13 million contribution to July 17.
Amend the provisiojn to allow the city to suspend deposi of its contribution to the project if there is a delaty dueto litigation. Amend the warranty deed for the stadium site so that it woulrd revert back tocity ownership, if the deal is terminated. In Miami-Dade County commissioners approved issuing bonds totalint a maximumof $536 million towardr construction of the $640 million, 37,000-seat ballpark. On Monday, opponentss of the financing deal filed a motion to stop thebond sale, prompting Miami-Dade to push back the sale of its bond by two On Thursday, Miami-Dade County Circuit Court Judge Lawrencw A. Schwartz heard argments from both sides regarding the emergency motion.
He said he would try to issuw an order by no latefthan Monday. Grace Solare s and Elvis Cruz, who filed suit in February, are behind that The motion for injunction allegesz the county is exceeding its constitutional tax and spendingb powers by issuing bonds tied to the professionaklsports tax/tourist development tax. The plaintiffs contend that the county is inappropriately using the current bond to repa y a prior bond issuedin 1992. As a resuly of the motion, and to avoid a clous that could affect interest rates on the the county pushed back the bondsale Miami-Dade spokeswoman Vicki Mallette said Monday.