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renton offices also interested in offering a “grant anticipation” financing plan.
“I’ve been in continuing contact with Wheat First Securities and under the new IRS regulations, they think we can’t legally do what we’ve been talking about,” Dennis reported. He relayed a suggestion from the company that the WSA work directly with a bank to provide interim financing that would guarantee an adequate cash flow for the sewer project. “They said we could probably do as well by just going to the bank on our own."
Vice chairman Carson Johnson said that he had met on Saturday with James P. Jamieson, financial expert who has been the WSA’s recent advisor on money matters. According to Johnson, Jamieson has discussed the financing proposal with Wheat First Securities’ representatives. “They raised this legal question and Mr. Jamieson wants to talk to his attorney about it (the new IRS regulations which recently took effect). But with the weekend and the holiday, he hasn't been able to resolve it yet," Johnson reported, relaving a request from Jamieson to delay action on the “grant anticipation” financing proposals until he has answers to the legal questions. “He seemed to think that something could be worked out,” Johnson added, volunteering to take a copy of BakerWatts proposal to Jamieson for a final review.
After a short executive session for personnel matters, the three WSA members present at Monday’s meeting (Clifford Miller, Dennis and Johnson) returned to open meeting to vote unanimously to hire Douglas Baumgardner as the Authority’s attorney.
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