What Does The County's Bond Attorney Know About CFE That He Is Not Telling?

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A special meeting of the Osceola County Board of Supervisors was called for Friday, Feb. 17, 2017, to discuss one agenda item - the attached Memorandum of Understanding between Osceola County and the Cooperative Farmers Elevator. Language in the Memo, drawn up by the County's Des Moines bonding attorney, says "If CFE fails to complete the Project as has been presented to the County by the timeframe identified herein...." Why now? Where is this coming from? What does the bonding lawyer know that was not disclosed at the meeting?

Meanwhile, there is still no Financial Committal Letter from CFE's banker. This entire tension in the county would go away and they could be about building the project and the road if only CFE would present the letter from Co-Bank.

The County Supervisors changed the wording of this draft from "split the professional fees" (paragraph 4) to CFE covering all costs. A resolution, by Supervisors Jones, to add language that this Memo does not serve in lieu of a Financial Committal Letter from the CFE, was voted down by a majority of the supervisors. The final vote on the updated Memo was approved by 4 Yes votes with 1 abstaining. Supervisor Jones abstained as he is a member of CFE.

The updated Memo was going to be taken to CFE's manager for signature. Wait and watch.

See the Memo below.

Memo Understanding CFE.pdf310.53 KB