The Lancaster City Council met for a special
meeting on Wednesday, December 29, 2010 at 7:00 p.m. in the City
Hall. The following
members were present: Rice, Olson, Stenquist & Swenson. Nordin was absent.
The purpose for the special meeting is to
review a request by Podco, LLC and United Valley Bank for the city
to subordinate their collateral position to United Valley Bank. Podco submitted collateral
information to the city that shows that the city would still have
adequate collateral even after the subordination. Rice read the Subordination
request, the subordination allows United Valley Bank to provide a
revolving line of credit.
Olson moved to accept the subordination request and allow the
execution of the Subordination document provided by United Valley
Bank, second by Swenson and carried.
Meeting adjourned at 7:15PM.
Gary Rice, Mayor
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