Council approves administrative consent for Smith Brothers bond assignment
Council approved an administrative request to consent to a transfer of ownership for previously issued Smith Brothers bonds back to Smith Brothers Corporation; staff described the action as an accounting measure and said the bonds remain outstanding.
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Council reviewed a request related to a 2020 bond issued for Smith Brothers. Staff explained that Smith Brothers had bought back the bonds and, for accounting reasons, had assigned ownership to a subsidiary; the company now requests consent to transfer the bonds back to Smith Brothers Corporation while the trustee (the Bank of LaGrange per the record) remains in place.
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