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12-03-2012, 08:29 PM
  #405
barneyg
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Quote:
Originally Posted by Thomas L View Post
I believe the payment was made from one of the enterprise funds, to be repaid from the general fund over 25 years starting in 2015 (similar arrangement to last year).

Yay Glendale. Some interesting Chapter 9 case law to come out of this.
As with the FY2011 payment, this would be a GF expenditure and an interfund transfer (i.e. not a revenue) --

Quote:
The large budget variance seen in the Transfers category is due to the Arena Management payment continuing to be held in escrow as negotiations for the sale of the Coyotes finalize.
So the $20M payment still in escrow is the reason why it's not an expense yet.

Quote:
Originally Posted by Whileee View Post
Remember the good old days when Skeete was painting scenarios that showed that keeping the Coyotes with the big Jamison AMF would actually help them restructure their debt?
I forgot to say -- to add with Thomas L's details above, this report comes as Glendale is set to refinance roughly $250 million in bonds on 12/12/2012, most of which are now rated A3 (i.e. 1 notch above lower-medium grade, 4 notches above junk bond).

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