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• Malcolm Liggett, 1505 4' Street, handed out copies of his letter and read it into the record. (CLERK'S NOTE: A copy of the letter is filed with the backup in the office of the Clerk to the Board.) His suggested language change to put a limit on the period of time that the Dodgers could use the "penalty" money until an 8 -year period has expired, thus to preclude any early buyout by the Dodgers which he believed would be to the detriment of the City and the County. Mr. Reid explained in detail how the first 8 -year period would be the most expensive period for the Dodgers to decide to leave. They would have to defease the full amount of the bonds, not the net proceeds. They would not only have to pay the full principal amount, but also all interest until the first call date and any penalties. The capital reserve would come back to the County in addition to the liquidated damages. He also explained how this provision was part of the original negotiations. He opined that the suggested language would be a detriment to the County and explained his reasoning. In response to Commissioner Macht's inquiry, Mr. Reid explained the appraisal process for determining the "fair market" value. Mr. Liggett believed the issue of the fair market value of the facility at sometime in the future is not relevant. He felt that the 8 -year requirement would keep the Dodgers here eight years. In response to Mr. Zorc, Administrator Chandler advised that the initial drafts of the proposed agreements were written by Mr. Reid and the final language was the product of both Mr. Reid and the Dodgers' attorney. Mr. Zorc commented that all the agreements would take a famed attorney a long time to read and form an opinion. He believed the Dodgers held all the cards. He refuted Commissioner Macht's campaign comments that this "Dodger deal is a great economic engine for this county", by reading from his ZORGRAM an article entitled "Why Subsidize September 7, 2000 17 EK 115 PG 021 C�