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33 regular meeting, january 30, 1978 page three o I provide security in the fonn of an unconditional guarantee fran a bank, as approved by the subdivision ordinance. The City Manager reported that the staff had reservations about allowing such a fonn of security since it was the opinion of legal counsel that, in the event of a bankruptcy, other creditors might have prior claim to the funds securing the City's interest. HONever, Mr. Webster said, until the provision in the subdivision ordinance could be amended, he suggested the Council authorize him to allow Mr. Hale to file this security in the fonn he desired, since the staff was relatively certain the guarantee in this instance would be sufficient. Mr. Cavazos moved to authorize the City Manager to proceed with filing the final plat on Mockingbird Hill Subdivision upon receipt of unconditional guarantee by the bank to secure the completion of streets and utilities. Mr. James seconded the motion which passed unanimously. At 9: 50 p.m., the Council recessed to executive session to discuss personnel business on motion of Dr. Craddock and second of Mr. James. The Council reconvened in regular session at 10:30 p.m. on motion of Mr. Hans'~n and second of Dr. Craddock. The Mayor reported the Council had discussed personnel matters and that no action was to be taken. The meeting adjourned at 10: 30 p.m. on motion of Mr. Hansen and second of Mr. James. if~~~ Frank T. Arredondo Mayor w~ I Ted Breihan Council Member ~~ (L -1 Robert L. Cavazm~ Council Member /L~ .. Emmie Craddock Council Member 6~ Council Member ~o~~ John Hansen Council Member ~ )(.J~ furiss Hambrick City Secretary I