Bartlesville Radio: The area’s best source for news, weather and sports!

The Bartlesville Development Authority took action on a request for modification of the June 2015 loan agreement with Green Country Village.

David King, the authority’s legal counsel, explained the matter on Wednesday morning. He said there became an issue raised between the Bank of Oklahoma and Green Country Village in respect to the loan agreement and there was a need to amend it.

A first amendment to the loan agreement was presented to the BDA regarding the matter. The promissory note that was involved in the proceeding is not a liablity or indebtedness to the City of Bartlesville or the BDA.

It was, however, a process by which bonds could be issued for the benefit of Green Country Village. The amendment involved recognition of certain maintenance compliance matters with a Fixed Charge Coverage Ratio requirement set forth in the loan agreement.

King added that they wanted to change what the definition of the Fixed Charge Coverage Ratio meant in respect to the financial performance of Green Country Village. They also changed the timing of the issuance of certain financial documents from Green Country to the Bank of Oklahoma. 

The Executive Director of Green Country Village and the Vice President for the Bank of Oklahoma advised King that this was a housekeeping matter that needed to be accomplished. King said this is so the loan agreement would be consistent with the reportings being made by Green Country.

The Bartlesville Development Authority approved the amendment to the loan agreement.