Agreements 09/07/2010 City and Kings/NBA which mention relocation penalty (pdf)

[Fireplug]

Found this pdf file which is documentation of Resolutions between the City of Sacramento and the Kings/NBA which were amendments to the original agreements in 1997. I read through them, and I am no lawyer, but these documents are the ones that amend the original $20 million stake of the Kings team as collateral to increase to $25 million. From what I can tell in these documents, that is the only collateral we have (other than the fact that we own the arena which isn't really collateral but the original purpose of the bonds of us basically buying the arena from the team and leasing it back to them in a kind of lease-to-purchase agreement)

Someone with some legal experience please read these and tell me we have less exposure than it appears we have. I'm not saying that the Maloofs or the NBA will actually default, but I sure wish we at least got a portion of the team equal to the remainder owed in the bond.

http://tinyurl.com/459yrth

 

[JB_kings]

Nice find! I skimmed it. I never made it to law school. I had tests done and found out I had a conscience.

 

[Fireplug]

Those docs are actually pretty darn scary as to how little we are guaranteed.