The city council meeting discusses defeasing $2.3 million in certificates of obligation used to purchase part of the Chimney Hill property since the city no longer intends to build a convention center there. Defeasing the debt will maintain its tax-exempt status and provide maximum flexibility for future use or sale of the property. The council will vote on December 8th to appropriate $2.7 million from hotel tax funds and Chimney Hill lease funds to the escrow account required to defease the debt.