HomeMy WebLinkAbout1985 12-20_~
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SPECIAL MEETING OF THE MERIDIAN CITY COUNCIL DECEMBER 20,19$5
Special Meeting of the Meridian City Council called to order by Mayor
Grant Kingsford at 3:25 p.m.:
Members Present: Bill Brewer, Ron Tolsma, Bert Myers, Bob Giesler:
Others Present: Rick Skinner, Chuck Fawcett, Joe Terteling, Patty White,
Clair Miles, Wayne Crookston, Gary Schaffer, Miriam Barr:
Mayor Kingsford advised the purpose of this meeting was to approve the
issuance by the Economic Development Corporation Industrial Revenue
Bonds for Western States Equipment Company and the related documents.
Are there any questions of the Council? I would also ask Mr. Skinner
of Skinner, Fawcett & Mauk to advise you of the changes that have been
made.
Skinner, what I will do is give you a revised Resolution with the changes
and as you will note there is only some minor changes, one is the dollar
amount which is now $3,500,000.00 , the purchaser of the Bonds will be
First Security Bank of Idaho instead of Chemical Bank, the reason for
this is to simplify the transaction as it needs to be closed before the
end of the year. The trustee of the bonds will be First Security Bank
of Idaho instead of First Security Bank of Utah.
Mayor Kingsford, any questions of the Council or the City Attorney?
Crookston, for the record the Eaonomic Development Corporation has just
passed a Resolution approving the issuance of the bonds.
The Motion was made by Tolsma and seconded by Brewer to approve Resolution
#104, a Resolution of the City Council of the City of Meridian, approving
the issuance by the Economic Development Corporation, of its Industrial
Development Revenue Bond, series 1985 ( Western States Equipment Company)
in the amount of $3,500,000.00 and approving the Resolution of said Public
Corporation authorizing said bond and the related documents and provid-
ing an effective date.
Motion Carried: Al1 Yea:
Being no further business to come before the Council the Motion was made
by Myers and seconded by Brewer to adjourn at 3:30 p.m.:
Motion Carried: All Yea:
(TAPE ON FILE OF THESE PROCEEDINGS)
APPROVED:
~
NT KINGSFO D, MA OR
- A'I`T E S T :
ack Niemann,~City Cler
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• •
RESOLUTION NO~~
BY THE COUNCIL: KINGSFORD, BREWER, TOLSMA, GIESLER, AND MYERS
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MERIDIAN, IDAHO, APPROVING THE ISSUANCE BY THE
ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF
MERIDIAN, IDAHO, OF ITS INDUSTRIAL DEVELOPMENT
REVENUE BOND, SERIES 1985 (WESTERN STATES EQUIPMENT
COMPANY PROJECT), IN THE AGGREGATE PRINCIPAL AMOUNT
OF $3,500,000 AND APPROVING THE RESOLUTION OF SAID
PUBLIC CORPORATION AUTHORIZING SAID BOND, INCLUDING
THE TRUST INDENTURE, LOAN AGREEMENT AND RELATED
DOCUMENTS; AND PROVIDING AN EFFECTIVE DATE.
WF~IEREAS, the City of Meridian, Idaho (the "City"), by
its Ordinance No.l~ ~1 , has approved and authorized the
creation of the Economic Development Corporation of the City of
Meridian, Idaho (the "PubTic Corporation") as a public
corporation of the State of Idaho pursuant to the provisions of
TitTe 50, Chapter 27, Idaho Code, as amended, (the "'Act") to
act on behalf of the City to issue nonrecourse revenue bonds
for the purpose of financinq the costs of qualified industrial
development facilities within the meaning of the Act; and
WFIEREAS, the Public Corporation, by Resolution No. 5
adopted December 11, 1985, (the "Official Action Resolution")
did apQrove the Application of Tertelinq Trust No. 7(the
~~Company") for industrial development financinq under the Act
to provide funds for the acquisition, construction and
equipping of a heavy ~quipment assembly, manufacturing,
processinq and warehousing facility located in the City (the
'~Project") and a copy of said Application and Resolution has
been filed with the City; and
WHEREAS, the Public Corporation, by Resolution No.~o
(the "Bond Resolution") adopted on December 20, 1985, a copy of
which has been furnished to the City, has authorized the issu-
ance and sale of its $3,500,000 Industrial Development Revenue
Bond, Series 1985 (Western States Equipment Company Project) to
be initially issued as a sinqle fully registered Bond No. R-1
(the "Bond") and by the Bond Resolution has authorized and
approved a Trust Indenture with First Security Bank of idaho,
N.A. as Trustee, a Loan Agreement and a Bond Purchase Contract,
with the Company and First Security Bank of Idaho, N.A. (the
'~Purchaser"); and
WHEREAS, after at least fourteen (14) days published
notice, the Public Corporation on December 20, 1985, held a
CITY COUNCIL RESOLUTION NO.~~ - P.1
; a • •
public hearinq to allow comment on the Project as required by
Section 103(k) of the Internal Revenue Code (the '~Code"); and
WHEREAS, the Act and the Code require that the qoverninq
body of the creating municipality approve the Project and
approve the resolution of the Public Corporation authorizing
the issuance of Bonds; and
WHEREAS, the City Council has reviewed the Application,
the Official Action Resolution and the Bond Resolution and
intends, by the adoption of this resolution, to approve the
same including without limitation the aqreement of the Public
Corporation to issue the Bond upon the terms set forth therein
and the various agreements approved therein in accordance with
the Act;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF
MERIDIAN, IDAHO, HEREBY RESOLVES AS FOLLOWS:
Section 1. The Project Application, the Official Action
Resolution, the issuance of the Bond, the Bond Resolution, the
Trust Indenture and the agreements and documents necessary to
issue the Bond therein expressed and approved, in the amount
and for the purpose therein described and referred to in the
preamble of this Resolution, are hereby approved in accordance
with the Act and the Code. A copy of the Official Action
Resolution, the Application and the Bond Resolution shall be
maintained on file with the Meridian City Clerk.
Section 2. The Project, to be located at a 16.45-acre
site located one-quarter mile east on Overland Road from the
Meridian-Kuna Road on the north side of Overland Road, bordered
by I-84, Meridian, Idaho, and to be financed with the proceeds
of the Industrial Development Revenue Bond (Western States
Equipment Company Project) in the maximum aggreqate principal
amount of up to ~3,500,000, is hereby approved. The owner of
the facility shall be Tertelinq Trust No. 7, an idaho trust,
and the manaqer and operator of the facility shall be Western
States Equipment Co~pany.
Section 3. This Resolution shall take effect immedi-
ately from and after its adoption and approval as required by
law.
ADOPTED by the Council of the City of Meridian, Idaho,
this 20th day of December, 1985.
CITY COUNCIL RESOLUTION NO~O ~- P.2
' ~ • • •
APPROVED by the Mayor of the City of Meridian, Idaho,
this 20th day of December, 1985.
CITY OF MERIDIAN, IDAHO
l
a ~
MA R
ATTEST/AUTHENTICATED:
By
CL`~RK
FILE WITfi THE CITY CLERK: Decembem~, 1985.
CITY COUNCIL RESOLUTION NO ~~ - P.3