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HomeMy WebLinkAbout1983 03-03Special Meeting Meridian City Council March 3, 1983 Special Meeting of the Meridian City Council called to Order by Mayor Joseph Glaisyer at 5:25 p.m. Members Present: Grant Kingsford; Ronald Tolsma; Bill Brewer Members Absent: Rick Orton, Jr. Others Present: Robert Davis; Coenraad Abas; R. Morgan Edwards; Wally Loven; Morton Firestone; Wayne Crookston Jr.; Mitch Taylor Mayor Glaisyer Read Ordinance No #421 adopting the Charter of the Economic Development Corporation of the City of Meridian. "AN ORDINANCE AUTHORIZING AND PROVIDING FOR THE ESTABLISHMENT, ORGANIZATION AND OPERATION OF A PUBLIC CORPORATION TO IMPLEMENT TITLE 50, CHAPTER 17, IDAHO CODE, AS AMENDED, APPROVING A CHARTER FOR SUCH CORPORATION, SPECIFYING THE POWERS, AUTHORITY AND LIMITATIONS OF THE PUBLIC CORPORATION AND PROVIDING FOR CONTROL AND SUPERVISION OF THE PUBLIC CORPORATION BY THE CITY." Mayor Glaisyer: "Is there anyone present that wishes Ordinance No #421 read in its entirety?" There was no response. Mayor Glaisyer called upon City Attorney Wayne Crookston to give a brief summary of Ordinance #421. Crookston explained that the Ordinance is authorized by a recent vote to change the constitution of the State of Idaho to allow Cities and Counties .to,:bhatter- .a-.)publi:c corporation that would then have the ability to issue Industrial Revenud Borids. Crookston stated that the Ordinance was prepared in line with the requirements and limitations that are contained in the Industrial Revenue Bonding statute. "The Ordinance it's self deals with the creation of the Public Corporation." Crookston pointed out some:of the provisions and limitations_of the':Corporatibn:listed lhi-Ord.: #421(Tape on File - City Clerk's Office - Meridian City Hall) Crookston explained that one of the changes in the oricin&l :idoc-umeiftt:.wQUld_:.be .that only a majority of the board members be residents of the City. Crookston stated that he felt it would be appropriate that the members be at least in the impact area. (Tape on File - City Clerk's Office - Meridian City Hall) Councilman Kingsford questioned the necessity of having a monthly meeting, if there was no business to come before the board. Crookston said that they must hold a monthly meeting under the proposals. The Motion was made by Kingsford and seconded by Tolsma that the rules and provisions of 50-9002 and all rules and provisions requiring that Ordinances be read on three different days be dispensed with and that Ordinance Number 421 as read be passed and approved. Motion Carried: Kingsford, yea; Tolsma, yea; Brewer, yea Mayor Glaisyer: "The next thing is for the City Council to approve of the Charter of the Economic Development Corporation of the City of Meridian." "Wayne (Crookston) have there been any changes?" Crookston: "There have not been any changes." Mayor Glaisyer: "Any questions of the Council pertaining to the Charter?" No Response. The Motion was made by Kingsford and seconded by Brewer to approve of the Charter of the Economic Development Corporation of the City of Meridian, that the rules and provisions of 50-9002 and all rules and provisions requiring that Ordinances be read on three different days be dispensed with and that.the Charter-of_;tbe--Economic-Devt°lopment Corporation of the City of Meridian as read be passed and approved. Motion Carried: Kingsford, yea; Tolsma, yea; Brewer, yea Special Meeting Meridian City Council 2. March 3, 1983 Mayor Glaisyer: "Next the Council needs to give approval of the Bylaws of the Economic Development Corporation of the City of Meridian." Crookston: "There are no changes in the Bylaws." Mayor Glaisyer: "Are there any question concerning the Bylaws?" No Response The Motion was made by Brewer and seconded by Kingsford to approve of the Bylaws of the Economic Development Corporation of the City of Meridian. Motion Carried: Kingsford, yea; Tolsma, yea; Brewer, yea A Special Meeting of the Meridian City Council was set for March 14, 1983 at 4:00, for the Council to approve of the Board of Directors of The Economic Development Corporation of the City of Meridian. On March 17, 1983 at 5:00 p.m. the Board of Directors of The Economic Development Corporation of the City of Meridian will meet to elect the officers of the Board, and will entertain the inducement resolution by Elixir Industries. Mayor Glaisyer introduced Morton Firestone, executive Vice President of Elixir Industries. Mr.Firestone explained that Elixir Industries is very familiar with revenue bonding, as they have used revenue bonding in several other states. Firestone said his company needs about $800,000.00 in industrial revenue financing to rennovate the existing building and construct a new warehouse. Firestone explained that the present building will be used for wholesale sales of a wide range of goods. The new building will be used for the manufacturing of metal -based mobile home products. The present plant in the past was used primarily for the manufacturing and storage of mobile home parts. Firestone said both facilities would employ between 25-50 people. There was a question and answer period from persons attending the meeting. _ (Tape on File - City Clerk's Office - Meridian City Hall) The Motion was made by Brewer and seconded by Kingsford to adjourn at 6:20 p.m. Motion Carried: Kingsford,yea; Tolsma, yea; Brewer, yea ATTEST: P & Z (6) Police, Fire, Bruce Stuart, Vern Schoen Earl Ward, Gary Smith ,.tia A are Ii0elbert, City Atty: Statesnan,Valley News Press Tribune, Gus Hein Ada County Carm. ASID.: Ada County Zoning Central District Health Nampa M ridian Irrigation File: Industrial Revenue Bonds: Mail: Elixir Industries � T Special Meeting Meridian City Council 2. March 3, 1983 Mayor Glaisyer: "Next the Council needs to give approval of the Bylaws of the Economic Development Corporation of the City of Meridian." Crookston: "There are no changes in the Bylaws." Mayor Glaisyer: "Are there any question concerning the Bylaws?" No Response The Motion was made by Brewer and seconded by Kingsford to approve of the Bylaws of the Economic Development Corporation of the City of Meridian. Motion Carried: Kingsford, yea; Tolsma, yea; Brewer, yea A Special Meeting of the Meridian City Council was set for March 14, 1983 at 4:00, for the Council to approve of the Board of Directors of The Economic Development Corporation of the City of Meridian. On March 17, 1983 at 5:00 p.m. the Board of Directors of The Economic Development Corporation of the City of Meridian will meet to elect the officers of the Board, and will entertain the inducement resolution by Elixir Industries. Mayor Glaisyer introduced Morton Firestone, executive Vice President of Elixir Industries. Mr.Firestone explained that Elixir Industries is very familiar with revenue bonding, as they have used revenue bonding in several other states. Firestone said his company needs about $800,000.00 in industrial revenue financing to rennovate the existing building and construct a new warehouse. Firestone explained that the present building will be used for wholesale sales of a wide range of goods. The new building will be used for the manufacturing of metal -based mobile home products. The present plant in the past was used primarily for the manufacturing and storage of mobile home parts. Firestone said both facilities would employ between 25-50 people. There was a question and answer period from persons attending the meeting. _ (Tape on File - City Clerk's Office - Meridian City Hall) The Motion was made by Brewer and seconded by Kingsford to adjourn at 6:20 p.m. Motion Carried: Kingsford,yea; Tolsma, yea; Brewer, yea ATTEST: P & Z (6) Police, Fire, Bruce Stuart, Vern Schoen Earl Ward, Gary Smith ,.tia A are Ii0elbert, City Atty: Statesnan,Valley News Press Tribune, Gus Hein Ada County Carm. ASID.: Ada County Zoning Central District Health Nampa M ridian Irrigation File: Industrial Revenue Bonds: Mail: Elixir Industries NOTICE OF SPECIAL MEETING NOTICE IS HEREBY GIVEN that the City Council of the City of Meridian will hold a special meeting on march 3, 1983, at 5:00 o'clock p.m., at the City Hall, City of Meridian, 728 Meridian Street, Meridian, Idaho, for the purpose of adopting an Ordinance authorizing the creation of The Economic Development Corporation of the City of Meridian, pursuant to Title 50, Chapter 27, Idaho Code, and to appoint three residents of the City of Meridian to the Board of Directors of said Corporation; and to -- consider and to take any other action necessary for the creation of the Corporation; and for the City and the Corporation to consider and take any and all action on the proposed issuance of industrial revenue bonds wherein Elixer Industries, 535 N. Eagle Road, Meridian, Idaho, is the proposed user. DATED this,Z46�h day of February, 1983. JA R -,NI l N, City Cle 005 0 0 ORDINANCE #421 ••• r N •- ii ••,� rr r •- .iDo o. v i i� ••� I •1 1.1 go I &Z, VffuW S, the legislature of the State of Idaho has lxox ded for the creation of public corporations by cities of the State of Idaho, pursuant to Title 50, Chapter 27, Idaho Code, as amended (the "Act"), for the purpose of facilitating economic development and employment opportunities in the State of Idaho through financing by such public corporations of the project costs of industrial devel- opment facilities; and 65, the City of Meridian desires to avail itself of the authority contained in the Act by creating a public corporation for the purpose stated in the Act; NOW, TMRMFORE, BE IT ORA'rnM BY THE MAYOR AMID COUNCIL OF THE CITY OF MERIDIAN,' IDAHO AS FOLTAI+AS : Section 1. The City of Meridian, Ada County, Idaho (the "City") does hereby create a public corporation to carry out the purposes of the Act. This Ordinance shall not be construed to limit or restrict the purposes of the Act, but shall be liberally construed to effect such purpose. Section 2. The name of the public corporation shall be The Economic Development Corporation of the City of Meridian (the "Corporation"). Section3. The Corporation shall have all the powers and be subject to all thelimitations and provisions contained in the Act. Section 4. A charter (the "Charter") is hereby issued by the City to the Corporation. The Charter grants to the Corporation all powers authorized by the Act. A copy of the Curter is attached to this ordinance as E}chibit A and hereby incorporated herein by reference. The Charter is hereby approved pursuant to Section 50--2703 (1) of the Act. The Charter may be amended frcam time to time by the City Council. The existence of the Corporation commences at the time the enactment of this Ordinance becomes effective. Section 5. The board of directors of the Corporation (the "Board") shall be ccanprised of the Mayor and the President of the Council of the City Council of the City of Meridiani who shall hold office as Board members by virtue of their election and qualification as Mayor and President.of the City Council, and three additional Board members who shall be duly appointed, as authorized in the Charter, by the full City Council, subject to the provisions of Section 50-2704 of the Act. In the event that a majority of the City Council shall at any time determine that any metber of the Board shall for any reason be unwilling or un- able to serve as a director of the Board, the City Council shall by resolution or ordinance designate another individual to serve as a director of the Board in place of such menber for a term coterminous with the duration of such member's term in office (provided that a majority of the full Board shall be residents of the City). A majority of the members of the Board in office shall constitute a quorum, and the approval of a majority of a quorum shall be necessary for the Board to take any action. Section 6. There shall be no stockholders, nor shall there be any shares of stock authorized or issued, in that the corporation is not a private corpor- ation but one solely authorized by Title 50, Chapter 27, Idaho Cade; the teen "stock" is in no way to be confused with the term "bond", as the corporation is specifically authorized to issue bonds. Section.7. The affairs of the Corporation. shall be conducted and carried out by the Board. The' Board shall elect offffn03rs:;3 from among its oam mmnbers. Such officers shall be elected at the initial meeting of the Board in each calender year, sball serve until.their successors have duly elected, and shall include a presitnt and a secretary and may include a vice president and : u assistant secretary (provided that, in the event the Board shall be comprised of only three members, the offices of vice president and assistant secretary may be simultaneously held by the same person, and provided further that, in the event t� offices of the vice president and assistant shall be simultaneously held by the same person, such person shall mouth execute and attest any resolution, document, certificate,- deed, mortgage or deed of trust, note, bond, contract, or other document or instrument). The Board may elect such then offioPrs as it shall f time to time determine to be necessary or destnegulations e. The Hoardhall adopt - ws and/or rules consistent with the Act governing the el 'on of officers, the power and duties of such officers, the filling of vacancies in offices, the scheduling, giving notice of, and conduct of meetings, and the conduct of the Corporation. ORDINANCE # 421 (cont'd) Such by -�aws, rules and regulations may be amended frm time to time by the Board,'piovided that any such amendments shall be consistent with the provisions hereof and the Act. Members of the Board shall servecompensation but with reimbursement of expenses as may be provided in the =bX-ld,, rules and regulations of the Board. Section 8. No director, officer, agent, employee or official of the Corporation shall have a direct or indirect financial interest in any property to be included in or any contract for property, service or materials to be furnished or used in connection with any industrial development facility financed through the Corporation. Section 9. The Corporation shall have all the powers granted by the Act. Such powers shall include, without limitation, all powers set forth in the Charter. Section 10. The City may not give or lend any money or property in aid of the Corporation except as expressly authorized by the Act. This provision shall not preclude the City from dealing with the Corporation on an arms length basis. Section ll.Any net earnings of the Corporation beyond those necessary for retirement of indebtedness incurred by it shall inure to the City and not for the benefit of any other person. Alteration of the Charter of or diss- olution of or audits of the Corporation shall be as provided by the Act and subsequent ordinances of the City. Upon dissolution of the Corporation, title to all property owned by the Corporation shall vest in the City. Section 12.All ordinances and resolutions, or parts thereof, in conflict herewith are to the extent of such conflict hereby repealed. Section 13.This ordinance shall be published within one (1) month after its passage in one issue of The Valley News, the official newspaper of the City, and shall take effect and be in full force immediately upon its passage, approval and publication. {-� EXHIBIT "A" OF ORDINANCE CSR OF THE ECONOMIC DEVIIQPNENT CORPORATION OF THE CITY OF MERIDIAN ARTICLE I: NAME, SEAL, AMID DEFIMIONS: The name of this public corporation shall be The Economic Development Corporation of the City of Meridian. The corporate seal of this corporation shall be a circle with the name "The Economic Development Corporation of the City of Meridian" inscribed therein. As used in this Charter, unless otherwise required by context. "Act" means Title 50, Chapter 27, Idaho Code, as amended (the "ACT"); "Heard" means the Board of Directors of the Corporation; "Corporation" mans The Economic Development Corporation of the City of Meridian; "Governing Body" means the City Council for the Municipality; "Industrial development facilities" means the same as such term means for the purpose of the Act; "Municipality" means the City of Meridian; and "Ordinance" means Ordinance No. 421 of the Municipality passed on the 3rd day of March, 1983, pursuant to which the Corporation is created. ARTICLE II: CREATION OF THE CORPORATION AND GRANT OF POWER: The Corporation is a public corporation organized pursuant to the Act and the Ordinance. The Corporation is hereby granted all powers authorized by the Act. ARTICLE III: DURATION OF THE CORPORATION Unless modified by state law or by an ordinance of the Municipality, the duration of the Corporation shall be perpetual. ARTICLE IV:PLMPOSE OF THE CORPORATION The purpose of the Corporation is to function as a public corporation pursuant to the provisions of the Act and the Ordinance and to issue tax exempt nonrecourse revenue bonds to finance industrial developemnt facilities located tlth'R,ft c rporat boundaries of the Municipality. The financing of indusia ca ffi ties within the corporate boundaries of the Municipal- ity is for the purpose of promoting higher employment, encouraging the development of new jobs, maintaining and supplementing the capital investments in industry that currently exist within the State of Idaho encouraging future employment by ensuring future capital investment, attracting enviror%mentally sound industry within the corporate boundaries of the Municipality and to the State of Idaho, protecting and enhancing the quality of natural resources and the environment, and promoting the production and conservation of energy. This charter shall not be construed to limit or restrict the purposes of the Act, but shall be liberally construed to effect such purposes. ARTICLE V: POWERS OF THE CORPORATION 1. The Corporation shall have all the pacers granted to public corpor- ations by the Act. Such powers include, without limitations, the following powers: (a) to locate, construct and maintain one or more industrial cfieej xit �"`~ facilities; (b) to lease to the lessee all or part of any industrial 007 ORDS # 421 (cont' d) development facility for such rentals and upon such terms and conditions, including renewal of the lease or options'to purchase, as its Board of Di- rectors considers advisable and not in conflict with the Act; (c) To sell by installment contract or otherwise and convey all or any part of any industrial development facility for such purchase price and upon such terms and conditions as.its Board of Directors considers advisable which are not in conflict with the Act; (d) J:o make loans for the purpose of Providing•t�r permanent financing or refinancing of all or part of the pro0ect�`cost of any industrial development facility, including the refunding of any outstanding obligations, mortgages, or advances issued, made, or given by any person for the project costs; and to charge and collect interest on the loans for the loan payments upon such teams and conditions as its Board of Directors considers advisable which are not in conflict with the Act; (e) to issue revenue bonds for the purpose of financing all or part',bf.•the project cost of any industrial development facility and to secure`ihe payment of the revenue bonds as provided in the Act; provided that issuance of revenue bonds for facilities pursuant to the Act shall not preclude the issuance of additional revenue bonds in connect, ion with the same facility, and provided that any subsequent bond issue shall recognize and protect any prior pledge made for any prior issue of revenue bonds; (f) as security for the payment of the principal of and interest on any revenue bonds issued and any agreements made in connect- ion therewith, to mortgage, pledge, or otherwise encumber any or all of its industrial development facilities or any part or parts thereof, whether then owned or thereafter acquired, and to assign any mortgage repledge any security conveyed to the Corporation, to secure any loan a by the Corporation and to pledge the revenues and receipts therefron`;(g) to sue and be sued, complain, and defend in its corporate name; (h) to make contracts and to execute all instruments necessary or convenient for the carrying out of its business; (i) to have a corporate seal and to use the same by causing it, or a facsimile thereof, to be impressed or affixed or in any other manner reproduced; (j) subject to the limitations of section 50-2706 of the Act, to borrow money, accepts grants from, or contract with any local, state, or federalgav�r -- agency or with , any financial, public or private corporation. (k) to make and alter by, laws not inconsistent with this Charter or the Act for the adminstration and regulation of the affairs of the Corporation; (1) to collect fees or charges from users or prospective users of industrial development facilities to recover actual or anticipated adminstrative costs; •(m) to execute financ- ing documents incidental to the powers enumerated in this subsection; (n) to have any and all other powers granted to public corporations under theAct; and (o) to adopt resolutions authorizing any of the actions provided therein. 2. Revenue bonds issued pursuant to the Act shall bear the seal of the Corporation.- which may either be physically impressed thereon or printed as a facsimile thereof, and the signature of the President of the Board, or in his absence and in his stead, the vice President, and the signature of the Secretary of the Board, or in his absence and in his -stead, the Assistant Secretary. ARTICLE VI: LIMITATIONS ON THE CORPORATION 1. No part of the net earnings of the Corporation beyond those necessary to retire indebtedness incurred by it shall inure .to the benefit of, or be distributable to, anyone. other than the Municipality. Upon dissolution of the Corporation, title to all property owned by the corporation shall vest in the Municipality. 2. The Municipality may not give or lend any money or, property in aid of the Corporation except as expressly authorized by the Act. This provision shall not preclude the Municipality from dealing with the corporation on an awns length basis. 3. The corporation.may not issue revenue obligations except upon'the approval of the Municipality. If the industrial facility lies outside the Municipality, as permitted by 50-2708, Idaho Code, then the approval of the County Planning. and Zoning Ccmunission must, be obtained. 4. No revenue bonds may be issued by the Corporation unless the Ward makes a finding that in its opinion the interest paid on the bonds will be. exempt from income taxation by the federal government. 5. Revenue bonds issued by the corporation shall not be considered to constitute a debe5:0 the- State of Idaho, of the Municipality, or of any other municipal corporation, quasi -municipal corporation, subdivision or agency of the State of Idaho or to pledge any or all of the faith and credit of any of those entities. 6. Revenue bonds issued by the Corporation shall be payable .solely Eton from the revenues derived as a result of the industrial development facil- ities funded by the revenue bonds. including, without limitation, amounts received under the terns of any financing document or by reason of any • ORDINANCE # 421 (cont' d)e additional security furnished by the user of the industrial development facility in connection with the financing thereof, any money and other properly received from private sources. 7. Each revenue bond issued by the Corporation shall contain on its face statements to the effect that: (a) Neitbe_r the State of Idaho nor the Municipality or any other municipal cojpo$ation, quasi -municipal corpor- ation, subdivision or agency of the St d is obligated to pay the principal or the interest thereon; (b) No tax funds or govermnental revenue may be used to pay the principal or interest thereon; and (c) Neither any or all of the faith and credit nor the taxing powex6f the State of Idaho, the Municipality or any other municipal" corporation, quasi -municipal corpor- ation, subdivision, or agency thereof is pledged to the payment of the Principal of or the interest on the revenue bond. 8. The Corporation may incur only those financial obligations which will be paid from revenues received pursuant to financing documents, from fees or charges paid by users or prospective users of the industrial development facilities funded by the revenue bonds, or from the proceeds of revenue bonds. 9. The Corporation has no power of eminent domain nor any power to levy taxes or special assedsments. 10. The Corporation has no authority to incur or create any liability that Permits recourse by any contracting party or member of the public to any assets, services, resources or credit of the Municipality. 11. The Municipality shall have access to the books and records of the Corporation at all times. 12. The Corporation may not operate any industrial development facility as a business other than as lessor, seller or lender. The purchase and holding of mortgages, deeds of trust and other security interests, and contracting for any servicing thereof, is not considered the operation of an industrial development facility. 13. The Corporation may not exercise any of the powers authorized in Article V or issue any revenue bonds with respect to any industrial devel- opment facility unless the industrial development facility is located wholly within the boundaries of the M-micip& ty, except that energy facilities and solid waste disposal facilities may be located partially or wholly outside the boundaries of the Municipality upon approval of the Municipality and planning and zoning approval of each county or city within whose planning jurisdication the proposed industrial development facility lies. 14. The Corporation shall be subject to all other limitations set forth in Section 50-2706 of the Act, which limitations are hereby incorporated herein by reference. ARTICLE VII: ORGANIZATION OF TINE CORPORATION 1. Management of the affairs of the Corporation shall reside in the Board. The Board shall be comprised of the Mayor of the Municipality and the President of the City Council of the Municipality and three members to be appointed by the full City Council. The tern of office for the Mayor and the President of the City Council shall be commensurate with their tens of office. The terms of the appointed members shall be three years. The initial. term of appointment, however, will be for staggered terns, i.e.,, one membex shall be appointed for 1 year, one for 2 years, and one for 3 years and thereafter the appointment shall be for 3 years. A majority of the Board shall constitute a quorLm. 2. The members of the Hoard shall elect officers as provided in the Ordinance. The Board shall oversee the activities of the Corporation, establish or implement policy, participate in corporate activity as necessary and have stewardship for management in determination of all corporate affairs. 3. There shall be no'authorized stock and there shall be no stockholders, in that the Corporation is not a private corporation, but solely authorized by Title 50, Chapter 27, Idaho Code; the tern "stock" is in no way to be confused with the term "bond" -as the Corporation is specifically author- ized to issue bonds. . ARTICLE VIII: RIGHTS AND LIBILT'PIES OF DIRECTORS 1. No director, officer, agent, employee or official of the Corporation may have a direct or indirect financial interest in any property to be included in or any contract for property, services or materials to be furnished or used in connection with any industrial development facility financed through the Corporation. 2. Every person who was or is a party to, or is threatened to be made a party to, or is involved in, any action, suit or proceeding, whether civil, criminal, administrative or,, investigative, by reason of the fact that he or a person of whcxn he iS�`legal representative is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as its representative in any other enterprise, shall be indemnified and held harmless to the fullest extent legally permissible ORDINANCE # 421 (cont'd) under the laws of the State of Idaho fraan time to time against all expense,. liability and loss (inculding attorneys' fees, judgments, fines, and amounts paid or to be paid in settlement), reasonably incurred or suffered by him in connection therewwith..i-Such rights of indemnification shall not be exculsive of any other right which such directors, officers, or repre- sentatives may have or hereafter acquire, and without limiting the gener- ality.of such statement, they .shall be entitled to their respective rights of indemnification under any bylaw, agreement, provision of .law, or other- wise, as well as their rights under this article. The Board may adopt by- laws and/or rules and regulations fraen time to time with respect .to indem- nification to provide at all times the fullest indemnification ppm;tted by the law of the`State of Idaho, and may cause the Corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as its representative in any partnership, joint venture, trust or other enterprise, against any liability asserted against such person and incurred in any such capacity or arising out of such status, whether or not the Corporation would have the power, to indemnify such persons. ARTICLE IX: 13YIAWS The Board shall adopt bylaws and/or rules and regulations -to provide such rules for governing the Corporation and its activities as are not inconsistent with the ordinance, this Charter and the Act. Adoption of bylaws and rules and regulations and any anvndments thereto shall require a majority vote of the Board. The Board may provide in the bylaws or rules and regulations for all matters relating to the governance of the Corporation, including but not limited to matters referred to elsewhere -=-this Charter for inculsion therein, and for the following: (l.) the existence of committees and duties of any such committee; (2.) regular and special meetings of the Board; (3.) retention of staff or personnel and the relationship bewteen the Corporation and the Municipality; and (4.) such other matters as may became necessary or important -to the proper functioning of the Corporation. ARTICLE X• AMENDMENTS TO CHARM This Charter may be amended by Ordinance of the Municipality. ARTICLE XI: COMMENCEMENT OF THE CORPORATION This existence of the Corporation shall commence at the time the enact- ment of the Ordinance becomes effective. A true and complete copy of this Charter, certified by the Clerk of the Municipality as being on file with the Municipality and having been duly issued by the Municipality; together with a certified copy of the Ordinance, shall be filed in the permanent records of the Corporation. ARTICLE XII• MISCELLANEOUS Audits, dissolutions, alternations of this Charter, trusteeships, and other matters affecting the Corporation shall be in compliance with the provisions of the Ordinance and the Act. PASSED by the City Council and Approved by the. Mayor of the City of Meridian, Ada County, Idaho, this 3rd day of i.jarch,.1983. ATC. Minutes 009 CHARTER OF THE ECONOMIC DEVELOPMENT CORPORATION OF THE CITE' OF MERIDIAN ARTICLE I NA10, SEAL AND DE�^INITIONS The name of this public corporation shall be The Economic Development Corporation of the City of Meridian. The corporate seal of this public corporation shall be a circle with the name "The Economic Development Corporation of the City of Meridian" inscribed therein. As used in this Charter, unless otherwise required. by context. "Act" means Title 50, Chapter 27, Idaho Code, as amended (the "Act") ; "Board" means the Board of Directors of the Corporation; "Corporation" means The Economic Development Corporation of the City of Meridian; "Governing Body" means the City Council for the Municipality; "Industrial development facilities" means the same as such term means for the purpose of the Act; "Municipality" means the City of Meridian; and "Ordinance" means Ordinance No. 421 of the Municipality passed on the3d day of Mare 1983 , pursuant to which the Corporation is created. ARTICLE II CREATION OF THE CORPORATION AND GRANT OF POWER The Corporation is a public corporation organized pursuant to the Act and the Ordinance. The Corporation is hereby granted all powers authorized by the Act. ARTICLE III AMBROSE, FITZQERALD DURATION OF THE CORPORATION & CROOKSTON Unless modified by state law or by an ordinance of the Attorneys and Counselors Municipality, the duration of the Corporation shall be perpetual. P.O. Box 427 Meridien, Idaho 83842 Telephone 88&4481 � _,�, 1, � ,,, ': 4, 6 �t ­ �, 46, , . t� '. 'k, �!­,,. . �, I - , 1. , ,-,­ , ", .1 I , 1�1 .. 4 ,_.',, - . , � . ­;. ,� � I j � ,% -,��,� , .� - � ., � , . A , ',- 'J 1 ., I , "I �.k 1�, 1.',�, , ". -: r`_T�' -I '� 1':� i " 4 ­� , I-, /� 1, I , V,,41 ,_ .1:_ 4" I �' "?, �:, .., .. ,_�.�-,% . , � , -;�11�e , ."'.. , I _ , � •.. `� � ".'N "; , - -., . 7 .1 � "" � ­ .�, , '. '_ , � , ­.-, , , ��,I , , 1, - t i, 1� , �j�.,��t,. _ , � I � .11�i . � t;;. - ,� I-, I. -Il". . , I �­._ I..", ; � I , ,,,, il -1 � I . ... � � I _� - ". , " �­ " ,, % ��.� ,�k ,� i,:� ,'.�'t, : -t, " * ,' , - , �_ -% * �. � " . , , I :, " � � � _ �, � I " _:�,� ,, , �, � , , ,�� ., , �-,, - ,. �� , � ". 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" berms:` ,� s;I ,�I,,�', " , .".., � ,�I-z - ­.t'�� �, 1;1- ."'. I - �.­_, ' "`L�,. ­" ,� ' I ,including __,'_ .e , ,4,.'' I.,. _ .. 11 ­ I ­ � ­*,44'_',­��._ , , , - I . I � I- I., ,�� I - L� ,�t'll 14�.�� . ,�,I. , � ,�:�I I ..'', 41,- �-, brs,' ` � ' ' cohslddrs ' L , , . & , , ot.purchase­4o;:,�It . Of-, bl-rect I � , �txqhs` t,I �,, 01 � '. "I : .1 I Z �4',�L �'. , "I , I'll . - , I . �, " 11 . ,,"!'� -, ,5­�:�J�6iia_ 11.1, ,*(� � ­-, I -, _, '' � II I., �j,':�, , � "�­..1 I ,. , , -.f " 't, 1. z I -t , ,,..., . . . , - , Act �t. I � la, ", . 0.1, ,,:T,,I �, , "O': ". " I I '�'az� -t - J the, -,'r . ; - ,&­`��'.' ., , "I'". ,,, - ,:"'I'n, � ia6n f. , 11 I h , 1'�­.1 - � 1, I , -T -411- advibalOU', arid, � not , I lidt"w# 'I.,'!y.f, I �1_ TI , , 1� , , - , , I ,,. " 1,. t I ` I I . ,4 . - � , I ­ - I A" 1, "' . FrrZG6'%AW. ; . - I � 1:1 , � .1 ,.- , , . - � , � "I I .1, '. " , , I , 1, , , - .: . � 11�1­ � . , I , I _ 11, , " .1 - I " , I -_.., - ,-T(6) " .. I 11 _"tx_­t_ - . IP� �,.IL P;,;�"i ' � _�, �_, - ,,`�,� ,.;,-v, , , , , �, on. , ac , _or� oihd iso� and `;,-_: - , .ij�o:.� sell ,by --Ani contract rw � , i 5-tally,66nt c 'r-- " , , , I ,! 1,� , - il . -&'am , , " � 0*_. , ., - . "I " I , . , , � � , I i. '' . - , �­ -;,,,I . -,.Ih, I 11, - 11 �, "I �_­ 1''. I 'any - , , ­ , ' ' � I ", � ." . _. 'r. � � " i ­', � `part' 1, .... .. .. .�-_*.;, 0 e '04­�any Part' of any �-. diittri& -1development 1 . � I �, " ,c.nv y, al ., ., -I . , , , ''I'- ' ;' I i ,_-_ � ;Y , �- - ­ � ., -, e Y4, I . � ­ - . - " _ f. I ,, ,f h ., Ie - , , - . - - I , h ' i d, .�6uch , "te Arid . , lit " " Or � such„:purchase P** - t ase.. :p - and upon � . terms -, �,- aq.1 i. "L" '= ;:price . M***Oid , � - I - � I 7, I ,- _kkoe, 1 � -y .. 1: , - t, - , , " - , I I , � .__ , , � , �"._:�' -�,;A,:��, *, 1** ,� i � I , 1. - , � ;: .� �11 Y111 .11 . � , I 'I,: , - , .. i it : z�'. . I I �,.,• , `%f - -,� v, .. , �� 4.- . - . I -, . ­ �. , _ ,, 'k , " I 1'­'­_�:,�,�-":,. , , - ��;i ��.�,, '* - � I , t'; � L `1 � , � ,�� _'. �7, �,,,,�, �:,_,� � "'. � �,..: �, ,,(": , , ,�'i, 4, , , , "�:, ''. , " 4� , " �, *�, �, ,.,,.,-: ", 'I-- , -� � �':� , , v 1 , 11-1 il , ��,, �1., , . . I - � �,��, , � ,�.�, -, ", I 4,�, , , � ' " " " - ,_"" , *' , .. 4 1, P, * S 6 x49V � , �',. , 11 � , I "._" . : - �� _ ; _� , , . I I 11 ',�� .Ito�­ "; " - .. , I �, I _. � I , I . , - I _ , , I.. . - " I" , 7", , _-,L� It, -i , , . 1. '. � Y ,� . , . � .�,:e j,:.,4. -" , , J . ". , � I 411 ; I . . . , . I . -,!", � " : , I I " , , � , . , I ­­ - - " �, , I " — , q , - I �.e , . , k I :.i�, , I " 1 � ­, , � , : , ., : : . ; , , _111� . ­ ,4.;,.-: , �%� ", S_ . . �, , > r "..-, I 11-i- " " �-,t - 4 ,,�.' ..� f -z � . '. I ,� ; � ,; � " . I 1. ,�� il AMBROSE, FITZGERALD &CROOKSTON Attome"and Counaelore P.O. Box 427 Meridian, Idaho 83842 Telephone 8854481 n conditions as its Board of Directors considers advisable which are not in conflict with the Act; (d) to make loans for the purpose of providing temporary or permanent financing or refinancing of all or part of the project cost of any industrial development facility, including the refunding of any outstanding obligations, mortgages, or advances issued, made, or given by any person for the project costs; and to charge and collect interest on theloans for the loan payments upon such terms and conditions as its Board of Directors considers advisable which are not in conflict with the Act; (e) to issue revenue bonds for the purpose of financing all or part of the project cost of any indus- trial development facility and to secure the payment of the revenue bonds as provided in the Act; provided that issuance of revenue bonds for facilities pursuant to the Act shall not preclude the issuance of additional revenue bonds in connection with the same facility,, and provided that any subsequent bond iss.ue'shal l recognize and protect any prior pledge made for any prior issue of revenue bonds; (f) as security for the payment of the principal of and interest on any revenue bonds issued and any agreements made in connection therewith, to mortgage, pledge, or otherwise encumber any or all of its industrial development facilities or any part of parts thereof, whether then owned or thereafter acquired, and to assign any mortgage and repledge any security conveyed to the Corporation, to secure any loan made by the Corporation and to pledge. the revenues and receipts therefrom; (g) to sue and be sued, complain, and defend in its corporate name; (h) to make.contracts and to execute all instruments necessary or convenient for the carrying out of -its business; (i) to have a corporate seal and to use the same by causing it, or a facsimile thereof, to be impressed or affixed or in any other manner reproduced; (j) subject to the limitations•of section 50-2706 of the Act, to borrow money, accept grants from, or contract with any local, state, or federal governmental agency or with any financial, public or private corporation; (k) to make and alter this Charter or the Act for tion of the affairs of the bylaws not inconsistent with the administration and regula- Corporation; (1) to collect fees or charges from users or prospec- tive users of industrial development facilities to recover actual or anticipated administrative costs; (m) to execute financing documents incidental to the powers enumerated in this subsection; • i (n) to have any and all other powers granted to public corporations 'under the Act; and (o) 'to adopt resolutions authorizing any of the actions provided for herein. 2. Revenue bonds issued pursuant to the Act shall bear the seal of the Corporation, which may either be physically impressed thereon or printed as a facsimile thereof, and the signature of the President of the Board, or in his absence and in his stead, the Vice President, and the signature of the Secretary of the Board, or in his absence and in his stead, the Assistant Secretary. ARTICLE VI LIMITATIONS ON THE CORPORATION 1. No part of the net earnings of the.Corporation beyond those necessary to retire indebtedness incurred by it shall inure to the benefit of, or be distributable to, anyone other than the Municipality. Upon dissolution of the Corporation, title to all property owned by the Corporation shall vest in the Municipality. 2. The Municipality may not give or lend any money or property in aid of the Corporation except as expressly authorized by the Act. This provision shall not preclude the Municipality from dealing with the Corporation on an arms length basis. 3. The Corporation may not issue revenue obligations except upon the approval of the Municipality. If the industrial facility lies outside the Municipality, as permitted by 50-2708, Idaho Code,l, then the approval of the County Planning and Zoning Commission must be obtained. 4 No revenue bonds may be issued by the Corporation unless the Board makes a finding that in 'its -opinion the interest paid on the bonds will be exempt from income taxation by the federal government. AMBROSE, FITZGERALD &CROOKSTON Attorneys and Counselor& P.O. Box 421 Meridian, Idaho 83842 Telephone 8884al r .r r ' y ••4 7 r. 4 i P "� f .; 7 ,, t r'� ,;I r � d FS t r y t f yNiay A L r iy C 'r r ti a w ,�'� i� r ' .,y. k T 6 ; t h % " ., t M '� t 2` r+" S E°. Y•�+ ` t }l d r { r `& -. fn tds+':1 0". �'�Oi t �k d ! `', r f `L�'� r'k'. r 4 l L } , e a C V, , r ° " d ;. i. r s- i. { r "Z t' A , E d r a: I rt r a+-: 1 .� �y 1 .4 '� r.. 4b Sh : m/'^ `tt ; . ri ` c P R ,tr '* e r i y t,r'^' q' W y �. ti^, +F, r°r i '' ,i r, $ y .` > r 4 + J' d f,h ,I I ? x :lt� r f. w .S 4 p;.... + t ',a F a w 7.. , �t ri > { t S / f i' r 3 r^' ` '�' sL f +x° t t 1 t u -{ 'b+ y 4 4 rf y Z r t d v � ../"r ✓ +,r}vi ''a, ' r'{ r 8 3 'x �^ rj,,� k ? p y _' y� a i, ? I .t) rf { ' r r ,�^ - Cf �k y. °.r w t� s a 1 , -. a ,� r" ,,,.�� r rtr . r i rth h '' y t Y( {. r ,z a i, fX r t' �, _ rR! t: xr. tt {i o- t 5 L u m- �, Y- ,rf F ��` - 't .R y i ,�°, - { i°, A .. A• r ''y t :rn ,p ari Y � yY -, r ;.i r k^ t 's* 1 °E; r 4 ' R �, , .11 1 d r 4 r � � F > i c- •3V '� C . -. Y �•. R pr.� k.f. t .1, 5. Revenue bo xds Ssued`bg thy' fiorporat�on `shah no, be � ' "` � �r _,w � � pr cons r eyed to const�tut a 'debt 'of the State of Idaho, o :the F ! - f + r `' . `lt u4 6 paX�,ty, or off' any' other manic al borporat�,oxt, 'quasi ril ,.r •., y s' yN n ) �e v 1 h 'Tr Kt. rr� r � M' d ". * fit' r _ ,_ , mMdnigij6, l' `cc5�pe.rati4n, SubdJ;Vi's on or agency of 'the State`; orf Idaho: ter to ;p .ed . +ani o a�.i of .tTae� fazth ax a"creC�lt �a:f ariy cif `those k Yn ,I t.1.�}�r Y+ x r G r _ ''�i � r�. - 1 ° s y r'- ?. 5 1 A dri. t .: a ti- ' 6: J Revenue bands :•issued by the Cororatipn shall be payable ; '` A J of r 7" . -, _ -` .. y4 "Lt i -' �, - so•i,1 - from' the rq°�eriues -derived as� a result -of the ndustrial :, > • " , K , deveiopmen fabi. taxes fian,ded b'r -u , _ , ue a bohds ` in.ciuda.ng t t �r I. r ' , {� .fT x . -•.r ,. �� % it " ` 1.'- 1 C , _ -r '* �� , a e ", witf d" , .. ta�a.bn � a lotant� re e: ved� under tie t � #f any �4 � : , �." `� f fir ancinq docu=ent or. b ," ' I n of any add�.t ;ona1 security fur 7; , 1. a ri shed; by' tide Miser '"af t1�e un�lu Mr-l'a]; e�trelt�pment • facslity' �n a ;r ;'x r . conn�c 166` * -,tl the f�.nanci g t lei"�of, az�y, money and other propext r ` _, nr t. e ".. ::-, T 4, . t ! � +ma y, S ' ,d } '. h - `� re6ei ed �,1om ,pr',°V,y�L-e Sources � r *-ster rr , r , :k, , 1 r F ,A ti l r. 1 - ,.. t R . . . l E cli e�enue bond isau, by the Corporation shall ,. ,; r.' q_ ,, .il ,,; b 4 +. .' it { �,q 1S t y.,? Y A: �� C:bIYt$i? .on 1ctS Daae stat®tso thg eect that:. Y l t d � a , " 3 „ i ` f �:�t r; r °' Na., tl e •the State o lis ahe�� nor ��the 'Mari b� a .ity ; x ter ani �j&e 14ic'ipel cozpbratidn r; quasi-mun'3:ci'pa�. *:J corpl : atlEJ1}, ubd vz a:on or, hgeticy _ of the ..State ' 1.s obI gated s > gar the ptiticipa�. ' a'r the interest threori ; r` r tr , tax ands :or overclental 'revenue ,ma `be. used k ' ( I w y ;. �� s to pair the principal. or, IA, , s. ther�af; :arid t w F d•` • r _,I 7 yii,' +�'' .L'} 'W ) ::� �r� `,' 1;: J'� �t.. •.6 �' wi°; .• a . ,: r 'a t1 ti; r r '` ;rr a9L.5r-'�,.; +.(�,_tehar .-atiy 4'-r �$.] pf =`the �f-aith. R -dnc? 'credit ° n©a: the r ting pdv er oaf tie fitate of Idaho,.` a a�urtcipali'tg or any " x , a - ' - p 'Qt'yhdk ` ffi rt1. p �, �C�b,V,p,,g0 ,s'lt�-on � C,�ui � 11t1]n] {:ipc'� � L`Or�rSt�.1 1. r �. i_',.` r, ' +d t S.ubfs�7.v�,�yi-} -,lr f�4 k ""y;_. i`�'.reoi ;:ins', p7. -edged "-to th pay hent' of r F R n " `` y .- th® princ pa,7: of r o the a nteres"t on; the` revenue' bond. °, �W ` i� �. ', l r r' i.. ; 4 �, );�. '�%e Cp b at�'01 10ay ir�Gur aa�7.y 'hos f3nano3;A oblig ion ,t •.' . 4 r ,az ' ` • *Zhych � Ll1 L be .pais 'y #.toi� revenues eoe�,ve i 'pursuant t- f . naildih- r.."� r .1 _, dc}cume�t�ts, frog fees oar' charges pa3.d by users or prospectiiia ' _ E ,. users d f t`hd `i'ndustricii deve],opm_ ent = acila.tie� fu_d�d by tie ` -T r- - R ✓ r^ . tr °� " y , , revenge bonds, - or �cbm tY�e procees s . f avenue bonds . t F J {i , .,;,A K ' AY Y^r'. stir Mme,,, t s f 1 { N� t r cr a '. a t T u { • a, r � r r" r �ROIYi MN o `' D y Y x C ` Rw r r z� ' 'r rr �• r d u y, + 1 �d4 {{F ��- r aG �'n� tC aru f ox 7° _ s t' ,, x 1. �, r 4 r '�- `'�' .� �,y���� r r, res r s �glYalOO1M0-' -..i 'r - r .r.., .,:L : r.: n1, r A' y '" cr1 +4 a' i" tf,p ,,f ✓I ,Y" ✓ { f f 'get;. r ! i 1 ,' K.t is '�• r r,. v ` ..' x IA ,. ' ar a 1"�' _ { 3 , ` t ` f $ k l ,. + , i R YekpUolM 4 ,r t;: ,r"Z„ i'} x may, %, a i t �vx ��, : AMBROSE, FITZGERALD BCROOKSTON Attorneys and Counaelore P.O. Box 427 Meridian, Idaho 83842 Telephone 8881181 • • 9. The Corporation has no power of eminent.domain nor any power to levy taxes or special assessments. 10. The Corporation has no authority to incur or create any liability that permits recourse by any contracting party or member of the public to any assets., services, resources or credit of the rlunicipality.. . 11. The Municipality shall have access to the books and records of the Corporation at -all times. 12. The Corporation may not operate any industrial develop- ment facility as a business other than as lessor, seller or lender. The purchase and holding of mortgages, deeds of trust and other security interests, and contracting for any servicing thereof, is not considered the operation of an industrial develop- ment facility. 13. The Corporation may not exercise any of the powers authorized in Article V or issue any revenue bonds with respect to any industrial development facility unless the industrial development facility is located wholly within the boundaries of the Municipality, except that energy facilities and solid waste disposal facilities may be located partially or wholly outside the boundaries of the Municipality upon approval of the Munici- pality and planning and zoning approval of each county or city within whose planning jurisdiction the proposed industrial development facility lies. 14. The Corporation shall be subject to all other limitati set forth in Section 50-2706 of the Act, which limitations are hereby incorporated herein by reference. ARTICLE VII ORGANIZATION OF THE CORPORATION 1. Management of the affairs of the Corporation shall reside in the Board. The Board shall be comprised of the Mayor AMBROSE, FITZGERALD & CROOKSTON Attorneys and Counselors P.O. Box 427 Meridian, Idaho 83842 Telephone 8884481 of the Municipality and the President of the City Council of the Municipality and three members to be appointed by the full City Council. The terms of office for the Mayor and the President of the City Council shall be commensurate with their terms of office. The terms of the appointed members shall be three years. The initial term of appointment, however, will be for staggered terms, i.e., one member shall be appointed for 1 year, one for 2 years, and one for 3 years and thereafter the appointment shall be for 3 years. A majority of the Board shall constitute a quorum. 2'. The members of the Board shall elect officers as provided. in the Ordinance. The Board shall oversee the activities of the Corporation, establish or implement policy, participate in corpor- ate activity as necessary and have stewardship for management in determination of all corporate affairs. 3. There shall be no authorized stock and there shall be no stockholders, in that the Corporation is not a private corporation, but solely authorized by Title 50, Chapter 27, Idaho Code; the term "stock" is in no way to be confused with.the term "bond" as the Corporation is -specifically authorized to issue bonds. ARTICLE VIII RIGHTS AND LIABILITIES OF DIRECTORS 1 No director, officer, agent, employee or official of the Corporation may have a direct or indirect financial interest in any property to be included in or any contract for property, services or materials to be furnished or used in connection with any industrial development facility financed through the Corpora- tion. 2. Every person who was or is a party to, or is threatened to be made a party to, or is involved in, any action, suit or proceeding, whether civil:, criminal, administrative or investigativdf, AMBROSE, FITZGERALD & CROOKSTON Attorneys and Counselors P.O. Box 427 Marldhm, Idaho 83842 Telephone 8881481 • by reason of the fact that he or a person of whom he is the legal representative is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as its representative in any other enterprise,.shall be indemnified and held harmless to the fullest extent legally permissible under the laws of the State of Idaho from time to time against all expense, liability and loss (including attorneys" fees, judgments, fines, and amounts paid or to be paid in settlement), reasonably incurred or suffered by him in connection therewith. Such rights of indem- nification shall not be exclusive of any other right which such directors, officers, or representatives may have or hereafter acquire, and without limiting the generality of such statement, they shall be entitled to their respective rights of indemnifica- tion under any bylaw, agreement, provision of law, or otherwise, as well as their rights under this article. The Board may adopt bylaws and/or rules and regulations from time to time with respect to indemnification to provide at all times the fullest indemnifica- tion permitted by the -law of the State of Idaho, and may cause the Corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as its repre- sentative in any partnership, joint venture, trust or other enterprise, against any liability asserted against such person and incurred in any such capacity or arising out of such status, whe- ther or not the Corporation would have the power to indemnify such persons. ARTICLE IX BYL2W7S The Board shall adopt bylaws and/or rules and regulations to provide such rules for governing the Corporation and its AMBROSE, FITZGERALD &CROOKSTON Attorneys and Couneelore P.O. Box 427 Meridian, Idaho 83842 Telephone 8884481 activities as are not inconsistent with the Ordinance, this Charter and the Act. Adoption of bylaws and rules and regulations and any amendments thereto shall require a majority vote of the Board. The Board may provide in the bylaws or rules and regula- tions for all matters relating to the governance of the Corporation including but not limited to matters referred to elsewhere in this Charter for inclusion therein, and for the following: 1. the existence of'committees and duties of any such committee; 2, regular and special meetings of the Board; 3. retention of staff or personnel and the relationship between the Corporation and the Municipality; and 4. such other matters as may become necessary or important to the proper functioning of the Corporation. ART I CLE X AMENDMENTS TO CHARTER This Charter may be amended by ordinance of the Municipality. ARTICLE XI COMMENCEMENT OF THE CORPORATION The existence of the Corporation shall commence at the time the enactment of the Ordinance becomes effective. A true and complete copy of this Charter, certified by the Clerk of the Municipality as being on file with the Municipality and having been duly issued by the Municipality, together with a certified copy of the Ordinance, shall be filed in the permanent records of the Corporation. ARTICLE XII MISCELLANEOUS Audits, dissolutions, alterations of this Charter, trustee- ships, and other matters affecting the Corporation shall be in • '! ' � � 1C �: it �, i 1.,; '•+ < � e � +G� �, • i. .. , ` u eta ;: ` .• � . ; .,. t`'� ) « 4 �, s � + �' .,: t• compi1—ice-with the p�oYisiorns of the '-Qrdin ce and 'kh' "4 DATED °this ' id' ,da�r' d is �� �. 1983. ATTEST: CITY CLERK�+ s �" .. ry/ s .t •} 7th' t,: r �[• PC: Sterling Codi lersAIC of , IA r � S x � y- 6 x FLOAmomoiEAttornspWd ' cou P.O. "Xi w� ,, rr ':' MNldia►, IdNlp t '; � rSs i � 4�, �, �, r� • • ' � .. u.l. M r�.. t, L2�:Y +sp'`'as. �, ::� AMBROSE, FITZGERALD &CROOKSTON Attomep and Counselors P.O. Boz 427 Meridian, Idaho 83842 Telephone 688401 • BYLAWS OF THE ECONOMIC DEVELOPMENT CORPORATION OF THE CITY OF MERIDIAN ARTICLE 1 PUBLIC CORPORATION The Economic Development Corporation of the City of Meridian (the "Corporation") is a public corporation created pursuant to Title 50, Chapter 27, Idaho Code, as amended (the "Act") and Ordinance No. 421 of 'the City of Meridian (the "Municipality") passed on the 3rd day of Mardi , 1983. These Bylaws are subject to any limitations contained therein or in the Charter (the "Charter") issued to the Corporation by the Municipality. All authority that would otherwise be reposed in stockholders or members shall be exercised by the Board of Directors (the "Board") of the Corporation and the Corporation shall have no stockholders nor is it authorized to issue stock. ARTICLE 2 NONLIABILITY OF DIRECTORS The private property of the directors shall be exempt from execution or other liability from any debts of the Corporation and no director shall be liable or responsible for any debts or liabilities of the Corporation. If for any reason whatsoever, except criminal activity, any director is held liable for any of his actions as a director, the Corporation shall indemnify the director for that liability and hold the director harmless therefox ARTICLE 3 DIRECTORS Section A. General Powers. The business and affairs of the Corporation shall be managed by the Board which shall exercise all of the powers of the Corporation. h r .,� , . ., , . v � I . - - 11 . .� " � , � , � I -�'. I I . � . _, � .� _,­ " 1.� I, ", - "t;." `,�"k V �­ I � . . J' r I I E i..b F i+, '1 4l' ,,'� Y' i 7' ,"14; -} ,y, ;, S - N� �`,T. t .- f x � A `i a tix r> i s !'P -t Er" , �e f t^ .. t'r •� * .t:i t "' } :, dt . $dt tr{r 9 ,; { ; vfi4 l d ,yc1 d' - i t Y '' M1'. 1 I,� d E , - '` t 'd °s �..' 1. yI �� F a Ty Z. 5 § kc+'� 'g { , ,. '! M1 " , 1 Ill 1 ' Y 4 '� i.. a r 4 alar a < y y .0 -ll e , - r . f� W T _ I h' ,, Y� 3. s" r,' r - p y p `� A yK f Jr " ,._ <- °- w,. "`. :.� . .r t ,- - `� -�'i ,.- 11 ' s4ti it Vserve rte.: �� .11, Section B Cc rn pew n. , nixed � anc offa.cer$ shall . �t M1 without conpens;ataon, .bit directors and officer$ shal'1 be entitled "' 1� ti" v t I� a '� a.,' 11 ` , r ,f� a ' , tb �ltlt-�of�Poo L''b§ Wi� " am comp sat 0" £or..�h air` se�.^v�.ces fox B 11 pro�e.cts carried. out by' the_ Cor�c�; tide , but only fxom fees and , 9 1 P F `41 V Er ,7e t ;, yyL,ry yj� jy y/� w{ �e 'y� /�/� C Cilj'Gl..l. ge �w'i r6l'Ate tO 14,=h +P,,r ,.FLt �. 1 r- i �- + �' 'I +�"' `; f 'h Yr` 1 i ' z AgTTC�E 4 ; I' r tY, *.5" y' h _ y _ =i 1, , 1S i.' i 1 f ,_ 1 k ,rT b r 7 '. p j �" " r'.I3ZRECTORS Sj r , JA y,, tF t` ° �t , },. ,,,, �tGSII Gl Y. b;: ,, '. .,.. P Y 1 '. - 4 ai ' S cti©n A.; i�ua . ��� Meeas�gl.�� �� annual zneeeting shall be. held . _ r f P at 8 �b o! clock p.m`: , laca�l ti�'e on tb.e',third-,*nday" an Januaa'y ..: ::. -. rl; ! ,, of`' each year. No 'notice o the `annul nee- a , .Al be required f ^y "` ,1, 4N y �yy -' ! t" .: 1 Y ' S .. Y ' ,'i' I� t, f P'r -' .fir '..':'1 �.., t �_. !_.J } . , . t r k i .,. . - 'f "� ,, n�'Bt` uli, :*Iwt3ngs. Regular! meetings of 'the d rec 1.a `< tors l ' be held' "atw GB QA =ca' c7�ocls ' p m. J! . local t ine, on .the t�iirc `:' } p ,shad ,, _ 1ionday' of each` mint at the City Hall Qf tho C .ty bf; 1►2era.dian, ' .. , .,.. at„' 2$4 Neridia_77h S seta; Otid'i- -i Ydaho", fox the,_purposes-_o �_ 'transacting such ugioess as zna; Come betbre 'such' meetangs .. ' No ' 4� ' . notice+ of a regulaxV mee ang sha3.`l be' �requil ed. { A x. 1' l ° TI - - 1 . '. J11 � '1. A $eetit n CI" r �ecial Meetilitgs, A s;pep - meeting' of the Board ,: ._..�, .,'. r m,4y be caX3ed at any tie by tl a Presx ent or by ' iy two directors ' f k I. 4 ary epecalfyi�ig the 'tii _ � 114 r b giving taratten nit ce t© the' `Secr - r 1. 01 . � date, ;place and purpose;11 , p such meetbig, - Upon receipt of f _1 I;such notate; tie,, Sec`retaxy ,sFall -dause written notice of such time; . , date: place a.na purpose'of such meeting to be given to each � ' E '' - n I director d. the ..oard as herea tez provieled :in '.this Ar:ticie 2 `Y - -'q, - SCti4n D ` l�otice of T�iroctors'eP. etangs. 'Writi=en notice pf ” J the tame hate lace and u case of^ an � s eta .i met of the p P xP - :t ;;M Y r -tin . A Bgard shah be at 'the Ux-ited Status post Q five Building .L ,gusted F .. ,� . a.':1. - r I , S -- ixv.' F. r a; • 1 ,f,, r azo tidaan,. 8t tho, Me i.d3,an Free Pub, is ibra34y at, the 'door of �. 1 M 1. .' .' , . the "Citi Hell +C�f hericlian, 'IdaY}o, and one shall be delivered .to t �: r the Valley .News, a�rl,. eucb notice may be gubl�sf�ecl in 'a newspaper ' r I AMMON,'4 & Cl OOKM o cler eral' carc°alation ,i)i the unacip?* ,xty not (later'than the: day' i1. R�1 ,j iQ fey, "� t n ,. , ff E Y y, _,e.' ', t '. T, 4 1 E I - , , .. .' fin, " f '� m . 11 r t �A��e� i 'ei�lfle�� T P . 3t ; k?�' $ _'} t ', r'ti c mrd r n y� e rr +� 5 , ,lQ J r!. ) .x { :: 'niS ,Y l ,, l ., 7YpM'tM'o906'MOl f 1t [ '. e r h 1 1; k7' y: � f' 'M % d �. I - t •fI. 1. f, i t x ��� 't I _ �"� 47_- ' : 't t r>,; -.a •t ?: .. , u: - ,. f... .... _. _ _ rte. _ _�- i ,__, AMBROSE, FITZGERALD &CROOKSTON Attorneys and Counselors P.O. Box 427 Meridian, Idaho 83642 Telephone 8684461 • 0 preceding such meeting and.delivered to each director personally or by mail at least forty-eight (48) hours before the time of such meeting. Such notice shall, at least twenty-four (24) hours befor the time of such meeting, be posted at the main office of the Boar Section E. Waiver of Notice. Any director may waive in writing any notice of a meeting required to be given by these Bylaws. The attendance of a director at any meeting shall. constitute a waiver of notice of such meeting by such director, except in case a director shall attend a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened. Section F. Resolutions. Resolutions adopted by the Board in connection with the exercise of any of its powers hereunder, or under the Act or the Charter of the Board shall be signed by the President or Vice President and attested by the. Secretary or Assistant Secretary, provided that the person who attests shall not be the same person as the person who signs. Resolutions authorizing the issuance of revenue bonds shall be published as required in the Act. Section G. Quorum.. A majority of the members of the Board shall constitute a quorum. Section H. Vancancies. All vacancies in the Board of Directors, however caused, shall be filled by appointment by the City Council of the City of Meridian. ARTICLE 5 OFFICERS Section A. Number and Qualifications. The officers of the Corporation shall be a President, a Vice President, a Secretary - Treasurer and an Assistant Secretary -Treasurer, and such other :": ZV '! rf } t x ,P 1. th °�kti P w r . n "'w > 6 4,y tt r i " z J Y � { - ? h ¢ ^iia t , + r -- , c x h 7 .�*r . K �; " Py i e a s �r . 4 } . ty � , , r� 7 I �, . i r., n.id 7 Y i p, .rte t� 4 ,} I rh w k11, R Sri , . �. 1 11', 1 r r f vF t K F. , k S, F � � 11 y .. i. yuup P.O. �r,�Y�� WR.'.. Telephom 1, ^£ r -.?. r . • d1.e IV . 7j� ��qy As "e - R }. d Z 4 ,�.:- � *,'. , a � y K: i F -6 :l a ^� ', PF of i �Y F . t �'n t , P ., +1 "a i , . o 4 ,y - a :-� lam �'� 1 i '� r :, I 1 ' , X 1- ; x 5 7 1 4 t .Y.t .'�l7 T.. '•7 4L I 11% ��� ti i 1t ', ' 9 y, i i " r " Ir Y '` :s t i. a •1} ,i .I 11 IM 6iticers aS. � �taX be',, dettermihed by the ' Board from' tams to time to �L gerfo such dties.`a,imay ]ae d�slr�ated°iay the Board. M . p 3 : r - r .' ,. , r 1. -� .. 'r. t :. t. : y ,� k a ',1 Sect3:cin B.:` •E,'ecta 'anc�' berm of �iftice. The officers shall `. �v4 T, �_. , I - -.be' eleeted":"by tYie "Board .at .'the,,%nn,ua] .meeting of the ::Board each , ti ir' - .,, year`, � tI. ' officek shall Bold `' ff' .iinti1 his success , sha11 ,'.. have been dlected, AnyY �racaney zn airy office sha11 be filTecl by f r a ,. M y r. '' 1 the Bbarc by 'appoz tment by„ the :City; rouno�.l' of the City gf j r " md'ridl.,in � P i `r ' I S f11 j S�: ,j' !sem . "Y' •YS C J ' h 4P SeCtloil ille �ZefJ �.d�nt• M yrL��Sd�eiL4r ,k - 'fid_ ' - w . ` .; r f Shall. be the, principal ekecut. ve officer of the .corpo1.ra ' tions ;and,,, unless, Q:therwis' deter .reed bpi the members'• of the Board,, z shah,r11 Vit' al$neet3iiga 1.:1q the Board. I-esi:de ` 2. f Nlay :Kect to anX resblAta,ona. adopted ;hy the Board' and any d u�nehts,'':cert�.fieates, deeds, ;°'mortgages, deeds .,of' trustt . notes. 'to bonds,; contracts or other _instru'Me�sts: authorized by the Board kie executed,," except' in�;'cases o; �hieh the. execution. thereDf sha11 b'e';epresey;.deTeaed by,, the Board or• by. the• bylaws .to some other of�.cr cSr::agent crf,: the .Corportaon, . Qr: •shall be,.requ xed by .law ta• be `atherwise made. '�� , ; 3 , Shall ''. n genexal' per a °m alb. duta.es : incident ,to the 'offa.ce of, t�.e, ,; Preerc�en t and such ;other ` duties as :may .bc ' pros crik�ed Yay the Board :from tinig` to time.. a1` w. r y ! 5 , , l ,¢ , Section n.' irioe P , , , - e . I xzz the ab$ence' of the' president or in `the ee`�en, o� ;the --Pres3Zen, . 'inabf lity or refusal to. act, �; ,. ,,1. .. . .r .. .. I -: 2 J,. "� ,: , I 11 the i;ce Prosident :s 'All perfo'r`m Athe duties of tie P.xesident,, and whin s'© acting ;ahail have all 1$he pokers` of and be subjeot to' all . n ,, A Y o the' restriota,orts ttpors the President, Thee ce President shall . 'other a1 '1. e , f - such duta.es as from, time' , to time may be pre ,,. ; aura beci by � the,' Board, 'In the event that the : dffi6ds of V .ce * 4.; h ,. presxd�et n�,asa.tstant' $ecret,ay�+Treasu'rex shal] be s�.multaneousl P,4, Yield by the sak peirson, such person shat l hot bath arsd ,execute n �" j L rYA r 7 attest: s ny' resod"utyam, : fild ui e . certificate., deed, m�irt�age, ;, R4' de'ec� bf trust, .=mote, band, ':66ntract or other instruments' - '' S ;ctscin Z, Se'cretarTy reasure The secretary-�Treasurerr 4 J r. b_ ... _ ,.� �, r"� 1i j I" -, I ' 7.`, Bha�.l. deep the' minute . of the .meetings I the. Board in - . 11one or mo'r`e books .: axov cYed :dor ..thy t ` Pwrp+o`$e . ti z kar 4 N f { 5.!. r { 11. �t.5 w.:.� { 7z LA f x j "- e ��, r rr - n - 1 t i. '-1l Vt J+ P 1. i�' l A' X, ' ( N S '} " it ..h, °'. .7, ti.."�'r.r y, ,A. l" _ ., .... ..... u. '7 m A '�. - s.. rt `' - F' - —__ L."."L.� 2. Shall see that all notices are duly given in accordance with these Bylaws and as required by law. 3. Shall be custodian of the corporate records and of the seal of the Corporation, and may affix the seal of the Corporation to resolutiorrs,documents, certificates, deeds, mortgages, deeds of trust, notes, bonds, contracts and other instruments, the executior of which on behalf of the Corporation under its seal is duly authorized in accordance with the provisions of these Bylaws. 4. Shall keep a register of the names and post office addresses of all directors. 5 Shall keep general charge of the books of the Corporation and shall be responsible for all funds of the Corporation: 6. Shall keep on file at all times a complete copy of the Charter of the Corporation, the Ordinance of the Municipality creating the,Corporation and the Bylaws of the Corporation, containing all amendments thereto (all of which shall be open to the inspection of the members of the Board at any time and to the public) . ' 7. May attest any resolutions adopted by the Board and any documents, certificates, deeds, mortgages, deeds of trust, notes, bonds, contracts or other instruments authorized by the Board to be attested, except in cases in which the attestation thereof shall be expressly delegated by the Board or by the Bylaws to some other officer or agent of the Corporation, or shall be required by •law to be otherwise made. 8. Shall make the reports required under Section 50-2709 of the Act and any reports required by the Internal Revenue Code. 9. Shall in general, perform all duties incident to the office of Secretary, and such other duties as from time to time may be assigned to the Secretary of the Board. Section F. Assistant Secretary -Treasurer. In the absence of the Secretary -Treasurer, or in the event of the Secretary - Treasurer's inability or refusal to act, the Assistant Secretary - Treasurer shall perform the duties of the Secretary -Treasurer, and when so acting shall have all the powers of and be subject to all of the restrictions upon the Secretary -Treasurer. The Assistant Secretary -Treasurer shall also perform such other duties as from time to time may be prescribed by the Board. In the event that the offices of Vice President and Assistant Secretary - Treasurer shall be simultaneously held by the same person, such AMBROSE, FITZGERALD &CROOKSTON Attorneys and Counselors P.O. Box 427 Meddlan, Idaho 83842 Telephorre88111481 AMBROSE. I FITZGERALD BCROOKSTON Attorneys end Counselors P.O. Sox 427 Merldlan, Idaho 83842 Telephone 8884481 0 person shall not both execute and attest.any resolution, document, certificate, deed, mortgage, deed of trust, note, bond, contract or other document or instrument. ARTICLE 6 FINANCIAL,.TRANSACTIONS Section A. Contracts... Except as otherwise provided in these By1dws, the Board may authorize' any officer or officers, agent or agents, to enter into.any contract or execute and deliver any instrument in the name and on behalf of the Corporation, and such authority may be general or confined to specific instances. Section R. Check -s,' Dra'fts�. Etc. All checks, drafts or other orders for the payment of monies, and all notes, bonds or other evidences of indebtedness issued in the name of the Corporation shall be signed by such officer or officers, agent or agents, employee or employees of the Corporation and in such manner as shall from time to -time be determined by resolution or ordinance of the Board. Provided, however, that checks, drafts, or other orders for the payment of monies shall besignedby two authorized directors. Section C. Deposit -s. All funds of the Corporation may be deposited from timetotime to the credit of the Corporation in such banks or other financial institutions as the Board may select. Funds received from the sale of revenue bonds shall not be commingled and shall be treated as required under the Act. Section D. Fiscal Year. The fiscal year of the Corporation shall begin on the first day of January of each and every year and shall end on the last day of December of that year. ARTICLE 7 MISCELLANEOUS Section A. Rules .arid 'Re'gulat'ions. The Board shall have the power to make and adopt such rules and regulations not inconsistent with law, the Charter of the Corporation, these Bylaws or the Act, as it may deem desirable for the management of the business and affairs of the Corporation. Section B. Accounting System 'and 'Reports. The Board of Directors shall cause to be established and maintained, in accordance with generally accepted principles of accounting, an appropriate accounting system. ARTICLE 8 AMENDMENTS These Bylaws may be altered, amended or repealed by the affirmative vote of a majority of the directors then in office, at any regular or special meeting, provided notice of such proposed amendment shall be given and said notice shall have contained a copy of the proposed alteration, amendment or repeal; provided, that any amendment to these Bylaws shall not conflict with the Charter of the Act nor become effective until approved by the Governing Body. The foregoing Bylaws were adopted by motion of the Board of Directors on the day of ATTEST: AMBROSE, FITZGERALD BCROOKSTON Attorneys and Counselors P.O. Box 427 Meridian, Idaho 83642 Telephone 888401 SECRETARY -TREASURER 1983. PRtSIDENT