163 Economic Development Corporation
RESOLUTION NO. /63
BY THE COUNCIL:
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 AND REFUNDING BONDS
(HI-MICRO PROJECT)~ SERIES 1996, IN THE AGGREGATE PRINCIPAL
Al\:10UNT OF UP TO $5,000,000 AND APPROVING THE RESOLUTION OF
SAID PUBLIC CORPORATION AUTHORIZING SAID BONDS, INCLUDING
A TRUST INDENTURE, LOAN AGREEMENT AND RELATED
DOCUMENTS; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Meridian~ Idaho (the "City"), by prior Ordinance, has
approved and authorized the creation of the Economic Development Corporation of
the City of Meridian, Idaho (the "Public CorporationU) as a public corporation of the
State of Idaho pursuant to the provisions of Title 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 financing the costs of qualified industrial development facilities
within the meaning of the Act; and
WHEREAS~ the Public Corporation~ by its Resolution, adopted November 20,
1995 (the "Official Action Resolution") did approve the Application of Hi-Micro Tool
Corporation and Newberry Enterprises (collectively the "Borrower") for industrial
development financing under the Act to provide funds to refund certain prior bonds
of the Public Corporation and for the acquisition, construction and improvement of
a manufacturing facility located in the City (the "Projectll) and a copy of said
Application and Resolution has been filed with the City; and
WHEREAS, the Public Corporation, by Resolution No. 96-1 (the "Bond
Resolution") adopted on August 14, 1996, a copy of which has been furnished to the
City~ has authorized the issuance and sale of its $5,000,000 Industrial Development
Revenue and Refunding Bonds (Hi-Micro Project), Series 1996 to be initially issued
as fully registered bonds number R-1 and upward (the "Bonds") and by the Bond
Resolution has authorized and approved a Trust Indenture, Loan Agreements, Official
Statement, a Bond Purchase Contract and related documents; and
WHEREAS, after at least four11:;en (14) days published notice in the
Valley-News. the Public Corporation on July 16, 1996, held a public hearing to allow -
full written and oral comment on the Project as required by Section 147(f) of the .'--
Internal Revenue Code of 1986 (the "Code"); and
WHEREAS, the Act and the Code require that the governing body of the
creating municipality approve the Project and approve the resolution of the Public -
Corporation authorizing the issuance of the 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 agreement of the Public
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Corporation to issue the Bonds 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 A}3 FOLLOWS:
Section 1. The Project Application, the Official Action Resolution, the
issuance of the Bonds and the Bond Resolution and the agreements and documents
necessary to issue the Bonds 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 1410 East Pine, Meridian, Idaho, and
to be financed with the proceeds of the Bonds in the maximum. aggregate amount of
up to $5,000,000 is hereby approved. The initial owners of the Project are to be
Newberry Enterprises (real property) and Hi-Micro Tool Corporation (equipment), and
the operator of the Project is to be Hi-Micro Tool Corporation.
Section 3. This Resolution shall take effect immediately from and after its
adoption and approval as required by law.
ADOPrED by the Council of the City of Meridian, Idaho, this 20 #\.day of
August, 1996.
2 ~#..
APPROVED by the Mayor of the City of Meridian, Idaho, this V-day of
August, 1996.
CITY OF MERIDIAN, IDAHO
By: &A~.~~J
ATTEST/AUTHENTICATED:
By. ~~A /Je-v/>~
CITY CLERK fI
1-t.9/UJ T 20 -ft...
1IKu- ' 1996.
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