1985-104 Issuance of Industrial Development Revenue Bond by EDC352
RESOLUTION NO. 104
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.
WHEREAS, the City of Meridian, Idaho (the "City), by its Ordinance
No. 421, has approved and authorized the i~reation of the Economic Develop-
ment Corporation of the City of Meridian, Idaho (the "Public Corporation")
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 Resolution No. 5 adopted December 11,
1985, (the Official Action Resolution") did approve the Application of Terteling
Trust No. 7 (the "Company") for industrial development financing under the Act
to provide funds for the acquisition, construction and equipping of a heavy
equipment assembly, manufacturing, processing 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.6 (the "Bond Resolution")
adopted on December 20, 1985, a copy of which has been furnished to the City, has
authorized the issuance and sale of its $3,500,000 Industrial Development Recenue
Bond, Series 1985 (Western States Equipment Company Project) to be initially
issued as a single 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 public hearing 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 required that the governing 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 agreement of the Public
Corporation to issue the Bond upon the terms set forth therein and the various agree-
ments approved therein in accordance with the Act;
NOW, THk.REFORE, 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 Raod from the Meridian-Kona Road on the north side
of Overland Raod, 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 aggregate principal amount of up to $3,500,000,
is hereby approved. The owner of the facility shall be Terteling Trust No.7, an
Idaho Trust, and the manager and operator of the facility shall be Western States
Equipment Company.
53
Section 3. This Resolution shall take. effect immediately 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.
APPROVED by the Mayor of the City of Meridian, Idaho, this 20th day
of December, 1985.
CITY OF MERIDIAN, IDAHO
By ~ a
MAYOR
ATTEST/AUTHENTICATED:
By
_ ~ FILED~TH THE CITY CLERK: DECEMBER 20, 1985
RESOLUTION N0. 105
A RESOLUTION BY THE CITY OF MERIDIAN AUTHORIZING THE RESERVING OF FUNDS
FROM THE GENERAL FUND AND THE WATER APJD SEWER ENTERPRISE FUND FROM FISCAL
YEAR 1985-1986 AND SAID RESERVATION BEING EFFECTIVE WHEN FUNDS BECOME
AVAILABLE AND AUTHORIZING THE TRANSFER OF FUNDS RESERVED FROM THE GEPJERAL
FUND AND THE WATER AND SEWER ENTERPRISE FUND TO THE SPECIAL BUILDING FUND
FOR THE CONSTRUCTION OF A NEW CITY HALL.
WHEREAS, by Resolution No. 96 a special building fund for the c~uastruction
of a new City Hall was authorized.
WHEREAS, there are insufficient funds to presently construct a new City
Hall;
WHEREAS, the City has. authority to establish reserves and funds and to
budget for necessary improvements and expenses;
WHEREAS, there are sufficient funds to make a reservation from the General
Fund and from the Water and Sewer Enterprise Fund;
PJOW, THEREFORE,, BE IT RESOLVED BY THE MAYOR AND THE CITY COUNCIL OF THE
CITY OF MERIDIAN, IDAHO:
That there is hereby reserved from the General Fund the
sum of ONE HUNDRED TWENTY THOUSAND AND NO/100 DOLLARS
($120,000.00) and there is hereby reserved from the
Water and Sewer Enterprise Fund the sum of THIRTY THOUSAND
AND NO/100 DOLLARS ($30,000.00); and