Loading...
1989-124 EDC Bond Issuance Computrol 99 RESOLUTION #123 A Resolution by the City Council of the City of Meridian, Ada County, Idaho, authorizing the City of Meridian to apply for a Grant from the State Recreational Vehicle Account. Further Resolved: That Mayor Grant Kingsford and City Clerk Jack Niemann be duly authorized to sign applications, grant agreements & amendments, and any other documents relating to this Grant. PASSED & adopted by the City Council of the City of Meridian, Ada County, Idaho, on the 21st day of February, 1989, by the following votes. AYES 4 Nays 0 SIGNED: ~ ' GRANT P. KINGSFO , YOR ATTEST: J I , ITY CLERK F RESOLUTION N0. 124 BY THE COUNCIL: KINGSFORD, MORROW, 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 VARIABLE RATE DEMAND REVENUE BONDS, (COMPUTROL, INC. PROJECT) SERIES 1989, IN THE AGGREGATE PRINCIPAL AMOUNT OF $3,500,000 AND APPROVING THE RESOLUTION OF SAID PUBLIC CORPORATION AUTHORIZING SAID BONDS, 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 creation of the Economic Development 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. 7 adopted July 26, 1988, (the "Official Action Resolution") did approve the Application of Computrol, Inc. (the "Company") for industrial develo0pment financing under the Act to provide funds for the acquisition, construction and equipping of a microprocessor systems manufacturing facility located in the City (the "Project") and a copy of said Application and Resolution has been filed with the City; and 4~0 WHEREAS, the Public Corporation, by Resolution No. 9 (the "Bond Resolution") adopted on April 18, 1989, a copy of which has been furnished to the City, has authorized the issuance and sale of its $3,500,000 Variable Rate Demand Revenue Bonds, (Computrol, Inc. Project) Series 1989 to be initially as fully registered variable rate demand bonds (the "Bonds") 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 with the Company, and a Bond Purchase Agreement with the Company and Piper, Jaffray & Hopwood Incorporated (the "Purchaser"); and WHEREAS, after at least fourteen (14) days published notice, the Public Corporation on February 7, 1989, held a public hearing to allow comment on the Project as required by Section 147(f) of the Internal Revenue Code (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 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 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 AS FOLLOWS: Section 1. The Project Application, the Official Action Resolution, the issuance of the Bonds, the Bond Resolution, the Trust Indenture 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 a 10-acre site located approximately 800 feet east of Meridian-Kona Road and approximately 1,200 feet north of I-84, in the Treasure Valley Corporate Park located at the northeast quadrant of the I-84/U.S. Highway 69 interchange, Meridian, Idaho, and to be financed with the proceeds of the Variable Rate Demand Revenue Bonds, (Computrol, Inc. Project) Series 1989 in the maximum aggregate principal amount of up to $3,500,000, is hereby approved. The owner, manager and operator of the facility shall be Computrol, Inc., an Idaho corporation. 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 18th day of April, 1989. APPROVED by the Mayor of the City of Meridian, Idaho, this 18th day of April, 1989. CITY OF MERIDIAN ~.~~o ATTEST: APRIL~Lj ~~989.