1989-126 EDC Bond Issuance Newberry Enterprises4~J4
RESOLUTION NO. #126
A RESOLUTION APPROVING THE ISSUANCE BY THE ECONOMIC DEVELOPMENT CORPORATION
OF THE CITY OF MERIDIAN, IDAHO, OF $1,250,000 INDUSTRIAL DEVELOPMENT REVENUE
BONDS (NEWBERRY ENTERPRISES PROJECT) FOR THE PURPOSES OF FINANCING CERTAIN
INDUSTRIAL DEVELOPMENT FACILITIES FOR NEWBERRY ENTERPRISES, APPROVING AGREEMENTS
TO ISSUE SUCH BONDS, AND PROVIDING PLANNING JURISDICTION APPROVAL OF THE INDUSTRIAL
DEVELOPMENT FACILITIES BEING FINANCED BY THE BONDS.
WHEREAS, Newberry Enterprises, an Idaho general partnership (the "Company"),
has requested the Economic Development Corporation of the City of Meridian, Idaho
(the "Issuer"), to issue industrial development revenue bonds in the principal amount
of $1,250,000 pursuant to Title 50, Chapter 27, Idaho Code as amended (the "Act"),
and to loan the proceeds of such issue to the Company to finance the acquisition,
construction and equipping of certain industrial development facilities; and
WHEREAS, the Issuer has heretofore adopted and delivered to the City Council
Resolution Number 10, authorizing the issuance and sale by the Issuer of its Industrial
Development Revenue Bonds (Newberry Enterprises Project), Series 1989, in the aggregate
principal amount of $1,250,000 (the "Bonds"), the execution and delivery of documents
and instruments in connection therewith and related matters (the "Issuer Bond Resolution");
and
WHEREAS, the Issuer Bond Resolution provides for the execution by the Issuer
of a "Loan Agreement," an "Indenture," a "Bond Purchase Agreement," a "Preliminary
Official Statement," a final "Official Statement" and the acceptance of an "Inducement
Letter" (all defined in the Issuer Bond Resolution) pursuant to which the Issuer
proposes to issue the Bonds and loan the proceeds thereof to the Company to finance
the Company's acquisition, construction and equipping of a "Project" (defined in
the Loan Agreement); and
WHEREAS, pursuant to the Act the Issuer is authorized to issue the Bonds only
upon certain approvals of the municipality under the auspices of which it was created;
and
WHEREAS, on July 18, 1989, the City Council conducted a public hearing (the
"Hearing") for the purpose of providing a reasonable opportunity for interested individuals
to express their views, both orally and in writing, on the proposed issuance of the
Bonds and the location and nature of the Project; and
WHEREAS, the proposed Project lies within the Planning jurisdiction (within
the meaning of Section 50-2106 of the Act) of the City of Meridian, Idaho, and of
no other city or county;
NOW, THEREFORE, Be It Resolved by the Mayor and Council of the City of Meridian,
405
Idaho, as follows:
Section 1. The Mayor and the City Council hereby find and determine that notice
of the Hearing was duly published on June 28, 2989 in the Valley News, a newspaper
of general circulation in the City of Meridian, Idaho, said date being at least
14 days prior to the Hearing, that said notice invited members of the public to
express their views with respect to the proposed issuance of the Bonds to finance
the Project, that said public hearing was duly held, that all members of the public
who sought to express views with respect to the proposed issuance of the Bonds to
finance the Project were afforded the full opportunity to do so, and that the Hearing
provided a reasonable opportunity for interested individuals to express their views,
both orally and in writing, on the proposed issuance of the Bonds and the location
and nature of the Project.
Section 2. The Mayor and the City Council hereby approve the issuance of the
Bonds by the Issuer for the purpose of financing the Project. This approval shall
constitute (i) approval by the "Applicable elected representative" of the Issuer
for purposes of Section 147 (f) of the Internal Revenue Code of 1986, as amended,
and (ii) approval of the Bonds for purposes of Section 50-2706 of the Act.
Section 3. The Mayor and the City Council hereby determine that the Issuer
Bond Resolution is the resolution of the Issuer providing for the issuance of the
Bonds and hereby approve the Issuer Bond Resolution for purposes of Section 50-2710
(6) of the Act.
Section 4. The Mayor and the City Council hereby approve the Loan Agreement,
the Indenture, the Bond Purchase Agreement, the Inducement Letter and the Preliminary
Official Statement in the forms attached to the Issuer Bond .Resolution. This constitutes
approval of any agreement of the Issuer to issue the Bonds for purposes of Section
50-2710(6) of the Act.
Section 5. For purposes of Section 50-2706 of the Act, this Resolution also
constitutes approval of the Bonds by the city within whose planning jurisdiction
the Project lies.
Section 6. All resolutions or parts thereof in conflict herewith are to the
extent of such conflict hereby repealed.
Section 7. This resolution shall take effect and be in full force immediately.
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Adopted and approved August 1, 1989.
~ vL~v'
Grant P. Kingsford, or
City of Meridian,
Ada County, Idaho
f _ ~,
Attest:
Jac Nie3t~a~!
Cit Clerk
Ci of Mer
County,
an,
RESOLUTION NO. 127
A RESOLUTION AUTHORIZING PUBLICATION OF AN ESTIMATE OF THE EXPENSES FOR ALL PURPOSES
FOR THE CITY OF MERIDIAN, ADA COUNTY, IDAHO FOR THE FISCAL YEAR BEGINNING THE 1ST DAY
OF OCTOBER, 1989, AND ENDING THE 30TH DAY OF SEPTEMBER 1990r AND GIVING NOTICE OF PUBLIC
HEARING PRIOR, TO THE PASSAGE OF THE ANNUAL APPROPRIATION BILL.
BE IT RESOLVED BY THE MAYOR AND THE CITY COUNCIL OF THE CITY OF MERIDIAN, ADA
COUNTY, IDAHO:
Section 1: That the following classified estimate of the probable amount of money
necessary to be raised for all purposes in the City of Meridian, Ada County, Idaho,
for the fiscal year of September, 1989-90 be published in the Valley News, a publication
beginning with the issue of August 23, 1989, and August 30, 1989, and the Notice of
Public Hearing said estimate and probable levy required to raise said sum be published
therewith:
Section 2: That a statement of the probable revenue of the City of Meridian for
the 1989-90 fiscal year is as follows:
General Fund (See attachment "A")------------$1,232,000.00
Enterprise Fund (See attachment "B")---------$2,111,200.00
Budget Total Revenue-------------------------$3,343,200.00
Section 3: That the probable amount necessary for all purposes for the
City of Meridian for the said fiscal year ending September 30, 1990, is as follows:
General Fund (See attachment "A")------------$1,232,000.00
Enterprise Fund (See attachment "B")---------$2,111,200.00
Budget Total Revenue-------------------------$3,343,200.00
Section 4: That the estimated assessed valuation of the said City of Meridian is
$230,650,478.00
Passed by the City Council and approved by the Mayor of the City of Meridian, Ada
County, Idaho this 15th day of August, 1989: