HomeMy WebLinkAboutMinutes - Minutes - Industrial Development Authority - Meeting Date: 11/19/2008 MINUTES OF SPECIAL MEETING
OF THE BOARD OF DIRECTORS OF
THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF GLENDALE,ARIZONA
(November 19,2008)
A Special Meeting of the Board of Directors of The Industrial Development
Authority of the City of Glendale, Arizona (the "Authority") was duly called and held on
Wednesday, November 19, 2008, at 4:00 p.m. in Conference Room A, Sine Building, City of
Glendale Municipal Offices, 6829 North 58th Drive, Glendale, Arizona.
The following Directors of the Authority were present at the meeting: Howard A.
McKenna, John Catledge, Darren L. Whitehurst, Ventura"Ben" Lopez and Stephen P. Hamden.
Howard A. McKenna, President of the Authority, presided at the meeting and Stephen Hamden
served as Secretary at the meeting.
Also present was William F. Wilder and Tara Pauls, legal counsel to the
Authority; Dave MeAlindin of the City of Glendale Economic Development Department; and
Michael Carolan, a principal and representative of Glendale Energy, L.L.C.
The minutes of the Special Meeting of the Board of Directors of the Authority
held on April 15, 2008, were presented to the meeting. Upon a motion made by Mr. Catledge
and seconded by Mr, Lopez the minutes were unanimously approved.
Mr. McKenna advised that the next item on the agenda was for the Board to
consider granting preliminary approval for the issuance of not to exceed $6,000,000 principal
amount of revenue bonds the proceeds of which will be loaned to Glendale Energy, L.L.C. to
assist in financing the acquisition, construction and equipping of a facility to convert landfill gas
from the City of Glendale landfill, into electricity.
Mr. McKenna then invited Mr. Carolan to brief the Board with regard to Mr.
Carolan's background and experience in the renewable energy industry and to otherwise present
the Application for financing submitted by Glendale Energy, L.L.C. Mr. Carolan proceeded to
brief the Board with regard to his experience in different fields, all dealing with one aspect or
another of developing renewable energy sources and facilities, he discussed specific ventures
that the participants in Glendale Energy, L.L.C. had been involved in and were currently
involved in and he discussed specifically plans of Glendale Energy, L.L.C. to develop a facility
at the Glendale landfill for the purpose of capturing landfill gases and converting them into
electrical power that would be sold to and distributed by Arizona Public Service Company.
Board members then inquired of Mr. Wilder with regard to the manner in which a
variable rate bond financing was typically structured and this was discussed by Mr. Wilder with
the Board.
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Discussion followed regarding the bank now selected to provide a letter of credit
to support the bonds and Mr. Carolan advised regarding the anticipated schedule for the
financing.
Thereafter, upon a motion made by Mr. Whitehurst and seconded by Mr.
Harnden,the following Resolution was unanimously adopted:
RESOLVED,that the Board of the Authority hereby adopts
the Resolution presented to the meeting granting
preliminary approval for the issuance of not to exceed
$6,000,000 principal amount of the Authority's revenue
bonds for the purpose of funding a loan to Glendale
Energy, L.L.C. to assist in financing the acquisition,
construction and equipping of a facility to convert landfill
gas from the City of Glendale landfill,into electricity.
Mr. McKenna asked Mr. Hamden to provide a Treasurer's report. Mr. Hamden
distributed a report dated November 17, 2008, a copy of which is included in the corporate
record book showing funds on hand in a checking account and two (2) Certificates of Deposit
totaling $134,922.28. Mr. McKenna noted there was an invoice from Ryley, Carlock &
Applewhite in the amount of $8,766.12, and upon a motion made by Mr. Whitehurst, and
seconded by Mr. Catledge,the Board unanimously approved payment of this invoice.
There being no further business, upon the motion of Mr. Whitehurst, duly
seconded by Mr. Catledge, the meeting was adjourned at 4:50 p.m
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Secretary
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