HomeMy WebLinkAboutMinutes - Minutes - Industrial Development Authority - Meeting Date: 8/28/2019a
Glendale
A R I Z O N A
MINUTES
INDUSTRIAL DEVELOPMENT AUTHORITY
GLENDALE CITY HALL - CONFERENCE ROOM 2A
5850 W. GLENDALE AVE.
GLENDALE, ARIZONA 85301
AUGUST 28, 2019
4:00 P.M.
1. CALL TO ORDER
The meeting was called to order by Mr. McKenna at 4:00 p.m.
2. ROLL CALL
Present: Howard McKenna, President
Robert Holmes, Secretary/Treasurer
Charles Miles, Member
Diane McCarthy, Member
Absent: John Catledge, Vice President
Also Present: Jessi Pederson, Assistant Director of Economic Development
Attendees: John J. Fries, Legal Counsel
William F. Wilder, Legal Counsel
3. APPROVAL OF THE MINUTES
a. Industrial Development Authority Minutes of the July 31, 2019, Special Meeting.
Motioned by Member Diane McCarthy, seconded by Secretary/Treasurer Robert Holmes
AYE: President Howard McKenna
Secretary/Treasurer Robert Holmes
Member Charles Miles
Member Diane McCarthy
Passed
4. CONSIDER A BOND APPLICATION FROM SUN HEALTH SERVICES AND/OR ITS
AFFILIATES
Next, bond financing for Sun Health Services was considered and a presentation was made to
the Board by Ms. Grambow, Mr. LaRue and Mr. Fries regarding the proposed revenue bond
financing in an amount of not to exceed $150,000,000.
After discussion and questions by members of the Board, and upon a motion made by Ms.
McCarthy and seconded by Mr. Holmes, the Authority Board voted unanimously to adopt a
resolution in the form presented to the meeting granting final approval to Sun Health Services
for the issuance of not to exceed $150,000,000 of revenue bonds, the proceeds of the sale of
which will be loaned to Sun Health Services to finance and refinance capital expenditures at its
three senior living facilities, to finance required reserves and capitalized interest, if any, and to
finance costs of issuance of the bonds. A copy of such resolution is in the records of the
Authority.
5. FINANCIAL REPORT
Next, Mr. Holmes, as Treasurer of the Authority, gave a financial report as of August 28, 2019,
which noted that the Authority had aggregate funds of $150,653.08. Thereafter, upon a motion
made by Ms. McCarthy and seconded by Mr. Charles, the financial report was accepted as
presented, a copy of which is included in the records of the Authority.
6. PAYMENT OF INVOICES
Next, Mr. McKenna noted there was an invoice from Ryley Carlock & Applewhite in the amount
of $3,546.27. Thereafter, upon a motion made by Mr. Holmes and seconded by Ms. McCarthy,
the Board unanimously approved payment of this invoice.
7. The Board next discussed making a one-time contribution to The Salvation Army Capital Fund
to make improvements to The Salvation Army building in Glendale, Arizona, Majors Leslie,
representing The Salvation Army provided the Board with background information regarding the
request and Mr. McKenna discussed the benefit to the Authority and the Glendale Community.
Upon a motion made by Mr. Charles and seconded by Mr. Holmes, the Board voted
unanimously to make a $10,000 contribution to The Salvation Army, for its capital fund to assist
in making improvements to its building in Glendale, Arizona and Mr. Holmes was directed to
disburse such grant.
8. ELECTION OF AUTHORITY OFFICERS
Next, Mr. McKenna announced that it was timely that the Authority Board elect officers and he
suggested a slate of Robert L. Holmes, President; John Catledge, as Vice President; and Miles
Charles as Secretary and Treasurer. After discussion and upon a motion made by Mr.
McKenna and seconded by Ms. McCarthy, the Board voted unanimously in favor of the officer
slate, as proposed.
9. FUTURE AGENDA ITEMS
10. ADJOURNMENT
There being no further business, upon the motion of Mr. Holmes, duly seconded by Ms.
McCarthy, the meeting was adjourned at 4:55 p.m.
The Industrial Development Authority meeting minutes of August 28, 2019 were submitted and approved
this 20th day of November, 2019.
Suzie Ricard
Recording Secretary