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HomeMy WebLinkAboutMinutes - Minutes - Industrial Development Authority - Meeting Date: 1/7/2020Glendale A R I Z O N A MINUTES INDUSTRIAL DEVELOPMENT AUTHORITY ADMINISTRATION BUILDING BOARD ROOM, UNIVERSITY ADMINISTRATION BUILDING MIDWESTERN UNIVERSITY 19555 NORTH 59TH AVENUE GLENDALE, ARIZONA 85308 JANUARY 7, 2020 4:00 P.M. 1. CALL TO ORDER The meeting was called to order at 4:00 p.m. 2. ROLL CALL Present: Robert Holmes, President John Catledge, Vice President Alan Berta, Member Lisa Maestas, Member Howard McKenna, Member Absent: Charles Miles, Secretary/Treasurer Diane McCarthy, Member Also Present: William F. Wilder, Legal Counsel to the Authority John J. Fries, Legal Counsel to the Authority Jessi Pederson, Assistant Director of Economic Development Attendees: Dr. Kathleen Goeppinger, Representative of Midwestern University Gregory Gaus, Representative of Midwestern University Dean Malone, Representative of Midwestern University Barbara McCloud, Representative of Midwestern University Matt Sweeney, Representative of Midwestern University Greg O'Coyne, Representative of Midwestern University Daniel Tapia, Representative of Midwestern University Nick Dodd, Representative of Piper Sandler & Co. Nick West, Representative of Piper Sandler & Co. Steve Johnson, Representative of S.J. Advisors At the request of Mr. Holmes, those present at the meeting introduced themselves to the meeting. 3. APPROVAL OF THE MINUTES The minutes of the Special Meeting of the Board of Directors of the Authority held on November 20, 2019, were presented to the meeting and reviewed and discussed. Upon a motion made by Mr. Holmes and seconded by Mr. McKenna, the reading of the minutes was waived and the minutes were approved and adopted with Mr. Catledge abstaining on the basis he had not attended the meeting. Motioned by President Robert Holmes, seconded by Member Howard McKenna AYE: President Robert Holmes Vice President John Catledge Member Alan Berta Member Lisa Maestas Member Howard McKenna Passed 4. ADOPTION OF A RESOLUTION APPROVING THE ISSUANCE OF NOT TO EXCEED $63,000,000 OF THE AUTHORITY'S REVENUE REFUNDING BONDS, MIDWESTERN UNIVERSITY, SERIES 2020. Mr. Holmes then announced that the next matter on the Agenda was for the Board to consider the adoption of a resolution authorizing and approving the issuance of not to exceed $63,000,000 of the Authority's Revenue Refunding Bonds (Midwestern University, Series 2020) for the benefit of Midwestern University to refund a portion of the Authority's revenue bonds issued for the benefit of Midwestern University in 2010, a copy of such Resolution being included in the records of the Authority. After discussion and upon motion made by Mr. McKenna and seconded by Mr. Berta, the Board voted unanimously to adopt the Resolution presented to the Board, authorizing and approving the issuance of the above-mentioned Revenue Refunding Bonds. Motioned by Member Howard McKenna, seconded by Member Alan Berta AYE: President Robert Holmes Vice President John Catledge Member Alan Berta Member Lisa Maestas Member Howard McKenna Passed 5. DISCUSSION AND ACTION AS DETERMINED REGARDING ADOPTION OF A RESOLUTION AUTHORIZING, APPROVING AND ADOPTING SECOND SUPPLEMENTAL TRUST INDENTURES RELATING TO THE TWO BOND TRUST INDENTURES RELATING TO THE TWO BOND TRUST INDENTURES FOR THE AUTHORITY'S REVENUE BONDS, MIDWESTERN UNIVERSITY SERIES 2013A AND B, AND RELATED MATTERS. Mr. Holmes then announced that the next matter on the Agenda was for the Board to consider the adoption of a Resolution authorizing, adopting and approving Second Supplemental Trust Indentures relating to the two Bond Trust Indentures for the Authority's Revenue Bonds, Midwestern University Series 2013, a copy of such Resolution being included in the records of the Authority. After discussion and upon a motion made by Mr. McKenna and seconded by Mr. Holmes, the Board voted unanimously to adopt the Resolution presented to the Board adopting and approving Second Supplemental Indentures relating to the Bond Trust Indentures for the Authority's two series of outstanding Series 2013 Revenue Bonds, Midwestern University Series 2013. Motioned by Member Howard McKenna, seconded by President Robert Holmes AYE: President Robert Holmes Vice President John Catledge Member Alan Berta Member Lisa Maestas Member Howard McKenna Passed 6. FINANCIAL REPORT Next, Mr. Holmes, filling in for Mr. Charles, as Treasurer of the Authority, gave a financial report as of January 7, 2020, which noted that the Authority had aggregate funds of $119,887.54. Thereafter, upon a motion made by Mr. Berta and seconded by Mr. McKenna, the financial report was accepted as presented, a copy of which is included in the records of the Authority. Motioned by Member Alan Berta, seconded by Member Howard McKenna AYE: President Robert Holmes Vice President John Catledge Member Alan Berta Member Lisa Maestas Member Howard McKenna Passed 7. PAYMENT OF INVOICES Next, Mr. Holmes noted there was an invoice from Ryley Carlock & Applewhite in the amount of $3,346.48. Thereafter, upon a motion made by Mr. McKenna and seconded by Mr. Holmes, the Board unanimously approved payment of this invoice. Motioned by Member Howard McKenna, seconded by President Robert Holmes AYE: President Robert Holmes Vice President John Catledge Member Alan Berta Member Lisa Maestas Member Howard McKenna Passed 8. ADJOURNMENT There being no further business, the meeting was adjourned at 4:47 p.m. Note: following adjournment, Dr. Goeppinger gave a detailed presentation regarding the history of Midwestern University. The Industrial Development Authority meeting minutes of January 7, 2020 were submitted and approved this 8th day of September 2020. Suzie Ricard Recording Secretary