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HomeMy WebLinkAboutMinutes - Minutes - Industrial Development Authority - Meeting Date: 1/11/2022MINUTES OF SPECIAL MEETING INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF GLENDALE, ARIZONA ADMINISTRATIVE BOARD ROOM UNIVERSITY ADMINISTRATION BUILDING MIDWESTERN UNIVERSITY 19555 NORTH 59TH AVENUE GLENDALE, ARIZONA 85308 JANUARY 11, 2022 4:00 P.M. 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 at 4:00 p.m. on Tuesday, January 11, 2022, in the Administrative Board Room, University Administration Building, Midwestern University, 19555 North 59th Avenue, Glendale, Arizona, 85308. 1. CALL TO ORDER 2. ROLL CALL Present: Robert Holmes, President John Catledge, Vice President Miles Charles, Secretary/Treasurer Darryl Jaquess, Member Absent: Lisa Maestas, Member Howard McKenna, President Also Present: William F. Wilder, Legal Counsel to the Authority Jessi Pederson, Assistant Director of Economic Development Attendees: Dr. Kathleen Goeppinger, President of Midwestern University Matt Sweeney, Chief Financial Officer of Midwestern University Dean Malone, Vice President of Finance of Midwestern University John J. Fries, Legal counsel to the Authority Chris Walrath, Chapman & Cutler, Bond Counsel 3. CALL TO THE PUBLIC Mr. Holmes opened the meeting by noting that a quorum of the Authority Board was present in person or by telephone and by next calling upon Dr. Goeppinger. Dr. Goeppinger greeted the meeting and thanked the members of the Authority Board for the assistance provided to Midwestern University and introduced the benefits to the University from the refunding of the Authority's Series 2007 Bonds. 4. APPROVAL OF THE MINUTES a. Next, the minutes of the Special Meeting of the Board of Directors of the Authority held on October 14, 2021, were presented to the meeting by Mr. Holmes and reviewed and discussed. Upon a motion made by Mr. Jaquess, and seconded by Mr. Charles, the reading of the minutes was waived and the minutes were approved and adopted by unanimous vote. Motioned by Member Darryl Jaquess, seconded by Secretary/Treasurer Miles Charles. AYE: President Robert Holmes Secretary/Treasurer Miles Charles Member Darryl Jaquess Vice President John Catledge Passed 5. ADOPTION OF A RESOLUTION APPROVING THE ISSUANCE OF NOT TO EXCEED $35,000,000 OF THE AUTHORITY'S REVENUE REFUNDING BONDS, MIDWESTERN UNIVERSITY, SERIES 2022, AND APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS. Next Mr. Holmes noted that the Board was to consider granting final approval for the issuance of not to exceed $35,000,000 of the Authority's Revenue Refunding Bonds (Midwestern University, Series 2022) for the benefit of Midwestern University to refund a portion of the Authority's revenue bonds issued for the benefit of Midwestern University in 2007. Dr. Goeppinger, Dean Malone and Matt Sweeney, all on behalf of the University, spoke in favor of the Board approving the issuance of the Authority's Series 2022 Bonds. Mr. Wilder then reported that all bond and offering documents relating to the proposed Series 2022 were, in his view, in substantially final form. Thereafter the Authority Board considered the form of Resolution presented for consideration and upon a motion made by Mr. Charles and seconded by Mr. Jaquess, the Authority Board voted unanimously to adopt the Resolution as presented granting final approval for the issuance by the Authority of not to exceed $35,000,000 of the Authority's Revenue Refunding Bonds (Midwestern University, Series 2022), the proceeds of which will be loaned to Midwestern University to refund a portion of the Authority's revenue bonds issued for the benefit of Midwestern University issued in 2007. Motioned by Secretary/Treasurer Miles Charles, seconded by Member Darryl Jaquess. AYE: President Robert Holmes Secretary/Treasurer Miles Charles Member Darryl Jaquess Vice President John Catledge Passed 6. FINANCIAL REPORT AND PAYMENT OF INVOICES Next, Mr. Charles, as Treasurer of the Authority, gave a financial report as of January 11, 2022, which noted that the Authority had aggregate funds of $151,354.88. Thereafter, upon a motion made by Mr. Jaquess, and seconded by Mr. Charles, the financial report was accepted as presented, a copy of which is included in the records of the Authority. Motioned by Member Darryl Jaquess, seconded by Secretary/Treasurer Miles Charles. AYE: President Robert Holmes Secretary/Treasurer Miles Charles Member Darryl Jaquess Vice President John Catledge Passed Next, Mr. Holmes noted there was an invoice from Ryley Carlock & Applewhite in the amount of $1,981.87. Thereafter, upon a motion made by Mr. Jaquess, and seconded by Mr. Catledge, the Board unanimously approved payment of this invoice. Motioned by Member Darryl Jaquess, seconded by Vice President John Catledge. AYE: President Robert Holmes Secretary/Treasurer Miles Charles Member Darryl Jaquess Vice President John Catledge Passed 7. FUTURE AGENDA MATTERS AND OTHER BUSINESS THAT MAY PROPERLY COME BEFORE THE MEETING. There being no further business. 8. ADJOURNMENT The meeting was adjourned at 4:50 p.m. The Industrial Development Authority meeting minutes of January 11, 2022 were submitted and approved this 16th day of June, 2022. Samantha Cope Recording Secretary