HomeMy WebLinkAboutMinutes - Minutes - Industrial Development Authority - Meeting Date: 6/16/2022MINUTES
INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF GLENDALE, ARIZONA
GLENDALE CITY HALL - CONFERENCE ROOM 2A
5850 W. GLENDALE AVE.
GLENDALE, ARIZONA 85301
JUNE 16, 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 Thursday, June 16, 2022,
in Conference Room 2, Glendale City Hall, 5830 West Glendale 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
Howard McKenna, President
Absent: Lisa Maestas, Member
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
Greg O'Coyne, ice President of Finance of Midwestern University
Dean Malone, Vice President of Finance of Midwestern University
Chris Walrath, Chapman & Cutler, Bond Counsel
3. CALL TO THE PUBLIC
Mr. Holmes opened the meeting by calling the roll of Directors and noting that a quorum of
the Authority Board was present in person or by telephone.
4. APPROVAL OF THE MINUTES
a. Next, the minutes of the Special Meeting of the Board of Directors of the Authority held on
January 11, 2022, were presented to the meeting by Mr. Holmes and reviewed and
discussed. Upon a motion made by Mr. Catledge, and seconded by Mr. McKenna, the
reading of the minutes was waived and the minutes were approved and adopted by
unanimous vote.
Motioned by Member Mr. Catledge, seconded by Mr. McKenna.
AYE: President Robert Holmes
Secretary/Treasurer Miles Charles
Member Darryl Jaquess
Vice President John Catledge
Member Howard McKenna
Passed
5. ADOPTION OF A RESOLUTION APPROVING AMENDMENTS TO THE INTEREST RATE
PROVISION CONTAINED IN THE BOND TRUST INDENTURES, AND APPROVING AND
AUTHORIZING THE EXECUTION AND DELIVERY OF RELATED DOCUMENTS.
At the request of Mr. Holmes, Mr. Wilder presented to the Board the form of Resolution
authorizing Third Supplemental Indentures of Trusts to the Indenture of Trust adopted in
2013 at the request of Midwestern University and relating to the Series 2013A and Series
2013B Bonds. Mr. Wilder and Mr. Walrath pointed out that the 2013A and 2013B Indentures
of Trust needed to be amended because LIBOR was going to be eliminated as an interest
rate index and replaced by SOFR. Thereafter the Authority Board considered the form of
Resolution presented for consideration and upon a motion made by Mr. McKenna and
seconded by Mr. Charles, the Authority Board voted unanimously to adopt the Resolution as
presented to the Directors.
Motioned by Member Mr. McKenna, seconded by Mr. Charles.
AYE: President Robert Holmes
Secretary/Treasurer Miles Charles
Member Darryl Jaquess
Vice President John Catledge
Member Howard McKenna
Passed
6. FINANCIAL REPORT AND PAYMENT OF INVOICES.
Next, Mr. Charles, as Treasurer of the Authority, gave a financial report as of June 16, 2022,
which noted that the Authority had aggregate funds of $169,404.47. 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 Mr. Jacquess, seconded by Mr. Charles.
AYE: President Robert Holmes
Secretary/Treasurer Miles Charles
Member Darryl Jaquess
Vice President John Catledge
Member Howard McKenna
Passed
Next, Mr. Holmes noted there was an invoice from Ryley Carlock & Applewhite in the
amount of$1,150.00 and an invoice from Clark Hill in the amount of$1,055.00. Thereafter,
upon a motion made by Mr. McKenna, and seconded by Mr. Catledge, the Board
unanimously approved payment of the two invoices.
Motioned by Member Mr. McKenna, seconded by Mr. Catledge.
AYE: President Robert Holmes
Secretary/Treasurer Miles Charles
Member Darryl Jaquess
Vice President John Catledge
Member Howard McKenna
Passed
7. FUTURE AGENDA MATTERS AND OTHER BUSINESS THAT MAY PROPERLY COME
BEFORE THE MEETING.
None.
8. ADJOURNMENT
There being no further business, the meeting was adjourned at 4:50 p.m.
The Industrial Development Authority meeting minutes of June 16, 2022 were submitted and approved
this 19th day of October, 2022.
Robert Holmes
President