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HomeMy WebLinkAboutMIN 1985 1209 CC JNT IDA Moorpark, California December 9, 1985 The joint meeting of the Moorpark City Council and the Industrial Development Authority of the City of Moorpark was held on December 9, 1985, commencing at the hour of 7:10 p.m. , in the Council Chambers in the City Hall of said City, located at 799 Moorpark Avenue, Moorpark, California. 1. CALL TO ORDER The meeting was called to order at 7:10 p.m. , by Mayor James D. Weak, also sitting as Chairman of the Industrial Development Authority of the City of Moorpark. 2. ROLL CALL • PRESENT: Councilmembers and Members of the Industrial Development Authority Thomas C. Ferguson,. Albert Prieto, Leta Yancy- Sutton;-Danny Woolard and Mayor/Chairman James .D. Weak. ABSENT: None. OTHER CITY OFFICIALS AND EMPLOYEES PRESENT: Steven Kueny., City Manager; Neil Yeager,- representing the law firm of Burke, Williams and Sorenson; and Doris D. Bankus, City Clerk/ Secretary to the Board of Directors of the Industrial Development Authority. 3. PLEDGE OF ALLEGIANCE The Pledge of Allegiance was led by Mayor James D. Weak. The City Clerk/Secretary announced that Notice of Special Meeting of the Industrial Development Authority of the City of Moorpark had been given in time, form and manner as prescribed by law, and presented affidavits so stating. The City Manager reported that the purpose of the special meeting of the Authority and Council was in order for the Authority to take any prerequisite actions required and not previously taken in the matter of the proposed issuance of industrial development bonds for KAVLICO CORPORATION development, and he presented and reviewed his report dated December 6, 1985 outlining such actions necessary to be taken. The City Manager then announced that also in attendance at this meeting were Mr. Timothy Sabo, of Sabo & Gondek, Bond Counsel, and Mr. William L. Fieldman, of Fieldman, Rolapp & Associates, Municipal Financial Consultants, both of whom would be available to answer questions. Mr. Neil Yeagor, Attorney at Law, then addressed Council, and informed that the first action required would be the adoption of a resolution by the City Council accepting the transfer to the city of portion of the calendar year 1985 private activity bond limit of the County, and transferring the same to the Industrial Development Authority of the City of Moorpark. He then presented Resolution No. 85-259, entitled: -1- City Council/Industrial Development Authority Meeting December 9, 1985 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF MOORPARK, CALIFORNIA, ACCEPTING THE TRANSFER TO THE CITY OF A PORTION OF THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT OF THE COUNTY OF VENTURA AND TRANSFERRING SAME TO THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF MOORPARK FOR USE IN CONNECTION WITH THE FRED KAVLI AND KAVLICO CORPORATION PROJECT AND RATIFYING CERTAIN OTHER ACTIONS It was moved by Councilmember Yancy-Sutton and seconded by Councilmember Prieto that said Resolution No. 85-259, entitled as above set forth, be adopted, which motion carried by the following roll call vote: AYES: Councilmembers Yancy-Sutton, Prieto, Ferguson, Woolard and Mayor Weak; NOES: None; ABSENT: None. Mr. Yeager then stated that the next two resolutions would be actions to be taken by the Industrial Development Authority, and Mr. Timothy Sabo, of Sabo and Gondek, Bond Counsel, addressed Council/Authority, explaining the financing- arrangement and proposed sale of bonds, stating that Security Pacific Bank would provide a Letter of Credit, and stating that it is felt the buyers will purchase the bonds with the Security Pacific Letter of Credit in place. The City Manager stated that he was concerned that because of the bond crunch the bonds will be marketed without a bond rating, and stated that he felt the City whould have some protection in the event of a suit by a bondholder. Mr. Yeager reported that he felt such a case was unlikely, however, he had been trying to reach an agreement for the protection of the City in the event the rating is not secured. He said he had been assured that the proceeds that are in trust are sufficient to redeem all the bonds, and stated that there is a possibility of retaining some funds in the bond fund under the indenture until the rating has been secured. If the rating is not secured those funds would remain with the trustee for the benefit of the City for a period of time. He suggested that the Authority approve the issuance of the bonds subject to his resolving this last issue to the satisfaction of the City Manager and the City Attorney. He stated he had reviewed all the documents presented, and has commented on them, and feels that all concerns have been addressed. Mr. Yeager then presented Industrial Development Authority Resolution No. 85-3, entitled: RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF MOORPARK ACCEPTING A TRANSFER TO SAID AUTHORITY OF A PORTION OF THE CALENDAR YEAR 1985 PRIVATE ACTIVITY BOND LIMIT OF THE COUNTY OF VENTURA FOR USE IN CONNECTION WITH THE FRED KAVLI AND KAVLICO CORPORATION PROJECT -2- City Council/Industrial Development Authority Meeting December 9, 1985 It was moved by Boardmember Yancy-Sutton and seconded by Boardmember Prieto that said Resolution No. 85-3, entitled as hereinabove set forth, be adopted, which motion carried by the following roll call vote: AYES: Boardmembers Yancy-Sutton, Prieto, Ferguson, Woolard and Chairman Weak; NOES: None; ABSENT: None. Mr. Yeager than presented Industrial Development Authority Resolution No. 85-4, entitled: RESOLUTION OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF MOORPARK APPROVING THE ISSUANCE OF ITS INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF MOORPARK, VARIABLE RATE DEMAND INDUSTRIAL REVENUE BONDS (THE FRED KAVLI AND KAVLICO CORPORATION PROJECT) IN A PRINCIPAL AMOUNT NOT TO EXCEED $9,500,000, AND APPROVING THE EXECUTION OF CERTAIN DOCUMENTS AND THE TERMS THEREOF (THE FRED KAVLI AND KAVLICO CORPORATION PROJECT) It was moved by Boardmember Yancy-Sutton and seconded by Boarumember Prieto that said Resolution No. 85-4, entitled as hereinabove set forth, be adopted, subject to approval by the City Manager and City Attorney before execution by the Chairman, which motion carried by the following roll call vote: AYES: Boardmembers Yancy-Sutton, Prieto, Ferguson, Woolard and Chairman Weak; NOES: None; ABSENT: None. There being no further business to come before the meeting at this time, it was moved by Boardmember Prieto, seconded by Boardmember Ferguson and unanimously carried that the meeting of the Industrial Authority of the City of Moorpark stand adjourned. There being no further business to be conducted by the City Council at this joint meeting with the Industrial Development Authority, the Mayor declared that the meeting would be recessed, the time being 7:50 p.m. , and that the City Council would continue immediately into a joint meeting with the Planning Commission. Respectfully submitted, APPROVED: Doris D. Bankus, City Clerk/ Secretary of Industrial Development Authority of the City of Moorpark Mayor/Chairman -3-