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HomeMy WebLinkAbout95-078 . . . RESOLUTION NO. 95-78 \ Im:-;( lLlITION APPROVING AND AUTHORIZING THE ISSUANCE OF INDUS'rRIAL I lEVEL< lPMENT REVENUE BONDS (NORTH STAR STEEL COMPANY PROJECT - (',\W:ILL. INCORPORATED, GUARANTOR), SERIES 1995A OF THE INDUSTRIAL DEVELUPMENT AUTHORITY OF THE COUNTY OF MOHA VE, ARIZONA AND DECLAIUNG AN EMERGENCY. WHEREAS, the Board of Supervisors of the County of Mohave, Arizona (the "County") have heretofore approved the incorporation of The Industrial Development Authority of the County of Mohave, Arizona (the "Issuer")' and WHEREAS, the Issuer has approved the issuance and sale of its Industrial Development Revenue Bonds (North Star Steel Company Project Cargill, Incorporated, Guarantor), Series 1995A in the original principal amount of not to exceed $20,000,000 (the "Bonds"), to finance that portion of steel recycling minimill manufacturing enterprise that is used for solid waste disposal (the "Project") which solid waste facility is or will be operated by North Star Steel Company (the "Company"); and WHEREAS, the Company is a wholly-owned subsidiary of Cargill, Incorporated (the "Guarantor") and the Company" s obligations to the Authority under the Loan Agreement will be guaranteed by a Guaranty from the Guarantor; and WHEREAS, the Industrial Development Financing Act, being Title 35, Chapter 5, Arizona Revised Statutes, as amended (the "Act"), requires in Section 35-721.B thereof that the proceedings of the Issuer pursuant to which the Issuer proposes to iHRue bonds include a requirement for the approval by the governing body of the (!ounty of the issuance of bonds; and WHEREAS, Section 147 (f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires that the "applicable elected representative" approve issuance of the Bonds after a public hearing following reasonable public notice published in advance of said hearing; and WHEREAS, a public hearing was held by a representative of the Issuer in accordance with the requirements of the Code on February 21, 1995, with respect to the financing and the results thereof have been reported to the Board of Supervisors of the County; and WHEREAS, the Issuer has heretofore delivered to the Board of Supervisors of the County the form of the bond documents (listed on Exhibit A hereto) pursuant to which the Bonds are to be issued and information regarding the Project to be financed from the proceeds of the Bonds and the Board of Supervisors of the COllnty deem it appropriate to approve the issuance of the Bonds by the Issuer; and WI II<;n(i;^8. it is necessary fm" the immediate preservation of the peace, h(':llll1 :llld f-:nfety of the County that this resolution become immediately effective. N( )W, THEREFORE, BE fT RESOLVED BY THE BOARD OF SUnERVISORS ()Ii' TI m COUNTY OF MORAVE. !\S FOLLOWS: Section 1. The Board of Supervisors of the County hereby anprove the issuance of the Bonds by the Issuer, as provided in the bond documents of . . . Resolution No. 95-78 I r'ng(~ 2' the tRsuCI' presented to this meet.ing Gnd annexed hereto as Exhibit A (which documents may be revised in accordance with the Issuer's Resolution), in accordance with the requirements of the Act and of Section 147(f) of the Code as the applicable elected representative, not to exceed the maximum original aggregate face amount of $20.000,000. Section 2. The various C::ounty officers and employees are authorized and directed to take all actiom; necessary to effectuate the purposes of this resolution. Section 3. All resolutions or ordinances, or parts thereof, in conflict with the provisions of this resolution are, to the extent of such conflict, hereby repealed. Section 4. It is necessary for the preservation of the public peace, health and safety of the County of Mohave. Arizona that this resolution become immediat.ely effect.ive, an emergency is hereby declared to exist, and this resolution shall be effect.ive immediately upon its passage, adoption and approval and it is hereby exempt from the referendum provisions of the Const.itution and the laws of thE~ State of Arizona. PASSED, APPROVED AND ADOPTED by the Board of Supervisors of Mohave County this 21st day of February, 1995. MOHA VE COUNrry BOARD OF SUPERVISORS ATTEST: Board . . . EXHIBIT A The Industrial Development Authority of the County of Mohave, Arizona Industrial Development Revenue Bonds (North Star Steel Company Project - Cargill, Incorporated, Guarantor) Series 1995A 1. Resolution of the Authority adopted February 1, 1995, authorizing issuance of the Bonds. 2. A Trust Indenture dated as of March 1, 1995, between the Authority and the financial institution serving as Trustee thereunder. 3. A Loan Agreement dated as of March 1, 1995, between the Authority and the Company. 4. A Guaranty dated as of March 1, 1995, to the Authority from Cargill, Incorporated.