HomeMy WebLinkAbout95-467
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RESOLUTION NO. 95-467
A RESOLUTION APPROVING AND AUTHORIZING THE ISSUANCE OF INDUSTRIAL
DEVELOPMENT REVENUE BONDS (NORTH STAR STEEL COMPANY PROJECT - CARGILL,
INCORPORATED, GUARANTOR), SERIES 1995B OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MORAVE, ARIZONA AND DECLARING 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 1995B in the original principal
amount of not to exceed $7,250,000 (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 II 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 issue bonds include a
requirement for the approval by the governing body of the County 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 County deem it appropriate to
approve the issuance of the Bonds by the Issueri and
WHEREAS, it is necessary for the immediate preservation of the
peace, health and safety of the County that this resolution become
immediately effective.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF MORAVE, AS FOLLOWS:
Section 1. The Board of Supervisors of the County hereby
approves the issuance of the Bonds by the Issuer, as provided in the bond
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documents of the Issuer presented to this meeting and 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 $7,250,000.
Section 2. The various County officers and employees are
authorized and directed to take all actions 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 immediately effective, thus, an emergency is hereby
declared to exist, and this resolution shall be effective immediately
upon its passage, adoption and approval and it is hereby exempt from the
referendum provisions of the Constitution and the laws of the State of
Arizona.
PASSED, ADOPTED AND APPROVED by the Board of Supervisors of
the County of Mohave, Arizona, this 6th day of November, 1995.
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C airman, Board of Supervisors
Mohave County, Arizona
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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 1995B
1. Resolution of the Authority adopted November 6. 1995
authorizing issuance of the Bonds.
2.
the Authority
thereunder.
A Trust Indenture dated as of November 1, 1995 between
and the financial institution serving as Trustee
3. A Loan Agreement dated as of November 1, 1995 between the
Authority and the Company.
4. A Guaranty Agreement dated as of November 1, 1995 to the
Trustee serving in that capacity under the Trust Indenture from Cargill,
Incorporated.
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