HomeMy WebLinkAbout95-468
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RESOLUTION NO. 95-468
A RESOLUTION APPROVING AND AUTHORIZING THE ISSUANCE OF TAXABLE ELECTRICAL
FAC!LITIES REVENUE BONDS (NORTH STAR STEEL COMPANY PROJECT - CARGILL,
INCORPORATED, GUARANTOR), SERIES 1995 OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MOHAVE, 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
Taxable Electrical Facilities Revenue Bonds (North Star Steel Company
Project - Cargill, Incorporated, Guarantor), Series 1995 in the original
principal amount of not to exceed $7,000,000 (the "Bonds"), to finance,
at the request of North Star Steel Company (the "Company"), costs of
certain electrical interconnection facilities, including a switching
station, which are necessary or useful to provide electric energy to the
Company's steel minimill located at McConnico, Arizona (the "Project")
which Project will be owned by the Western Area Power Administrationi 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 Ti tIe
35, Chapter 5, Arizona Revised Statutes, as amended (the "Act"),
requires, in Section 3 5 -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 bondsi and
WHEREAS, the Issuer has heretofore delivered to the Board of
Supervisors of the County the form of the bond documents (listed on
Exhibi t A hereto) pursuant to which the Bonds are to be issued and
information regarding the proj ect 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 Issuer; 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 MOHAVE, 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
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, not to
exceed the maximum original aggregate face amount of $7,000,000.
Section 2. The various County officers and employees are
authorized and directed to take all actions necessary to effectuate the
purposes of this resolution.
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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
resolutio~ become immediately effective, thus, an emergency is hereby
declared ~~ 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 S~pervisors of
the County of Mohave, Arizona, this ~~ day of NoveIT~er, 1995.
'-~dX
Chairman, Board of Supervisors
Mohave County, Arizona
ATTEST:
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EXHIBIT A
The Industrial Development Authority
of the County of MOhave, Arizona
Taxable Electrical Facilities Revenue Bonds
(~orth Star Steel Company Project -
Cargill, Inco~porated. Guaranto~)
Series 1995
1. Resolution of the Authority adopted Novembe~ 1l. 1995
authorizing issuance of the Bonds.
2.
the Authority
thereunder.
A T~ust Indenture dated as of Nove~ber 1,
and the financial institution serving
1995 between
as Trustee
3. A Loan Agreement dated as 0: Novembe:::- 1, 1.995 between the
Autho:::,ity and the Company.
4. A Guaranty Agreement dated as 0: No':ember 1, :. 9 95 to the
T~ustee serving in that capacity under the Trust Indenture fr~~ Cargill,
Incorporated.
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