August 16, 2005
The Lindon City Redevelopment Agency held a regularly scheduled meeting on Tuesday, August 16, 2005, beginning at 10:33 p.m., in the Lindon City Center, City Council Chambers, at 100 North State Street, Lindon, Utah.
Conducting: Lindsey Bayless, President Pro Tem
PRESENT ABSENT
Lindsey Bayless, Chair Pro Tem Jeff Acerson, Chairperson
Eric Anthony, Boardmember Bruce Carpenter, Boardmember
H. Toby Bath, Boardmember
Jerald I. Hatch, Boardmember
Ott H. Dameron Executive Secretary
Adam Cowie, Planning Director
Debra Cullimore, Deputy Recorder
MINUTES – The minutes of the meeting of July 19, 2005 were reviewed. The following correction was made:
Page 2, Line 9: change the word “MYA” to the word “MAY’.
BOARDMEMBER HATCH MOVED TO APPROVE THE MINUTES OF THE JULY 19, 2005 MEETING AS CORRECTED. BOARDMEMBER BATH SECONDED THE MOTION. ALL PRESENT VOTED IN FAVOR. THE MOTION CARRIED.
BUSINESS –
1. Review and Action – Resolution Approving the Final Resolution for Refunding RDA Tax Increment Revenue Bonds – Series 1999 (Resolution #2005-3). The Board of Director of the Lindon City Redevelopment Agency, Utah (the “Agency”), will consider adopting a resolution authorizing the issuance and sale by the Agency of its tax increment revenue refunding bonds, series 2005, in the aggregate principal amount of $2,835,000 for the purpose of refunding all or a portion of its outstanding series 1999 bonds, funding a debt service reserve fund, and paying costs of issuance; authorizing the execution by the Agency for an Indenture of Trust by and between the Agency and U.S. Bank National Association, as Trustee; authorizing the taking of all other actions necessary to the consummation of the transaction contemplated by this resolution; and related matters.
Jason Burningham, financial advisor to the City for this item, addressed the Board. He stated that the Series 1999 Bond carries an interest rate of 6.38%, while the refunded bond will carry an interest rate of 3.92%. The lower interest rate will generate a savings to the City of approximately $206,000.
BOARDMEMBER HATCH MOVED TO APPROVE RESOLUTION #2005-3 AUTHORIZING THE ISSUANCE AND SALE BY THE AGENCY OF ITS TAX INCREMENT REVENUE REFUNDING BONDS, SERIES 2005, IN THE AGGREGATE PRINCIPAL AMOUNT OF $2,835,000 FOR THE PURPOSE OF REFUNDING ALL OR A PORTION OF ITS OUTSTADING SERIES 1999 BONDS, FUNDING A DEBT SERVICE RESERVE FUND, AND PAYING COSTS OF ISSUANCE; AUTHORIZING THE EXECUTION BY THE AGENCY OF AN INDENTURE OF TRUST BY AND BETWEEN THE AGENCY AND U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE; AUTHORIZING THE TAKING OF ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTION CONTEMPLATED BY THIS RESOLUTION; AND RELATED MATTERS. BOARDMEMBER ANTHONY SECONDED THE MOTION. THE VOTE WAS RECORDED AS FOLLOWS:
BOARDMEMBER ANTHONY AYE
BOARDMEMBER BATH AYE
BOARDMEMBER BAYLESS AYE
BOARDMEMBER HATCH AYE
THE MOTION CARRIED UNANIMOUSLY WITH ONE ABSENT.
ADJOURN -
BOARDMEMBER HATCH MOVED TO ADJOURN THE LINDON CITY REDEVELOPMENT AGENCY MEETING AND CONVENE THE LINDON CITY MUNICIPAL BUILDING AUTHORITY AT 10:38 P.M. BOARDMEMBER BATH SECONDED THE MOTION. ALL PRESENT VOTED IN FAVOR. THE MOTION CARRIED.
APPROVED –
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Ott H. Dameron, Executive Secretary
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Lindsey Bayless, Chair Pro Tem
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