July 19, 2005
The Lindon City Redevelopment Agency held a regularly scheduled meeting on Tuesday, July 19, 2005, beginning at 10:47 p.m., in the Lindon City Center, City Council Chambers, at 100 North State Street, Lindon, Utah.
Conducting: Jeff Acerson, Chairperson
PRESENT ABSENT
Jeff Acerson, Chairperson Eric Anthony, Boardmember
H. Toby Bath, Boardmember
Lindsey Bayless, Boardmember
Bruce Carpenter, Boardmember
Ott H. Dameron, Executive Secretary
Adam Cowie, Planning Director
Debra Cullimore, Deputy Recorder
MINUTES –
The minutes of the meeting of the meeting of June 21, 2005 were reviewed. No corrections were made.
BOARDMEMBER CARPENTER MOVED TO APPROVE THE MINUTES OF THE JUNE 21, 2005 MEETING. BOARDMEMBER HATCH SECONDED THE MOTION. ALL PRESENT VOTED IN FAVOR. THE MOTION CARRIED.
BUSINESS -
1. Review and Action – Resolution Approving the Parameters for Refunding RDA Tax Increment Revenue Bonds – Series 1999 (Resolution #2005-2). The Board of Directors of the Lindon City Redevelopment Agency, Utah, will consider a resolution authorizing the issuance and sale of not more than $3,150,000 aggregate principal amount of its tax increment revenue refunding bonds, series 2005; fixing the maximum aggregate principal amount of the bonds, the maximum number of years over which the bonds may mature, the maximum interest rate which the bonds may bear, and the maximum discount from par at which the bonds may be sold; providing for the publication of a notice of bonds to be issued; providing for the running of a contest period; and related matters:
Jason Burningham, financial advisor to the City for this matter, reviewed the specifics of the Resolution. He stated that the 1999 bonds had been issued at 6.38%, and that the City has currently received one bid to refund the bonds at 4.05%. This would result in a significant savings to the City. Mr. Burningham stated that it would be at the discretion of the City use the proceeds from the refunding to offset the Special Improvement District expenditures, and would not necessarily be returned to the Redevelopment Agency. Mr. Burningham stated that a thirty day noticing period in the newspaper would be required, and the sale could be authorized during the regular City Council meeting on August 2, 2005. He stated that the resolution would authorize the city to proceed within the parameters set by the resolution. Chairperson Acerson called for further discussion. Hearing none, he called for a motion.
BOARDMEMBER HATCH MOVED TO APPROVE RESOLUTION #2005-2 AUTHORIZING THE ISSUANCE AND SALE OF NOT MORE THAN $3,150,000 AGGREGATE PRINCIPAL AMOUNT OF ITS TAX INCREMENT REVENUE REFUNDING BONDS, SERIES 2005; FIXING THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF THE BONDS, THE MAXIMUM NUMBER OF YEARS OVER WHICH THE BONDS MAY MATURE, THE MAXIMUM INTEREST RATE WHICH THE BONDS MAY BEAR, AND THE MAXIMUM DISCOUNT FROM PAR AT WHICH THE BONDS MAY BE SOLD; PROVIDING FOR THE PUBLICATION OF A NOTICE OF BONDS TO BE ISSUED; PROVIDING FOR THE RUNNING OF A CONTEST PERIOD; AND RELATED MATTERS. BOARDMEMBER BAYLESS SECONDED THE MOTION. THE VOTE WAS RECORDED AS FOLLOWS:
BOARDMEMBER BATH AYE
BOARDMEMBER BAYLESS AYE
BOARDMEMBER CARPENTER AYE
BOARDMEMBER HATCH AYE
THE MOTION CARRIED UNANIMOUSLY WITH ONE ABSENT.
ADJOURN -
BOARDMEMBER BAYLESS MOVED TO ADJOURN THE MEETING OF THE REDEVELOPMENT AGENCY AND CONVENE THE MEETING OF THE MUNICIPAL BUILDING AUTHORITY AT 11:02 P.M. BOARDMEMBER HATCH SECONDED THE MOTION. ALL PRESENT VOTED IN FAVOR. THE MOTION CARRIED.
APPROVED – August 2, 2005
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Ott H. Dameron, Executive Secretary
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Jeff Acerson, Chairperson
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