May 26, 2021 Minutes & Attachments
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D R A F T MINUTES INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF GLENDALE, ARIZONA ADMINISTRATIVE BOARD ROOM - UNIVERSITY BUILDING MIDWESTERN UNIVERSITY 19555 NORTH 59TH AVENUE GLENDALE, ARIZONA 85308 MAY 26, 2021 4:00 P.M. Notice is hereby given that a Special Meeting of the Board of Directors of The Industrial Development Authority of the City of Glendale, Arizona (the "Authority") will be held at 4:00 p.m. on Wednesday, May 26, 2021, in the Administration Building Board Room, University Administration Building, Midwestern University, 19555 North 59th Avenue, Glendale, Arizona, 85308, to consider and take action as appropriate with regard to the following matters: 1. CALL TO ORDER 2. ROLL CALL Present: Robert Holmes, President John Catledge, Vice President Miles Charles, Secretary/Treasurer Darryl Jaquess, Member Lisa Maestas, Member Howard McKenna, President Also Present: John J. Fries, Esq., Legal Counsel to the Authority William F. Wilder, Legal Counsel to the Authority Jessi Pederson, Assistant Director of Economic Development Attendees: Dr. Kathleen Goeppinger, President of Midwestern University Gregory Gaus, CFO of Midwestern University Chris, Chapman & Cutler, Bond Counsel a. Dr. Kathleen Goeppinger, President of Midwestern University was present by Zoom conference; Greg Gaus, CFO of Midwestern University was present in person; Chris Walrath, of Chapman & Cutler, Bond Counsel, was present by telephone and a number of representatives of Midwestern University and Midwestern University Foundation were present in person or by telephone. Mr. Holmes opened the meeting by calling upon Dr. Goeppinger. Dr. Goeppinger greeted the meeting and thanked the members of the Authority Board for the assistance provided to Midwestern University. 3. APPROVAL OF THE MINUTES The minutes of the Special Meeting of the Board of Directors of the Authority held on May 5, 2021, were presented to the meeting by Mr. Holmes and reviewed and discussed. Upon a motion made by Mr. Jaquess, and seconded by Mr. McKenna, the reading of the minutes was waived and the minutes were approved and adopted by unanimous vote. Motioned by Member Darryl Jaquess, seconded by President Howard McKenna AYE: President Robert Holmes Vice President John Catledge Secretary/Treasurer Miles Charles Member Darryl Jaquess Member Lisa Maestas President Howard McKenna Passed 4. ADOPTION OF RESOLUTION Mr. Holmes noted that the Board was to consider granting final approval for the issuance of not to exceed $30,000,000 of the Authority bonds, to finance student loans to be made by Midwestern University Foundation pursuant to a Program and Plan approved by the State of Arizona and the Authority in 2014, such student loans to be for students attending Midwestern University in Glendale, Arizona or for Arizona residents who are attending school at Midwestern University in Downers Grove, Illinois. Mr. Holmes then called upon Mr. Greg Gaus, the CFO of Midwestern University to give a brief presentation regarding the student loan program, starting with the Plan and Program approval by the State of Arizona and the Authority in 2014, the initial series of Bonds issued by the Authority in 2015, and the subsequent series of additional Bonds issued by the Authority in 2019. Thereafter the Authority Board considered the form of Resolution presented for consideration and upon a motion made by Mr. Charles and seconded by Mr. Jaquess, the Authority Board voted unanimously to adopt the Resolution as presented granting final approval for the issuance by the Authority of not to exceed $30,000,000 of additional bonds, the proceeds of which would be loaned to Midwestern University Foundation to fund student loans to students attending Midwestern University in Glendale, Arizona or to Arizona residents attending Midwestern University in Downers Grove, Illinois. Motioned by Secretary/Treasurer Miles Charles, seconded by Member Darryl Jaquess AYE: President Robert Holmes Vice President John Catledge Secretary/Treasurer Miles Charles Member Darryl Jaquess Member Lisa Maestas President Howard McKenna Passed 5. FINANCIAL REPORT Mr. Charles, as Treasurer of the Authority, gave a financial report as of May 26, 2021, which noted that the Authority had aggregate funds of $129,439.45. Thereafter, upon a motion made by Mr. Charles, and seconded by Mr. McKenna, the financial report was accepted as presented, a copy of which is included in the records of the Authority. Motioned by Secretary/Treasurer Miles Charles, seconded by President Howard McKenna AYE: President Robert Holmes Vice President John Catledge Secretary/Treasurer Miles Charles Member Darryl Jaquess Member Lisa Maestas President Howard McKenna Passed 6. PAYMENT OF INVOICES Mr. Holmes noted there was an Invoice from Ryley Carlock & Applewhite in the amount of $2,895.83. Thereafter, upon a motion made by Mr. Charles, and seconded by Mr. McKenna, the Board unanimously approved payment of this Invoice. Motioned by Secretary/Treasurer Miles Charles, seconded by President Howard McKenna AYE: President Robert Holmes Vice President John Catledge Secretary/Treasurer Miles Charles Member Darryl Jaquess Member Lisa Maestas President Howard McKenna Passed 7. FUTURE AGENDA ITEMS 8. ADJOURNMENT There being no further business, the meeting was adjourned at 4:35 p.m. Miles Charles, Secretary The Industrial Development Authority meeting minutes of _______, 2021 were submitted and approved this ___ day of ________, 2021. ____________________________________ Suzie Ricard Recording Secretary