Resolution - 2001 - 01-08 - Authorize Industrial Devlopment Issue Revenue Bond - 08/14/2001
RESOLUTION NO.01-08
BY THE COUNCIL:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF EAGLE, IDAHO,
APPROVING THE ISSUANCE BY THE INDUSTRIAL DEVELOPMENT
CORPORATION OF THE CITY OF EAGLE, IDAHO, OF ITS MULTI-MODE
VARIABLE RATE INDUSTRIAL DEVELOPMENT REVENUE BONDS, SERIES
2001 (CAMILLE BECKMAN CORPORATION), IN THE AGGREGATE PRINCIPAL
AMOUNT OF UP TO $5,000,000 AND APPROVING THE RESOLUTION OF SAID
PUBLIC CORPORATION AUTHORIZING SAID BONDS, INCLUDING A TRUST
INDENTURE, LOAN AGREEMENT AND RELATED DOCUMENTS; AND
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Eagle, Idaho (the "City"), by prior Ordinance, has approved and
authorized the creation of The Industrial Development Corporation of the City of Eagle, Idaho
(the "Public Corporation") as a public corporation of the State of Idaho pursuant to the provisions
of Title 50, Chapter 27, Idaho Code, as amended (the "Act") to act on behalf of the City to issue
nonrecourse revenue bonds for the purpose of financing the costs of qualified industrial
development facilities within the meaning of the Act; and
WHEREAS, the Public Corporation, by its Resolution, adopted March 16, 2001 (the
"Official Action Resolution") did approve the Application of Rose Cottage, LLC (the
"Borrower") for industrial development financing under the Act to provide funds for the
acquisition, construction and improvement of a manufacturing facility located in the City (the
"Project") and a copy of said Application and Resolution has been filed with the City; and
WHEREAS, the Public Corporation, by Resolution No. 2001-7-1 (the "Bond Resolution")
adopted on July 20, 2001, a copy of which has been furnished to the City, has authorized the
issuance and sale of up to $5,000,000 Multi-Mode Variable Rate Industrial Development
Revenue Bonds, Series 2001 (Camille Beckman Corporation Project) to be initially issued as fully
registered bonds number R-1 and upward (the "Bonds") and by the Bond Resolution has
authorized and approyed a Trust Indenture, Loan Agreement, Official Statement, a Placement
Agent Agreement and related documents; and
WHEREAS, after at least fourteen (14) days published notice in The Idaho Statesman, the
Public Corporation on July 6, 2001, held a public hearing to allow full written and oral comment
on the Project as required by Section 147(t) of the Internal Reyenue Code of 1986 (the "Code");
and
WHEREAS, the Act and the Code require that the governing body of the creating
municipality approye the Project and approve the resolution of the Public Corporation authorizing
the issuance of the Bonds; and
WHEREAS, the City Council has reviewed the Application, the Official Action Resolution
RESOLUTION - PAGE 1
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and the Bond Resolution and intends, by the adoption of this Resolution, to approve the same
including without limitation the agreement of the PubJlic Corporation to issue the Bonds upon the
terms set forth therein and the various agreements approved therein in accordance with the Act;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EAGLE, IDAHO,
HEREBY RESOLVES AS FOLLOWS:
Section 1. The Project Application, the Official Action Resolution, the issuance of the Bonds
and the Bond Resolution and the agreements and documents necessary to issue the Bonds therein
expressed and approyed, in the amount and for the purpose therein described and referred to in
the preamble of this Resolution, are hereby approved in accordance with the Act and the Code. A
copy of the Official Action Resolution, the Application and the Bond Resolution shall be
maintained on file with the Eagle City Clerk.
Section 2. The Project, to be located at 4001 Old Valley Road, Eagle, Idaho, and to be
financed with the proceeds of the Bonds in the maximum aggregate amount of up to $5,000,000
is hereby approved. The initial owner ofthe Project is to be Rose Cottage, LLC, and the operator
ofthe Project is to be The Camille Beckman Corporatiion.
Section 3. This Resolution shall take effect immediately from and after its adoption and
approval as required by law.
ADOPTED by the Council of the City of Eagle, Idaho, this 4 day of /l1J-jI/S~ 2{)(J /,
2001.
APPROVED by the Mayor of the City of Eagle, Idaho, this It/- day of Au3lisl .2(1)/,
2001.
CITY OF EAGLE, IDAHO
By:
ATTEST/AUTHENTICATED:
By .1Q ~ 'K J'}, <9-zH--<--
CITY CLERK I
FILED WITH THE CITY CLERK:
RESOLUTION - PAGE 2
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