April 18, 2006
The Board of Supervisor met in Session on the above date with the following members present: Magnusson, Condon, Gill, Nolting and Lizer.
Moved by Lizer, seconded by Gill to approve minutes of April 11, 2006 regular meeting. Motion carried unanimously.
Moved by Gill, seconded by Condon to receive and place on file the following drainage repairs: D.D.#34. Motion carried unanimously
Moved by Condon, seconded by Magnusson to approve salary increase for Sue Laufersweiler, Case Manager to $15.65, effective April 17, 2006, per recommendation of Irene Blair. Motion carried unanimously.
Moved by Magnusson, seconded by Lizer receive and place on file County Recorder’s Report of Fees Collected, for period ending March 31, 2006. (Copy on file in Auditor’s office). Motion carried unanimously.
Moved by Lizer, seconded by Gill to approve and authorize Chair to sign Five-day Class C Liquor License Application for Webster County Agricultural Association and Transfer Application for Webster County Agricultural Association current Class C Liquor License to their track on May 21, 2006. (Copy on file in Auditor’s office). Motion carried unanimously.
Moved by Gill, seconded by Condon to approve and authorize Chair to sign Resolution for the issuance of $2,500,000 Urban Renewal Tax Increment Revenue Bonds for Frontier Ethanol Project.
Resolution authorizing the issuance of a $2,500,000 Urban Renewal Tax Increment Revenue Bond, Series 2006, pledging to the payment of the Bond funds and portions of taxes created pursuant to the authority of Subsection 2 of Section 403.19 of the Code of Iowa and providing for the securing of the Bond, all for urban renewal purposes of Webster County, Iowa.
WHEREAS, Webster County (the “County”), Iowa, pursuant to and in strict compliance with all laws applicable to the County, and in particular the provisions of Chapter 403 of Code of Iowa, has adopted an Urban Renewal Plan by resolution of the Board of Supervisors (the “Board”) for the Frontier Ethanol Urban Renewal Area (the “Urban Renewal Area”); and
WHEREAS, the Board has adopted an Ordinance for the division of taxes levied on taxable property in the Urban Renewal Area which establishes the fund referred to in Subsection 2 of Section 403.19 of the Code of Iowa (the “Urban Renewal Tax Revenue Fund”), which fund and the portion of taxes referred to in that subsection may be irrevocably pledged by the County for the payment of the principal of and interest on bonds or notes issued under the authority of Section 403.9 of the Code of Iowa to finance or refinance in whole or in part projects in the Urban Renewal Area; and
WHEREAS, pursuant to Section 403.9 of the Code of Iowa, the County has published a notice of the proposed action of the Board to institute proceedings for the issuance of a $2,500,000 Urban Renewal Tax Increment Revenue Bond (the “Bond”), for the purpose of paying the cost to that amount of a project in the Urban Renewal Area, consisting of the improvement of County roads and provisions of an economic development grant to Frontier Ethanol, the payment of capitalized interest relating to the Bond and the payment of costs of issuance of the Bond, and has held a hearing thereon and has otherwise complied with statutory requirements for the issuance of the Bond; and
WHEREAS, it is now necessary and advisable that the Bond be issued pursuant to the provisions of Section 403.9(1) of the Code of Iowa payable solely from the income and proceeds of the Urban Renewal Tax Revenue Fund;
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of Webster County, Iowa, as follows:
Section 1. Pursuant to and as authorized by the Constitution and laws of the State of Iowa, and particularly Section 403.9 of the Code of Iowa, there is hereby authorized to be issued a $2,500,000 Urban Renewal Tax Increment Revenue Bond, to be dated as of the date of its delivery, to the First National Bank, Manning, Iowa (the “Purchaser”). The Bond shall bear interest, shall be payable as to principal and interest, and shall have such other terms as are incorporated in the form of the Bond set out in Section 2 hereof. The County reserves the right to call and prepay any principal amount of the Bond on any date. The Bond shall be fully registered as to principal and interest in the name of the holder on the books of the County, such registration to be noted upon the Bond and after such registration, payment of the principal and interest thereof shall be made only to the Registered Holder. Upon the request in writing of such Registered Holder personally or by its attorney in fact the Bond may be transferred to a designated transferee.
Section 2. The Bond shall be in substantially the following form: (Copy on file in Auditor’s office).
Section 3. The Chairperson is authorized and directed to execute and the County Auditor is authorized and directed to attest the Bond and the County Auditor shall register such Bond and thereafter deliver it to the Purchaser.
Section 4. As provided and required by Chapter 403 of the Code of Iowa, the Bond and interest thereon shall be payable solely from the income and proceeds of the Urban Renewal Tax Revenue Fund, referred to in the preamble of this Resolution, and the County hereby pledges such Fund to the payment of the Bond, as well as the portion of taxes referred to in Subsection 2 of Section 403.19 of the Code of Iowa to be paid into such Fund. The County hereby covenants to call and prepay principal amounts of the Bond on June 1 of each year, in an amount equal to the balance remaining in such Fund after the then current June 1 payments of principal and interest have been made.
Section 5. The Bond shall not be subject to the provisions of any other law relating to the authorization, issuance or sale of bonds except Section 403.9 of the Code of Iowa. The Bond issued pursuant to this resolution is declared to be issued for an essential public and governmental purpose.
Section 6. The Bond shall recite in substance that is has been issued by the County in connection with an urban renewal project as defined in Chapter 403 of the Code of Iowa and in any suit, action or proceeding involving the validity of enforceability of any bond issued hereunder or the security therefore, such bond shall be conclusively deemed to have been issued for such purpose and such project shall be conclusively deemed to have been planned, located and carried out in accordance with the provisions of Chapter 403 of the Code of Iowa.
Section 7. The proceeds of the Bond shall be expended for purposes which are consistent with the urban renewal plan for the Frontier Ethanol Urban Renewal Area.
Section 8. After its adoption, a copy of this resolution shall be filed in the office of the County Auditor of Webster County to evidence the continuing pledging of the Urban Renewal Tax Revenue Fund and the portion of taxes to be paid into such Fund, and, pursuant to the direction of Section 403.19 of the Code of Iowa, the Auditor shall allocate the taxes in accordance therewith and in accordance with the tax allocation ordinance referred to in the preamble hereof.
Section 9. It is the intention of the County that interest on the Bond be and remain excluded from gross income for federal income tax purposes pursuant to the appropriate provisions of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations in effect with respect thereto (all of the foregoing herein referred to as the “Internal Revenue Code”). In furtherance thereof, the county covenants to comply with the provisions of the Internal Revenue Code as they may from time to time be in effect or amended and further covenants to comply with the applicable future laws, regulations, published rulings and court decisions as may be necessary to insure that the interest on the Bond will remain excluded from gross income for federal income tax purposes. Any and all of the officers of the County are hereby authorized and directed to take any and all actions as may be necessary to comply with the covenants herein contained.
The County hereby designates the Bond as a “Qualified Tax Exempt Obligation” as that term is used in Section 265(b)(3)(B) of the Internal Revenue Code.
Section 10. All resolutions and orders or parts thereof in conflict with the provisions of this resolution are, to the extent of such conflict, hereby repealed.
Section 11. This resolution shall be in full force and effect immediately upon its adoption and approval as provided by law.
PASSED AND APPROVED April 18, 2006.
S/Greg Nolting, Chairperson
Board of Supervisors
Motion carried unanimously. Dale Calendine, General Manager from Frontier Ethanol thanked the Board for all of their support.
Moved by Condon, seconded by Magnusson to approve and authorize Chair to sign crossing permit application from Farmers Cooperative, Gowrie, to install 8-inch tile line across Indiana Avenue between Section 8 and 9, Lost Grove Township. (Copy on file in Engineer’s office). Motion carried unanimously.
Moved by Magnusson, seconded by Lizer to approve and authorize Chair to sign Iowa DOT Agreement No. 2006-TYS-025 for Traffic Safety Improvement Funding on Project FM-TSF-CO94(62)—85-94 to reconstruct 5400 feet of Route P59 near 140th Street south of Badger.
RESOLUTION APPROVING WEBSTER COUNTY’S PARTICIPATION IN
THE IOWA DEPARTMENT OF TRANSPORTATION TRAFFIC SAFETY
IMPROVEMENT FUNDING PROGRAM AGREEMENT
WHEREAS, the Office of Traffic and Safety administers the Iowa Department of Transportation Traffic Safety Improvement Program, which is funded by one-half of 1 percent off the top from the Road Use Tax Fund, and
WHEREAS, the purpose of the Traffic Safety Improvement Program is to provide funding for traffic safety improvements that include road construction projects to correct deficiencies at high accident locations with acceptable benefit-to-cost ratios, and
WHEREAS, Webster County’s application for a Site Specific Traffic Safety Improvement Fund Application, to improve 5400 feet of horizontal and vertical realignment of curves on Paragon Avenue (Route P59), located approximately 1.5 miles south of the corporate limits of Badger, at the intersection of 140th Street, was approved by Transportation Commission Order No. H-2005-50 on March 8, 2005.
NOW, THEREFORE, BE IT RESOLVED that the Webster County Board of Supervisors approves and authorizes the Chair to sign Agreement No. 2006-TS-025 on Project No. FM-TSF-CO94(62)—5B-94.
BE IT FURTHER RESOLVED that the Webster County Board of Supervisors will assure the required local match is provided through the use of Webster County Road Funds.
PASSED AND APPROVED this 18th day of April, 2006.
S/Greg Nolting, Chair
Webster County Board of Supervisors
S/ Carol Messerly
Webster County Auditor
Motion carried unanimously.
Moved by Lizer, seconded by Gill to allow claims. Motion carried unanimously.
Moved and seconded the meeting adjourned. Motion carried unanimously.