August 22, 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 August 15, 2006 regular meeting. Motion carried unanimously.
A Public Hearing was held on proposal to issue Facility Revenue Bonds for North Sheltered Workshop Project in an amount not to exceed $800,000.00. No comments being heard, Chairman Nolting closed the hearing. Moved by Gill, seconded by Condon to adopt the following resolution:
Resolution authorizing the issuance and sale of Iowa Facility Revenue Bonds (North Central Sheltered Workshop Project), Series 2006 of Webster County, Iowa, in an aggregated principal amount of $697,700; the execution and delivery of a Loan Agreement with North Central Sheltered Workshop; the execution and delivery of an Assignment and Pledge Agreement and other related matters.
Be It Resolved by the Board of Supervisors of Webster County, Iowa (the “Issuer”) as follows:
Section 1. (A) Webster County, Iowa (the “Issuer”), is a County authorized and empowered by the provisions of Chapter 419 of the Cod of Iowa, 2005, as amended (the “Act”), to issue revenue bonds for the purpose of acquiring, constructing, improving and equipping a facility for an organization described in Section 501 (c)(3) of the Internal Revenue Code (the “Code”) which is exempt from federal income tax under Section 501 (a) of Code (a “Tax Exempt Organization”), each of which purposes is a “project” with in the meaning of the Act and each of which projects may be located within the Issuer.
(B) The Issuer has been requested by North Central Sheltered Workshop (the “Borrower”), a Tax Exempt Organization, to issue its Iowa Facility Revenue Bonds (North Central Sheltered Workshop Project), Series 2006 in an aggregate principal amount of $697,700 (the “Bond”) pursuant to the Act for the purpose of (i) refinancing outstanding indebtedness of the Borrower and to provide funds for the renovation, improvements, construction, equipping and furnishing of the Borrower’s existing facility located at 127 Avenue M, Fort Dodge, Iowa (the “Project”) and (ii) paying for costs of issuance and certain other costs associated with the issuance of the Bonds.
(C) A resolution proposing to finance the Project through the issuance of revenue bonds or notes of the Issuer in an aggregate principal amount not to exceed $800,000 and to loan said amount to the borrower was adopted on July 25, 2006.
(D) As required by the Act and Section 147(f) of the Code, the Issuer has previously provided notice of he Issuer’s intention to issue the revenue bonds or notes and has held a public hearing on the issuance of such revenue bonds or notes.
(E) The issuance and sale of the Bonds by the Issuer in the amount of $697,700, as a single bond or as multiple bonds, is permitted by the Act, and the Issuer hereby determines to issue the Bonds and to sell the Bonds to the Lender (as identified in the Loan Agreement). The Issuer will loan the proceeds of the bonds (the “Loan”) to the Borrower in order to finance the Project and to pay costs of issuance.
(F) Pursuant to a Loan Agreement (the “Loan Agreement”) to be entered into between the Issuer and the Borrower, the Borrower agrees to repay the Loan in specified amounts and at specified times sufficient to pay in full when due the principal of, premium, if any, and interest on the Bonds. In addition, the Loan Agreement contains provisions relating to indemnification, insurance, and other agreements and covenants which are required or permitted by the Act and which the Issuer and the Borrower deem necessary or desirable. The Loan Agreement has been submitted to the Board of Supervisors for its review.
(G) Pursuant to an Assignment and Pledge Agreement (the “Pledge Agreement”) to be entered into between the Issuer and the Lender, the Issuer, among other things, will grant to the Lender a security interest in all of the Issuer’s rights, title and interest in and to the Loan Agreement, including, but not limited to, the right to receive Loan Repayments (as defined in the Loan Agreement), except the Issuer’s right to indemnification and attorneys’ fees and expenses thereunder. The Pledge Agreement has been submitted to the Board of Supervisors for its review.
(H) The Bonds will be special limited obligations of the Issuer payable solely from payments derived
Pursuant to the Loan Agreement. The Bonds shall not be payable from or charged upon any funds other than the revenues pledged to the payment thereof, nor shall the Issuer be subject to any liability thereon. No holder of the Bonds shall ever have the right to compel any exercise of the taxing power of the Issuer to pay the Bonds or the interest thereon, nor to enforce payment thereof against any property of the Issuer. The Bonds shall never constitute a debt of the Issuer within the meaning of any constitutional or statutory limitation and shall never constitute or give rise to a pecuniary liability of the Issuer. A draft of the Bonds has been submitted to the Board of Supervisors for its review.
Section 2. In order to provide funds to finance the Project, the Issuer hereby authorizes the issuance of the Bonds in the principal amount of $697,700 and at interest rates which will produce a net interest cost of not to exceed 6% per annum. The Bonds shall be in the form submitted to the Board of Supervisors and shall mature in the years and amounts, be subject to redemption, and provide interest at the rates as determined by the Borrower and the Lender prior to their issuance and delivery.
Section 3. The Loan Agreement, the Pledge Agreement and the Bonds are hereby made a part of this Resolution as though fully set forth herein and are hereby approved in substantially the forms presented to the Board of Supervisors. The Chairperson of the Board of Supervisors and the County Auditor are authorized and directed to execute, acknowledge and deliver said documents on behalf of the Issuer with such changes, insertions and omissions therein as Bond Counsel and the Issuer’s counsel may hereafter deem appropriate, such execution to be conclusive evidence of approval of such documents in accordance with the terms hereof.
Section 4. The Chairperson of the Board of Supervisors and the County Auditor are authorized and directed to execute and deliver all other documents which may be required under the terms of the Loan Agreement of Pledge Agreement, or by Bond Counsel and the Issuer’s counsel, and to take any other action as may be required or deemed appropriate for the performance of the duties imposed thereby to carry out the purposed thereof.
Section 5. In order to qualify the Bonds as “qualified tax exempt obligations” within the meaning of Section 265(b)(3) of the Code, the Issuer hereby makes the following factual statements and representations:
(A) The Issuer hereby designates the Bonds as “qualified tax-exempt obligations” for purposes of Section 265 (b)(3) of the Code;
(B) The reasonably anticipated amount of tax-exempt obligations (other than obligations described in
Clause (ii) of Section 265 (b)(3)(c) of the Code) which will be issued by the Issuer (and all
entities whose obligations will be aggregated with those of the Issuer) during this calendar year
2006 will not exceed $10,000,000; and
(C) Not more the $10,000,000 of obligations issued by the Issuer during this calendar year 2006
(including the Bonds) have been designated for purposes of Section265 (b)(3) of the code.
Section 6. The Chairperson of the Board of Supervisors, the County Auditor and other officers of the
Issuer are authorized to furnish to the Lender, the Borrower and Bond Counsel certified copies of all
Proceedings and records of the Issuer relating to the Bonds, and such other affidavits and certificates
as may be required to show the facts relating to the legality and marketability of the Bonds as such
facts appear from the books and records in the officer’s custody and control or as otherwise known to
them; and all such certified copies, certificates and affidavits, including any heretofore furnished,
shall constitute representations of the Issuer as to the truth of all statements contained therein.
Section 7. The provisions of the Resolution are hereby declared to be severable and if any section,
phrase or provisions shall for any reason be declared to be invalid, such declaration shall not affect
the validity of the remainder of the sections, phrases and provisions.
Section 8. All resolutions or parts thereof in conflict herewith are hereby replaced, to the extent of
Section 9. This Resolution shall become effective immediately upon its passage and approval
Chariman, Board of Supervisors
Webster County Aduitor
Motion carried unanimously.
Moved by Condon, seconded by Magnusson to approve and authorize Chairman to sign revised copy of Byrne-JAG grant contract. (Copy on file in Auditor’s office). Motion carried unanimously.
Moved by Magnusson, seconded by Lizer to approve change order for Johnson Controls (Nikolangelo Tuckpointing) at Department of Human Services Building in the amount of $6,650.00. Motion carried unanimously.
Moved by Lizer, seconded by Gill to approve the final plat of Wetzel’s Subdivision in Badger Township, Section 5, represented by Larry Steburg. (Copy on file in Auditor’s Office). Motion carried unanimously.
Moved by Gill, seconded by Condon to receive and place on file Manure Management Update, in Section 9, Roland Township. Motion carried unanimously.
Moved by Condon, seconded by Magnusson to receive and place on file Construction Permit Application Form for Confinement Feeding Operations for Dallas Thomas in the NW ¼ of the NW ¼ of Section 6/87/30 – Roland Township, and direct Auditor to publish notice to hear comment through September 1, 2006. Motion carried unanimously.
Moved by Magnusson, seconded by Lizer to adopt the following Resolution:
WHEREAS, there now exists a 28E Agreement known as the Region 5 Task Force which is made up of numerous counties and cities within North Central Iowa, and
WHEREAS, the below named municipality desires to dissolve the 28D/28E Agreement dated the 4th day of March, 1991 creating the Region 5 Task Force.
WHEREAS, the original 28D/28E Agreement dated the 4th day of March, 1991, provided for its amendment from time to time with approval of the majority of the body membership of the Region 5 Task Force,
WHEREAS, the Addendum #10 to 28D/28E Agreement dated the 16th day of June, 1994, provided for dissolution of the 28D/28E Agreement upon majority vote of the representatives and all member governmental units passing a resolution supporting such action,
NOW, THEREFORE, BE IT RESOLVED the Webster County Board of Supervisors authorize Chairman of Webster County Board of Supervisors to sign Resolution for this political subdivision to agree to.
PASSED THIS 22ND day of August, 2006
Chariman, Board of Supervisors
Webster County Aduitor
Motion carried unanimously.
Moved by Lizer, seconded by Gill to approve and authorize Chairman to sign amended rates for North
Central Iowa Mental Health Center for the period 7/1/06-9/30/06. (Copy on file in Auditor’s office). Motion carried unanimously.
Moved by Gill, seconded by Condon to approve resolution to temporarily close Mill Road near the center of Section 34, Cooper Township for railroad surface crossing repair. Motion carried unanimously.
Moved by Condon, seconded by Gill to approve and authorize Chair to sign utility permit application from Prairie Energy Cooperative to install new overhead electric service to new grain bin in Section 24, Newark Township. (Copy on file in Engineer’s office). Motion carried unanimously.
Meet with Bonding Attorney Mark Cory discussed incentives and assistance being offered to Tate & Lyle for their proposed wet corn milling facility with the Board and Webster County Development representatives. No action taken.
Moved by Gill, seconded by Condon to allow claims. Motion carried unanimously.
Moved and seconded the meeting adjourned.