HomeMy WebLinkAboutMinutes - 158th - November 19, 2009 signedTHE 158th SPECIAL MEETING OF THE
ECONOMIC DEVELOPMENT CORPORATION OF LIVONIA
The 158th Special Meeting of the Economic Development Corporation of Livonia
was called to order by Mr. Gerald Taylor, Chairman, at 5:00 p.m. on November
19, 2009, in the Third Floor Conference Room, 33000 Civic Center Drive,
Livonia, Michigan.
Directors present:
Directors absent:
Others present:
Gerald Taylor, Chairman
Kenneth Hale, Vice Chairman
Richard Hayward, Secretary
Charlotte Mahoney, Treasurer
Marshal Kleven
Mara Bloink
Angelo Plakas
Mark Taormina, Executive Director
Tom Colis, Esq., Miller, Canfield, Paddock, Stone, P.L.C.
Ms. Marge Watson, Recording Secretary
Roll call of members.
2. Adoption of the Minutes of the 157th Special Meeting held by the
Economic Development Corporation on October 26, 2009.
On a motion made by Mahoney, seconded by Hayward, and unanimously
adopted, it was
#2009-77 RESOLVED, that the Minutes of the 157th Special Meeting held
by the Economic Development Corporation on October 26,
2009, are hereby approved.
A roll call vote on the foregoing resolution resulted in the following:
AYES:
NAYES:
ABSTAIN:
ABSENT:
Mahoney, Hayward, Hale, Bloink, Kleven, Taylor
None
None
Plakas
Mr. Taylor, Chairman, declared the resolution adopted.
3. Madonna University Project. Tom Colis, Esq., Miller, Canfield, Paddock &
Stone, P.L.C., legal counsel for the EDC, explained the purpose of the
documents that need to be approved for the bond re -issuance for the
Madonna University Project, which include the Purchase Contract, Loan
2
Agreement, Trust Indenture and the Official Statement. Mr. Colis requested
that the EDC Directors formally approve the "Issuance and Sale of the
Variable Rate Demand Limited Obligation Revenue Refunding Bonds" in an
amount not to exceed $25,000,000 for the purpose of making a loan to
Madonna University. The final documents will be signed on November 30,
2009, at the offices of Miller, Canfield, Paddock & Stone, PLC, 150 W.
Jefferson Avenue, Suite 2500, Detroit, Michigan.
On a motion duly made by Mahoney, supported by Hale, and unanimously
adopted, it was
#2009-78 RESOLVED, that the Economic Development Corporation of
Livonia does hereby approve the Variable Rate Demand Limited
Obligation Revenue Refunding Bonds for the Madonna
University Project.
A roll call vote on the foregoing resolution resulted in the following:
AYES: Mahoney, Hale, Hayward, Bloink, Kleven, Taylor
NAYES: None
ABSTAIN: None
ABSENT: Plakas
Mr. Taylor, Chairman, declared the resolution adopted.
4. On a motion duly made and seconded, the 158th Special Meeting held by
the Economic Development Corporation of Livonia on November 19, 2009,
was adjourned at 5:30 p.m.
Respectfully submitted,
Charlotte Mahoney, Secretary