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HomeMy WebLinkAboutMinutes - 59th - December 8, 1983 signedTHE 59th REGULAR MEETING OF THE ECONOMIC DEVELOPMENT CORPORATION OF LIVONIA A Regular Meeting of the Economic Development Corporation of Livonia was called to order by the Chairman, Peter A. Ventura, at approximately 5:00 p.m., December 8, 1983, in the Council Chambers of the City Hall, 33000 Civic Center Drive, Livonia, Michigan. The Secretary called the roll: Directors Present: Mr. Kenneth Hale Mr. Frank Hand Mr. Alan Helmkamp Mr. Ron Mardiros Mr. Robert E. McCann Mr. Angelo A. Plakas Mr. Stanley Telman Mr. Peter A. Ventura Mr. Joseph F. Waughn (Newburgh Associates) Directors Absent: Mr. Robert Jankowski Mr. Henry Easdon (Newburgh Assoc.) Others Present: Mr. Stephen Hall, Newburgh Associates Mr. Asher Tilchin, Newburgh Associates Mr. Dennis Neiman, Miller/Canfield Mr. Daniel J. Gilmartin, Ex. Director Ms. Marie E. King, Recording Secretary On a motion by Mr. Mardiros, supported by Mr. Hale, it was #83-345 RESOLVED, that the minutes of the November 10, 1983, Regular Meeting of the Economic Development Corporation be approved as corrected. A roll call vote was taken on the foregoing resolution with the following result: AYES: Hand, Helmkamp, Mardiros, McCann, Plakas, Ventura NAYS: None ABSTENTIONS: Hale, Telman The Chairman declared the resolution adopted. Mr. Ventura said that a Mr. George Boller had requested to make a presentation at this evening's meeting; however, since he was not present, the meeting would continue as scheduled. 373 The first item on the agenda was consideration of the resolution authorizing the issuance and sale of economic development limited obligation revenue bond in the principal amount of $1,000,000 for Newburgh Associates. Mr. Neiman assured the directors that everything was in order for this project. He further assured the directors that no EDC monies would be used for the purchase of additional property not included in the project plan. Mr. Tilchin also assured the Directors, that although Newburgh Associates had originally wanted to purchase some additional property from the adjoining church, after discussions with the church and the residents in the area, they decided not to pursue this purchase. They want to be good neighbors. If this purchase is not for the good of the community, then they will not make the purchase. None of the EDC funds will go into the purchase of any additional property. Mr. Ventura also commented that he had been contacted by the newspaper regarding a possible conflict of interest because his son works for the leasing agency involved with Newburgh Associates. He asked Mr. Neiman if this would constitute a conflict of interest, and he was advised that there were no grounds for a conflict of interest on his part. On a motion by Mr. Hale, supported by Mr. Hand, it was #83-346 RESOLVED, that the resolution authorizing the issuance and sale of economic development limited obligation revenue bond in the principal amount of $1,000,000 to loan the bond proceeds to the obligor to finance the acquisition and construction of the project for the obligor, authorizing the execution and delivery of the bond, the loan agreement, the indenture and the bond purchase agreement, acknowledging the security agreement and the mortgage securing the bond and authorizing execution and delivery of the assignment hereof, and authorizing and determining other matters relative thereto. 374 PREMISES The Economic Development Corporation of the City of Livonia (the "EDC") is empowered under Act 338, Public Acts of Michigan, 1974, as amended (the "Act"), to assist in the financing of certain projects and facilities through the issuance of its limited obligation revenue bonds. Newburgh Associates, a Michigan partnership (the "Obligor") has proposed that the Obligor acquire, construct and install certain buildings, the site therefor and to acquire and install machinery, equipment and related facilities therein (the "Project"), and as an inducement therefor, has requested the EDC to assist in the financing of the Project in the following general manner (as detailed in the Loan Agreement, dated as of December 1, 1983 (the "Agreement"): The EDC will issue its economic development limited obligation revenue bond in the principal amount of $1 ,000,000 (the "Bond") under the Act and will loan the proceeds of the Bond to the Obligor to be used to finance the acquisition, construction and installation of the Project as the Obligor causes the Project to be acquired, constructed and installed. Under the terms of the Agreement the Obligor will make loan repayments (the "Loan Repayments") in amounts sufficient to pay the principal of and interest on the Bond, and would be responsible for paying any Project Costs (as defined in the Agreement) exceeding the amount of the Bond, maintaining and insuring the Project and paying all taxes and expenses relating to the Project. In addition, the Obligor will execute and deliver to the EDC an Economic Development Note (the "Note") evidencing the Obligor's obligation under the Agreement. As additional security for the Bond, the Obligor will grant to the EDC and the EDC will assign its interests to the Guardian Life Insurance Company of America, New York, New York, as Secured Party (the "Secured Party") in (i) a mortgage lien on the Project, subject to certain Permitted Encumbrances (as defined in the Agreement), comprising the Project, pursuant to a certain Mortgage, dated as of December 1, 1983 (the "Mortgage") and (ii) a security interest in all non -real estate portions of the Project, pursuant to a certain Security Agreement, dated as of December 1, 1983, (the "Security Agreement"). The EDC would enter into an Indenture, dated as of December 1, 1983 (the "Indenture") with the Secured Party wherein the EDC will assign and pledge its right, title and interest in the Agreement, the Note, the Mortgage, and the Security Agreement, to the Secured Party as security for the Bond. Upon full payment of the Bond or provision therefor, the Agreement will be terminated and the Note appurtenant thereto cancelled. The EDC's participation in the financing of the Project is to enable the Obligor to utilize applicable provisions of the United States Internal Revenue Code (the "Code"). Section 103 of the Code encourages the construction of certain facilities and the public financing thereof through limited obligation revenue bonds by providing that the interest on such bonds, as contrasted with any bond issued by the Obligor itself, will be exempt from Federal income tax. This tax exemption enables the purchaser of the Bond to accept a lower rate of interest, and since the Obligor in effect pays the interest on the Bond, reduces the interest cost of the Project financing to the Obligor. 375 On the basis of representations of the Obligor and the advice of Bond Counsel that the EDC has the authority to issue the Bond and to loan the Bond proceeds to the Obligor; and in order to induce acquisition and construction of the Project, and thereby serve the purposes of the Act, the EDC has previously determined to issue the Bond, subject to the following condition: principal of and interest on the Bond and any other cost or liability relating to the Bond or the issuance or sale thereof, the Project, or the ownership or financing of the Project and the performance of any obligation of the EDC under the Agreement, the Indenture or the Bond Purchase Agreement between the EDC and the Guardian Life Insurance Company of America, as purchaser of the Bond (the "Purchaser"), shall never be payable from tax revenues or other public or general funds of the EDC, the City of Livonia, Michigan (the "Municipality"), or the State of Michigan, but shall be payable only from the Security (as defined in the Indenture) or otherwise by the Obligor. The Obligor has estimated Project Costs to be not less than $1,000,000 and has tentatively arranged the financial terms and sale of the Bond in that amount to the Purchaser. The EDC, the Obligor and the Secured Party/Purchaser have completed negotiation and drafting of the Agreement, the Indenture, the Security Agreement, the Mortgage, and the Bond Purchase Agreement and have submitted these documents to the EDC for review and action. It is now appropriate for the EDC to act on the proposed documents and the proposed issuance and sale of the Bond. NOW, THEREFORE, BE IT RESOLVED: SECTION 1. Determination of Necessity. The Project creates employment in and stimulates the economy of the Municipality and constitutes a public purpose under the Act. The issuance of the Bond is necessary to induce the Obligor to locate in the Municipality and thereby obtain the employment and economic benefits. SECTION 2. Issuance of Bond, Limited Obligation. The Bond shall be issued by the EDC in the principal amount of $1,000,000, substantially in the form as attached hereto, with such changes and insertions as may be necessary or desirable. SECTION 3. Approval of Agreement and Note. The forms of Agreement and Note on file with the Secretary of the EDC ("Secretary") are hereby approved. SECTION 4. Approval of the Indenture. The form of the Indenture on file with the Secretary is hereby approved. SECTION 5. Approval of Bond Purchase Agreement. The form of Bond Purchase Agreement on file with the Secretary is hereby approved. 376 SECTION 6. Execution and Delivery of the Agreement, the Indenture and the Bond Purchase Agreement and Assignment of the Note, the M-5Ftgage and the Security Agreement and Changes e eeTh in. —The Chairman or Vice -Chairman of the EDC ("Chairman" and "Vice -Chairman") is hereby authorized to execute and deliver and the Secretary is authorized to attest and seal the Agreement, the Indenture and the Bond Purchase Agreement, and to execute the assignment of, and deliver, the Note, the Mortgage and the Security Agreement, all in the forms approved, with such changes and insertions in such documents as may be necessary or desirable, permitted by the Act and otherwise by law, and not materially adverse to the EDC. SECTION 7. Sale and Delivery of the Bond. The Bond shall be sold by the EDC to the Purchaser under the Bond Purchase Agreement at a purchase price of 100% of the principal amount thereof. Upon compliance with the terms and conditions of the Bond Purchase Agreement, the Chairman or Vice -Chairman and the Secretary shall execute, seal and deliver the Bond upon receipt by the Secured Party of the proceeds therefor to the credit of the Project Fund (as defined in the Agreement) in accordance with the Indenture. SECTION 8. Approval of Filings and Submissions with Other Governmental Agencies. The Chairman, Vice -Chairman, Secretary, members, staff and counsel for the EDC, or any of them, are authorized on behalf of the EDC to apply for such rulings, orders and approvals and file or submit such elections or other documents to any governmental agency, in order that the Rond may be validly issued and the interest thereon be exempt from Federal income taxation, and to execute such powers of attorney as may be appropriate in connection with the foregoing. SECTION 9. Authorization of Other Documents. The Chairman, Vice -Chairman, Secretary, members, staff and counsel for the EDC or any of them, are hereby authorized to execute and deliver such other certificates, documents, instruments, and opinions and other papers as may be required by the Agreement, the Indenture, the Bond Purchase Agreement, the Mortgage or the Security Agreement or as may be necessary or convenient to effectuate the sale and delivery of the Bond in accordance with the terms of the Agreement, the Indenture and the Bond Purchase Agreement. SECTION 10. Conflict and Effectiveness. All resolutions and parts of resolutions or other proceedings of the EDC in conflict herewith are repealed to the extent of such conflict. This resolution shall become effective upon adoption and the effectiveness of the resolution adopted by the City Council of the Municipality approving the Project Plan for the Project and approving the issuance of the Bond. 377 I hereby certify that the foregoing constitutes a true and complete copy of a Resolution duly adopted by the Board of Directors of The Economic Development Corporation of the City of Livonia, at a Regular Meeting held the 8th day of December, 1983, and that said meeting was conducted and puhlic notice of said meeting was given pursuant to and in full compliance with the Open Meetings Act, being Act 267, Public Acts of Michigan, 1976, that due and proper notice of the meeting as required by law was given to the Directors, and that the minutes of said meeting were kept and will be or have been made available as required by said Act. I further certify that the following Directors were present at said meeting: Hale, Hand, Helmkamp, Mardiros, McCann, Plakas, Telman, Ventura Waughn that the following Directors were absent: Jankowski , Easdon and that the following persons had resigned as Directors and their vacancies had not been filled: I further certify that Director Hale moved adoption of said Resolution, that said motion was supported by Director Hand I further certify that the following Directors voted for adoption of said Resolution: Hale, Hand, Mardiros, McCann, Plakas, Tel man, Ventura, Waughn , that the following Directors voted against adoption of said Resolution: None and that the following Directors abstained: Helmkamp Ron Mardiros, Secretary 53429 0014 11/29/83 83.11.884 1 2 BOND FORM APPENDIX [FORM OF THE BOND] 3 UNITED STATES OF AMERICA 4 STATE OF MICHIGAN 5 THE ECONOMIC DEVELOPMENT CORPORATION 6 OF THE CITY OF LIVONIA 7 ECONOMIC DEVELOPMENT LIMITED OBLIGATION REVENUE BOND 8 (Newburgh Associates Project) 9 Series A 10 No. R-1 $1,000,000 11 The Economic Development Corporation of the City of Livonia (the 12 "Issuer"), for value received, hereby promises to pay from the source and 13 as hereinafter provided, to The Guardian Life Insurance Company of 14 America, or registered assigns (the "Bondholder"), the principal sum of 15 ONE MILLION DOLLARS ($1,000,000), together with interest thereon from 16 the date this bond is first registered until paid at the rate of TEN AND 17 THREE QUARTERS PERCENT (10.75o) per annum. The principal of and 18 interest on this bond shall be payable in 119 consecutive monthly 19 installments of S9,625, due and payable on the first day of each month, 20 commencing February 1, 1984 through and including December 1, 1993, each 21 monthly installment to be applied first against accrued interest with the 22 balance to be applied against principal, plus a final monthly installment on 23 January 1, 1994 in an amount equal to all outstanding and unpaid principal 24 of and all accrued and unpaid interest on this bond provided, however, 25 that in addition to the foregoing installment paymefiits there shall be paid on 26 the date of first registration of this bond an additional amount as interest 27 on this bond equal to the interest due on this bond from the date of first 28 registration of this bond through and including December 31, 1983. 29 Notwithstanding the foregoing, however, in the event of a Determination of 30 Taxability (as hereinafter defined), this bond shall bear interest at the 31 lesser of the rate of thirteen percent (13%) per annum or a variable rate 32 per annum of two percent (20) above the rate announced from time to time 33 by Chemical Bank, New York, New York (the "Bank") as its prime rate 34 (the "Prime Rate") (but not in excess of the maximum rate permitted by 35 law) (the "Taxable Interest Rate") from the Determination Date (as 36 hereinafter defined) to the earlier of the date of prepayment of this bond or 37 the successful contest of the Determination of Taxability. In the event any 38 installment of principal and interest is not promptly paid in full as the same 39 shall be due, there shall be owing as a late charge until such installment 40 amount is paid an amount equal to SIX PERCENT (60) of the overdue 41 amount. Notwithstanding anything expressed or implied herein to the 42 contrary, at no time shall the outstanding principal balance owing 43 hereunder bear interest at a rate in excess of the maximum permitted by 44 law. Principal of, premium, if any, and interest on, this bond are payable BF-1 1 in lawful money of the United States of America at the principal office of 2 The Guardian Life Insurance Company of America, or its successor (the 3 "Secured Party"), in New York, New York. Payments of principal of, 4 premium, if any, and interest on, this bond, other than payment of the 5 entire unpaid principal amount hereof, shall be made by the Secured Party 6 to the registered owner of this bond as shown on the registration books of 7 the Issuer kept by the Secured Party by check or draft mailed or delivered 8 to the registered owner at the registered address. Payments of principal 9 and interest, including prepayments of installments of principal as 10 hereinafter provided, shall be noted by the Secured Party on the books of 11 the Issuer kept by the Secured Party and each such payment shall fully 12 discharge the limited obligation, hereinafter described, of the Issuer hereon 13 to the extent of the payments so made. Notwithstanding the foregoing, 14 payment of the entire unpaid principal amount of this bond shall not be 15 made otherwise than upon the surrender of this bond to the Secured Party. 16 This bond, upon surrender thereof to the Second Party, shall be cancelled 17 by the Secured Party and certification thereof provided to the Issuer. 18 This bond constitutes an authorized series of bonds issued in the 19 aggregate principal amount of $1,000,000 (the "Series A Bond"), for the 20 purpose of making a loan of the full principal amount of the Series A Bond 21 to Newburgh Associates, a Michigan copartnership (the "Obligor"), in 22 accordance with the Loan Agreement between the Issuer and the Obligor, 23 dated as of December 1, 1983 (the "Loan Agreement"), to enable the 24 Obligor to construct a commercial building and acquire the site therefor 25 with all fixtures necessary thereto (the "Project") in the City of Livonia, 26 Michigan (the "Municipality"), and to pay necessary expenses incidental 27 thereto and to the issuance of the Series A Bond, and thereby alleviate 28 unemployment, while assisting and retaining local businesses and 29 strengthening and revitalizing the Michigan economy in general. 30 The Series A Bond is issued pursuant to and in full compliance with 31 the Constitution and laws of the State of Michigan, particularly Act 32 No. 338, Michigan Public Acts, 1974, as amended ("Act No. 338"), and 33 pursuant to a resolution of the Board of Directors of the Issuer (the 34 "Resolution"). The Series A Bond and the interest thereon shall never 35 constitute a general obligation of the Issuer or the Municipality within the 36 meaning of any constitutional, statutory or charter provision or limitation 37 and shall never constitute nor give rise to a charge against the general 38 credit, funds or assets of the Issuer or the Municipality or the taxing 39 powers of the Municipality, but shall be a limited obligation of the Issuer 40 payable solely from and secured by the "Security", all as defined and 41 provided in the Resolution and the Indenture, dated as of December 1, 1983 42 (the "Indenture"), between the Issuer and the Secured Party for the equal 43 and ratable benefit of the holder of the Series A Bond and any additional 44 bonds issued under the Indenture. 45 The Security includes an assignment and pledge of the Issuer's rights 46 in the Loan Agreement and the payments to be made by the Obligor on the 47 Economic Development Note delivered by the Obligor (the "Note") under the BF-2 1 Loan Agreement to the Issuer and endorsed to the Secured Party and in 2 any other moneys held by the Secured Party under the Indenture for such 3 purpose. The payments under the Note are established in amounts 4 sufficient to pay principal of, premium, if any, and interest on the 5 Series A Bond as the same become due. The liability of the Obligor (and 6 the Partners thereof) is limited as described in Section 3.4 of the Loan 7 Agreement. 8 The Series A Bond is also secured by a mortgage lien on the Project 9 and an assignment of leases granted by the Obligor to the Issuer and 10 assigned by the Issuer to the Secured Party pursuant to a certain 11 Mortgage, dated as of December 1, 1983 (the "Mortgage"), and by a 12 security interest in the personal property comprising part of the Project 13 granted by the Obligor to the Issuer and assigned by the Issuer to the 14 Secured Party pursuant to a certain Securtiy Agreement, dated as of 15 December 1, 1983 (the "Security Agreement"). 16 The Indenture, the Loan Agreement, and the Mortgage and the 17 Security Agreement are on file at the principal offices of the Issuer and the 18 Secured Party. Reference is hereby made to the Indenture, the Loan 19 Agreement, the Mortgage and the Security Agreement for a description of 20 the Security and for provisions, among others, with respect to the rights, 21 duties and obligations of the Issuer, the Obligor, the Secured Party, and 22 the Bondholders, the terms upon which the Series A Bond is issued, and 23 the right of the Issuer to issue additional bonds which will be of equal 24 standing with the Series A Bond. 25 This bond is transferable, but only to a bank, savings institution, 26 trust company, insurance company, investment company as defined in the 27 Investment Company Act of 1940, or other financial institution, and then 28 only upon (i) its written agreement to be bound by this limitation, and 29 (ii) the simultaneous transfer of all of the bonds outstanding of the Issuer 30 that have been issued pursuant to the Indenture to the same transferee. 31 Transfer as aforesaid shall be made upon registration books of the Issuer 32 kept by the Secured Party, by the registered owner hereof in person or by 33 attorney duly authorized in writing, upon the surrender of this bond to the 34 Secured Party together with (a) a written instrument of transfer 35 satisfactory to the Secured Party duly executed by the registered owner or 36 the owner's attorney duly authorized in writing, and (b) a written 37 instrument of the transferee accepting the duties and responsibilities of the 38 Secured Party as provided in the Indenture. Thereupon, the transfer shall 39 be noted on the books of the Issuer kept by the Secured Party and the 40 Secured Party shall note such transfer upon the bond and shall also note 41 on the payment record attached to this bond the principal amount of this 42 bond that has theretofore been paid by maturity or prepayment, together 43 with any prepayment premiums. ANY PROVISION IN THIS PARAGRAPH TO 44 THE CONTRARY NOTWITHSTANDING, THIS BOND MAY NOT BE 45 TRANSFERRED BY MEANS OF SALE, ASSIGNMENT OR OTHERWISE IF THE 46 EFFECT THEREOF WILL BE TO REQUIRE ANY REGISTRATION OR FILING BF-3 1 BY THE OBLIGOR OR THE ISSUER WITH THE SECURITIES AND EXCHANGE 2 COMMISSION OR ANY STATE REGULATORY AGENCY OR COMMISSION. 3 Mandatory Prepayment at Bondholder's Option; 4 Payment of Interest At Taxable Rate 5 Upon the occurrence of a Determination of Taxability (as hereinafter 6 defined) and either the election of the Obligor not to contest such 7 Determination of Taxability or the expiration of the Obligor's right to 8 contest such Determination of Taxability in the manner provided in 9 Section 2.3 of the Loan Agreement the Series A Bond shall be subject to 10 redemption in whole at the option of the Bondholder on any interest 11 payment date at a prepayment price equal to 1000 of the outstanding 12 principal amount plus accrued interest to the prepayment date, plus a 13 premium equal to any penalties or additional payments required to be made 14 by the Bondholder to any taxing authority as a result of the Determination 15 of Taxability. In order to exercise the option conferred in this paragraph, 16 the Bondholder must give written notice to the Obligor and the Issuer not 17 less than fifteen nor more than 30 days prior to the prepayment date, 18 which notice shall state that said option is being exercised. In the event 19 the Obligor elects to contest a Determination of Taxability and such contest 20 is successful, any overpayment of interest on this Series A Bond during 21 such period shall be credited to the next succeeding installment payments 22 or payments on this Series A Bond. 23 A "Determination of Taxability" shall mean (a) the issuance of a 24 statutory notice of deficiency by the Internal Revenue Service which holds 25 in effect that the interest payable on the Series A Bonds is includable in 26 the gross income of a holder thereof (other than a holder who is a 27 "substantial user" of the Project or a "related person" as such terms are 28 defined in the Internal Revenue Code of 1954, as amended (the "Code")), 29 or (b) the Secured Party shall have received a written opinion of nationally 30 recognized bond counsel, to the effect that the interest payable on the 31 Series A Bond is for any reason includable in the gross income of a holder 32 thereof (other than a person who is a "substantial user" or a "related 33 person" as such terms are defined in the Code). Such a Determination of 34 Taxability shall be deemed for all purposes to have occurred on the date 35 specified in said statutory notice of deficiency or said opinion as the date 36 from which interest on the Series A bond shall have been includable in the 37 gross income of the holder thereof (other than a person who is a 38 "substantial user or a "related person" as such terms are defined in the __)- 39 Code), or in the absence of such date specificationC then on the date 40 borne by said statutory notice of deficiency or said opinion (the 41 "Determination Date"). BF-4 1 Upon receipt of notice of a Determination of Taxability the Obligor, the 2 Bondholder, the Secured Party and the Issuer shall immediately give notice 3 thereof to the others. 4 Extraordinary Mandatory Prepayment 5 The Series A Bond is subject to mandatory prepayment in whole or in 6 part, and if in part then such prepayment shall be applied pro tanto first 7 to principal and then to interest in inverse chronological order, at a 8 prepayment price of 1000, of the principal amount so prepaid, plus accrued 9 interest, if any, to the prepayment date upon the deposit of moneys into 10 the Bond Fund pursuant to the provisions of Section 4.1, Article VIII, 11 Section 9.3 and Section 10.3 of the Loan Agreement. 12 In the event not less than the full outstanding principal amount of this 13 bond is called for prepayment the bondholder shall present this bond to the 14 Secured Party and the Secured Party shall note on the books of the Issuer 15 and the Payment Record attached hereto the amount of such prepayment. 16 Notice of the call for any prepayment shall identify the principal 17 amount to be prepaid and the date of such prepayment, and such notice 18 shall be given by the Secured Party to the Issuer, the Obligor and the 19 Bondholders by first class mail not less than thirty (30) days prior to the 20 prepayment date. 21 On or prior to the prepayment date, cash funds shall be placed with 22 the Secured Party to pay on the prepayment date the Series A Bond or 23 portions thereof thus called and accrued interest thereon to the prepayment 24 date. Upon the happening of the above conditions, the Series A Bond or 25 portions thereof thus called shall not bear interest after the prepayment 26 date and shall not be deemed to be outstanding under the provisions of the 27 Indenture. 28 The holder of this bond shall only have such right to enforce the 29 Indenture, the Agreement, the Mortgage, the Security Agreement or the 30 Note or take any action with respect to any event of default under the 31 Indenture, or to institute, appear in or defend any suit or other 32 proceedings with respect thereto as provided in the Indenture and Act 33 No. 338. In certain events as provided in the Indenture, the principal of 34 this bond may become or may be declared due and payable before the stated 35 maturity thereof, together with interest accrued thereon. Supplements and 36 amendments to the Indenture and the Agreement may be made only as 37 permitted by the Indenture. BF-5 1 IN WITNESS WHEREOF, The Economic Development Corporation of the 2 City of Livonia has caused this bond to be signed in its name by its 3 Chairman and countersigned by its Secretary, and its corporate seal to be 4 affixed hereto, all as of December 1, 1983. 5 The Economic Development Corporation 6 of the City of Livonia 7 By 8 Its Chairman 9 Countersigned: 10 By 11 Its Secretary 12 [SEAL] 13 Date of First 14 registration: 15 The Guardian Life 16 Insurance Company of 17 America, as Secured Party 18 By 19 Its BF-6 1 FOR VALUE RECEIVED 2 the undersigned hereby sells, assigns and transf unto 3 4 5 the within bond of 6 THE ECONOMIC DEVELOPMENT CORPORATION 7 OF THE CITY OF LIVONIA 8 and does hereby irrevocably constitute and appoint 9 Attorney to transfer the said 10 bond on the books of the within -named Corporation, with full power of 11 substitution in the premises. 12 13 Dated: 14 In the presence of: 15 Signature(s) Guaranteed 1 Note: The signature to this Assignment must correspond 2 with the name as written on the face of this bond 3 in every particular BF-7 1 PAYMENT RECORD 2 Authorized 3 Payment Principal Interest Principal Date Official 4 Date Payment Payment Prepaid Paid and Title 53429 0014 11/23/83 83.10.217 BF-8 378 Mr. Gilmartin said he received a letter from a Mr. Walter Shamie of the Dale Corporation in Troy regarding the creation of an EDC brochure for the City of Livonia. He enclosed two samples of brochures recently created for the City of Sterling Heights and Clinton Township. He would like to meet with this board to discuss the possibilities of doing a brochure. The Chairman directed Mr. Gilmartin to invite Mr. Shamie to the next Board of Directors meeting to make a presentation. The next item on the agenda was the establishment of meeting dates for 1984. The Chairman asked if anyone had any objections to continuing to hold the meetings on the second Thursday of the month at 5:00. There were no objections, therefore, the meetings will continue to be held the second Thursday of the month at 5:00 p.m. The next order of business was the election of officers for the 1984 calendar year. The floor was opened for the nomination for the office of chairman. Mr. Mardiros nominated Mr. Ventura; Mr. Hale supported. There being no further nominations for the office of Chairman, On a motion by Mr. Hale, supported by Mr. Plakas, it was #83-347 RESOLVED, that the nominations for the office of Chairman be closed. A roll call vote was taken on the foregoing motion with the following results: AYES: Hale, Helmkamp, Mardiros, McCann, Plakas, Telman, Ventura NAYS: None ABSTENTIONS: Hand The Chairman for 1984 will be Mr. Ventura by acclamation. The floor was opened for the nomination for the office of Vice Chairman. 379 Mr. Helmkamp nominated Mr. Hale; Mr. Plakas supported. There being no further nominations for office of Vice Chairman, On a motion by Mr. McCann, supported by Mr. Telman, it was #83-348 RESOLVED, that the nominations for the office of: Vice Chairman be closed. A roll call vote was taken on the foregoing motion with the following results: AYES: Hale, Hand, Helmkamp, Mardiros, McCann, Plakas, Telman, Ventura NAYS: None The Vice Chairman for 1984 will be Mr. Hale by acclamation. The floor was opened for nominations for the office Treasurer. Mr. Plakas nominated Mr. Helmkamp, Mr. Hale supported. There being no further nominations for the office of Treasurer, On a motion by Mr. Hale, supported by Mr. Mardiros, and unanimously adopted, it was #83-349 RESOLVED, that the nominations for the office of Treasurer be closed. The Treasurer for 1984 will be Mr. Helmkamp by acclamation. The floor was opened for nominations for the office of Secretary. Mr. Hale nominated Mr. Mardiros; Mr. Plakas supported. There being no futher nominations for office of Secretary, On a motion by Mr. Telman, supported by Mr. Hale, it was #83-350 RESOLVED, that the nominations for the office of Secretary be closed. A roll call vote was taken on the foregoing motion with the following results: AYES: Hale, Helmkamp, Mardiros, McCann, Plakas, Telman, Ventura NAYS: None ABSTENTIONS: Hand The Secretary for 1984 will be Mr. Mardiros by acclamation. 380 Mr. Helmkamp read the Treasurer's Report. Our total cash is $25,910.14. This amount includes monies in checking, savings, Certificates of Deposit and Petty Cash. We have a decrease in our fund balance, year-to-date of $7,127.30. There were no expenses paid in November. On a motion by Mr. Hale, supported by Mr. Telman, and unanimously adopted, it was #83-351 RESOLVED, that the Treasurer's Report be accepted as submitted. Mr. Neiman gave a brief explanation of the new tax bills currently before the legislature in Washington which may have an effect on local EDC's. Mr. Gilmartin advised the Board that the Industrial Development Commission's Annual Report is contained in their packets this evening for their information. 0n a motion by Mr. Telman, supported by Mr. McCann, and unanimously adopted, it was #83-352 RESOLVED, that the Regular Meeting of the Economic Development Corporation held December 8, 1983, be adjourned at 5:45 p.m. Respectfully submitte iros, Secr•tary RM/mk