HomeMy WebLinkAbout06-27-2013 INDUSTRIAL DEVELOPMENT CORPORATIONINDUSTRIAL DEVELOPMENT CORPORATION BOARD
MEETING
June 27, 2013
11:00 A.M.
Chairman Ron Gipson called the Industrial Development Corporation Board Meeting to order.
The following Board Members were present: Ron Gipson, Rick Skinner (via phone), Julie Taylor (via phone),
Steve Fultz, Janie Aguilar, and Debbie Geyer.
(CONSIDER THE RATIFICATION OF THE WAIVER, CONSENT AND FIRST AMENDMENT TO
FINANCING AGREEMENT FROM SOUTHWARK METAL MANUFACTURING COMPANY
DATED JANUARY 10, 2013)
Chairman Gipson explained that the request is to ratify the First Amendment and recommended that
questions be directed to Attorney Rick Skinner.
Attorney Rick Skinner explained that both amendments, which will be considered today, are associated
with the original Financing Agreement. The original Financing Agreement was a three -party agreement
between Southwark, the lending institution, and the Industrial Development Corporation Board for the
financing of their industrial revenue bond and project. The amendments change a few terms with respect to
the financial covenants. The covenants apply strictly to Southwark and do not affect the Industrial
Development Corporation Board with any obligation.
Mr. Skinner clarified that since the Industrial Development Corporation Board is a party within the original
agreement, it was recommended that the Board be made aware of the requests and take the appropriate
action in executing the documents.
Discussion followed concerning the content and purpose of the amendments.
MOVED by Fultz, SECONDED by Taylor to ratify the signing of the Waiver, Consent and First
Amendment to Financing Agreement from Southwark Metal Manufacturing dated January 10, 2013.
Those in favor: unanimous.
MOTION CARRIED
(CONSIDER REQUEST FROM SOUTHWARK METAL MANUFACTURING COMPANY TO
APPROVE THE SECOND AMENDMENT TO FINANCING AGREEMENT)
MOVED by Aguilar, SECONDED by Fultz to approve the request to execute the Second Amendment to
Financing Agreement.
Those in favor: unanimous.
MOTION CARRIED
Chairman Gipson noted that he and Debbie will execute the Second Amendment document - forward to the
appropriate parties.
ADJOURNMENT
MOVED by Fultz, SECONDED by Taylor to adjourn at I I:I 1 a.m.
MOTION CARRIED
APPROVED AS written THIS 27 "' DAY OF June 2013.
President
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Board Member