2008-05-20 Annual IDA MinutesMINUTES OF THE ANNUAL INDUSTRIAL DEVELOPMENT AUTHORITY MEETING
TUESDAY- -MAY 20, 2008- -7:25 P.M.
Chair Johnson convened the Annual Meeting at 7:50 p.m. Board Member
Matarrese led the Pledge of Allegiance.
ROLL CALL - Present: Board Members deHaan, Gilmore, Matarrese,
Tam, and Chair Johnson - 5.
Absent: None.
TTR T -NTT T rP L'C
Minutes of the Annual Industrial Development Authority Meeting of
May 15, 2007.
Board Member Tam moved approval of the minutes.
Board Member Matarrese seconded the motion, which carried by
unanimous voice vote - 5.
ORAL COMMUNICATIONS
None.
AUTHORITY COMMUNICATIONS
Board Member deHaan inquired what is the jurisdiction of the
Industrial Development Authority.
The Finance Director responded the Authority was formed for the
issuance of particular types of financing opportunities; stated the
Authority is not used very often anymore because there has not been
a tendency for pass through financing.
Board Member deHaan stated the Authority has not been used in
years.
The Finance Director stated financing has not been issued through
the Authority for fifteen or twenty years.
Board Member deHaan inquired whether financing is set up at the
State level.
The Finance Director responded cities are allowed to do pass
through financing by State law; stated bonds can be issued on
behalf of another corporation in order to have access to tax exempt
financing for development purposes.
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May 20, 2008
Board Member deHaan stated there appears to be some need for use.
The Finance Director stated there is always a potential need.
ADJOURNMENT
There being no further business, Chair Johnson adjourned the
Annual Meeting at 7:54 p.m.
Respectfully submitted,
Lara Weisiger
Secretary
The agenda for this meeting was posted in accordance with the Brown
Act.
Annual Meeting
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May 20, 2008