HomeMy Public PortalAbout19650830 �;__.._w.._.._____..._._... .. __..._ Special Council Meeting.. August-30,_1965 _ .. .____.__..._,_...._._..._..��.
Mayor Christy presided in the Chair.
Mayor Christy explained that the Special Council Meeting had been called to
approve the letter of intent received from Clhesebrough-Pond's Inc. , and to
adopt the necessary resolution approving the financing of general obligation
bonds and industrial revenue bonds in the arrrounts of $5, 500, 000and to enter,
into negotiations for a lease with said company.
Roll Call. Present: Councilmen Debo, Haake, Hawes, ICliegel, Scrivner, Skain, Stone,
Van Loo and Willcoxon. 9
Absent: Councilman Riner, absent with leave. 1
A quorum was declared present.
Letter of The City Clerk presented the following letter from Chesebrough-Pond's Inc.
intent. August 23, 1965
.Honorable John G. Christy, Mayor
City of Jefferson
Jefferson City,
Missouri
Dear Mayor Christy:
As you know, the selection of Jefferson City as the best location for our new
Midwest manufacturing facility was made after several months of careful
study and investigation of other sites as well as negotiations with yourself,
the Chamber of Commerce and other officials. One of the considerations in
our choice of location was the availability of financing the cost of this plant
through industrial general obligation and revenue bonds of your City.
The recent increase in the sire and cost of the installation and the importance
of it to our operations have led to the conclusion on our part that we should
take the municipal bond route to finance its construction.
The Board of Directors of our Company, at its meeting on August 18, authorized
proceeding with this municipal bond financing; grog am. Accordingly, we should
like to request the City of Jefferson approve the application of this pvogrrirn to
our new plant project.
As we understand the procedure, the City must apply to the Missouri State
Divislon of Commerce and IndUStritil l)cv00l)m011t for permission to tail a bond
election to vote on approximately $5, 500, 000 industrial reventie and general
obligation bondri. 'l'hese funds would he used for the purpose of purchasing land
and constructing and equipping the new plant which would be leased to us for
an annual amount sufficient to pay all the bonds and interest as they become clue.
For your, information, the Company will make substantial expenditures of Its own
funds to relocate plants from present locations to Jefferson City. In the interest
of an early construction date, we ask that you authorize the calling of the
necessary bond election as soon as possible.
In order for us to make an intelligent decision on this municipal bond financing,
we have consulted with Stern Brothers and Company of Kansas City and the law
firm of Stinson, Mag, Thompson, McEvers and Fizzell. In our preliminary
discussions with these firms we have found them most competent and helpful
and therefore would like to recommend that the City retain them to handle the
legal and financial aspects of the issue. Inasmuch as our Company is obligated
to satisfy all financial obligations created by the bond issue, the services of
these firms will be free from cost to Jefferson City.
As a part of their services, they will prepare the state applications for the
City, start work on the preparation of the lease, provide funds for publicity
for the election, and prepare all necessary legal proceedings incident to the
issue. Naturally, the lease, bond ordinance, etc. are subject to the approval
of both parties. The legal and investment firms will submit their work to you
from time to time and assist any of your City officials in any way possible to
see that the issue is marketable and well secured.
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li We are looking forward with pleasure to our continued asso:iation and wish
to assure you of our desire of cooperating in any way possible in getting these
results accomplished.
Sincerely,
CHESEBROUGH-POND'S INC.
By: /s/ J. Grandel Jones,
Treasurer
After a discussion of the subject, Councilman Debo offered and moved the
approval of the letter. Councilman Willcoxon seconded the motion and the
question being put to a roll call vote, the result was as follows:
Councilman Debo voted Aye.
jCouncilman Haake voted Aye.
I Councilman Hawes voted Aye.
j Councilman Kliegel voted Aye.
Councilman Riner Absent.
Councilman Scrivner voted Aye.
Councilman Skain voted Aye.
Councilman Stone voted Aye. i
Councilman Van Loo voted Aye.
Councilman Willcoxon voted Aye.
The motion having received the affirmative vote of all the Councilmen present,
the Mayor declared the motion carried.
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Councilman Willcoxon offered and moved the adoption of the following Resolution.
resolution:
RESOLUTION
RESOLVED, by the City Council of the City of Jefferson City, Missouri, that
the Council hereby approves a project for industrial development to be carried
out under the Constitution and laws of the State of Missouri relating to the
construction and purchase of a manufacturing plant to be used for industrial
development purposes and to be leased to Chesebrough-Pond's Inc. , a New York
corporation, and that the Mayor, City Attorney and other appropriate officers
of said City be and they are hereby authorized an(] directed to enter into
negotiations for a lease with said Company and such other agreements as may
be necessary to carry out said project, said project to cost approximately
$5, 500, 000 and to be financed out of the procreds of general obligation bonds
and industrial revenue bonds in the exact amounts hereafter to be determined,
and that said leasc and other appropriate docunientH he preiiented to the
Council for its approval and final action.
Adopted: August 30, 1065 /s/ John Gt. ChriHty
President of the Council
Attest:
/a/ Margaret Christian
City Clerk
Councilman Scrivner seconded the motion to adopt the foregoing resolution, and,
i; the question being put to a roll call vote, the result was as follows:
Councilman Debo voted Aye.
Councilman Haake voted Aye.
?" Councilman Hawes voted Aye. 3
�I
Councilman Kliegel voted Aye.
!I Councilman Riner Absent.
Councilman Scrivner voted Aye.
s Councilman Skain voted Aye.
jj
Councilman Stone voted Aye.
Councilman Van Loo voted Aye.
Councilman Willcoxon voted Aye.
The motion having received the affirmative vote of all the Councilmen present, '
the Mayor declared the motion carried and the resolution adopted this 30th
day of August, 1065.
On motion of Councilman Willcoxon, the Council adjourned, under the rules. Adjournment.
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