HomeMy WebLinkAbout88-067
RESOLUTION NO. 88-67
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A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY
OF MOHAVE, ARI ZONA APPROVING THE PROCEEDINGS OF TH.E
INDUS'rRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF MOHAVE
REGARDING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE
BONDS, 1988 SERIES A, AND 1988 SERIES B (CITIZENS UTILITIES
COMPANY PROJECT) PURSUANT TO A PI:"AN OF FINANCING IN COMPLIANCE
WITH SECTION 147 (F) OF 'rHE INTE:RNAL REVENUE CODE OF 1986, AS
AMENDE:D.
WHEREAS, The Industrial Development Authori ty of the
County of Mohave (the "Authority") proposes to issue pursuant
to a plan of financing industrial development revenue bonds on
behalf of Citizens Utilities Company, a Delaware corporation
authorized to do business in Arizona, in one or more series in
the aggregate principal amount of $15,000,000
of cE~rtain facilities for the furnishing of
and water and sewage facilities located in
Arizona; and
to pay the cost
electric energy
Mohave County,
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WHEREAS, it is necessary for the Board of Supervisors to
conduct proceedings in satisfaction of the public approval
requirement of Section l47(f) of the Internal Revenue Code of
1986, as amended (the "Code"), with respect to tax-exempt
industrial development bond issues the proceeds of which will
be used to finance facilities located in Mohave County; and
WHEREAS, pursuant t,o a Notice of Public Hearing, duly
published in the Mohave Daily Miner on June 14, 1988, the
Authority conducted a public hearing on July 5, 1988, pursuant
to and in compl iance wi t:h the :requirements of Sect ion 147 (f)
of the Code, at which all intE!rested parties were given an
opportunity to express their views orally or in writing for or
against the proposed facilities and the plan of financing
therefore; and
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WHEREAS, a resolution of the Authority the issuance and
sale of its Industrial Development Revenue Bonds, 1988 Series
A and 1988 Series B (Citizens Utilities Company Project) (the
"Bonds") in the aggregate principal amount of $15,000,000
under and pursuant to Title 35, Chapter 5, Arizona Revised
Statutes, as amended (the "Act"), has been made available to
the Board of Supervisors of the County of Mohave, Arizona, and
said resolution has been duly considered this date; and
WHEREAS, said resolution authorizes, among other things,
the issuance and sale of the Bonds, the execution and delivery
of a Loan Agreement, the execution and delivery of an
Indenture of Trust, the execution and deliver of a Tax
Regulatory Agreement,
the execution of a Bond Purchase
Agreement and other related documents; and
and
WHEREAS,
for the
the terms, maturity, provisions
determination of interest rates
for redemption
and interest
payment dates,
set :Eorth in
Agreement; and
securi ty and sou rce of payment
the Indenture of Trust and the
for Bonds are
Bond Purchase
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WHEREAS, copies of said documents have been made
avai lablE~ to the Boarcl of Supervisors of the County of Mohave,
Arizona, together wi th the aforementioned resolution of the
Authority; and
WHEREAS, the Board of Supervisors has been informed that
said documents have been reviewed by competent Bond Counsel,
and said Bond Counsel has determined that said documents
adequately meet the requirements of Title 35, Chapter 5,
Arizona Revised Statutes, as amended; and
WHEREAS, it is intended that this Resolution shall
consti tute approval by the Board of Supervisors with respect
to the issuance of the Bonds ,..1i thin the meaning of Section
147(f) of the Code and approval of the issuance of the Bonds
pursuant to Section 35-721(B) of the Act;
NOW,
THEREFORE,
BE
IT RESOLVED BY THE BOARD OF
SUPERVISORS OF THE COUNTY OF MORAVE, ARIZONA AS FOLLOWS:
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1.
That the Board of Supervisors hereby approves the
proceedings undE~r which the Bonds are to be issued by
the Authority, including specifically the resolution
described above, the Bonds, the Bond Purchase Agreement,
the Loan Agreement, the ~~ax Regula tory Agreement, the
Indenture of Trust and all other required or appropriate
documents.
2.
That all resolutions or
herewi th be and the same
extent of such conflict.
parts therefore in conflict
are hereby repealed, to the
3. That immediately after its adoption this Resolution
shall be signed by the Chairman and Clerk, shall be
recorded in the book kept for that purpose and shall
take immediate effect.
PASSED, APPROVED AND ADOPTED by the Board of Supervisors
of the County of Mohave, Arizona this 22nd day of August,
1988.
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MOHAVE..S~~Y BO RD70F SU ERVISORS
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L~/~/JJ[?" ~'/1-
Je~(:!/ Holt, Chairman
ATTEST:
U.z '-C; k 2.-L2-l ~]t_
Pat Chastain, Clerk