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HomeMy WebLinkAbout88-067 RESOLUTION NO. 88-67 I 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, I 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 I 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 I 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: I 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. I MOHAVE..S~~Y BO RD70F SU ERVISORS ./ __ ":1 4 // _ "\. h"'r ,.~. L~/~/JJ[?" ~'/1- Je~(:!/ Holt, Chairman ATTEST: U.z '-C; k 2.-L2-l ~]t_ Pat Chastain, Clerk