HomeMy WebLinkAbout94-317
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RESOLUTION NO.
94-317
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
MOHA VE, ARIZONA APPROVING THE PROCEEDINGS OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF
MOHA VEREGARDING THE ISSUANCE OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS, 1994 SERIES (CmZENS UTILmES COMPANY
PROJECTS) PURSUANT TO A PLAN OF FINANCING IN COMPLIANCE
WITH SECTION 35-721(B) lOF TITLE 35, CHAPTER 5, ARIZONA REVISED
STATUTES, AS AMENDED, AND SECTION 147(f) OF THE INTERNAL
REVENUE CODE OF 1986" AS AMENDED.
WHEREAS, The Industrial Development Authority of the County of Mohave (the
"Authority") proposes to issue pursuant to a plan of financing approved by it on June 2, 1992
industrial development revenue bonds on behalf of Citizens Utilities Company, a Delaware
corporation authorized to do business in Arizona, in the aggregate principal amount of
$6,640,000 to pay the cost of certain facilities for the furnishing of electric energy, gas and
water and sewage facilities located in Mohave County, Arizona; and
WHEREAS, a resolution of thl~ Authority authorizing the issuance and sale of its
Industrial Development Revenue Bonds, 1994 Series (Citizens Utilities Company Pr~jects) (the
"Bonds") in the aggregate principal amount of $6,640,000 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 IOf a Loan Agreement, the execution and delivery of an
Indenture of Trust, the execution and delivery of a Tax Regulatory Agreement, the execution
of a Bond Purchase Agreement and other related documents; and
WHEREAS, the terms, maturity, :provisions for redemption and for the determination of
interest rates and interest payment dates, security and source of payment for the Bonds are set
forth in the Indenture of Trust and the Bond Purchase Agreement; and
WHEREAS, copies of said documents have been made available to the Board of
Supervisors of the: County of Mohavl:, Arizona, tog1ether with the aforementioned resolution of
the Authority; and
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WHEREAS, thelk>ard of Supervisors has bec~n informed that said documents h:ave been
reviewed by competent Bond Counsel, and said Bond Counsel has determined that said
documents adequately meet the requireme:nts of Title: 35, Chapter 5, Arizona Revised Statutes,
as amended; and
WHEREAS, the Board of Supervisors passe-d a Resolution on December 7, 1992 in
satisfaction of the public approval requirements of Section l47(f) of the Internal Revenue Code
of 1986, as amended (the "Code")" with respect to not to exceed $53,100,000 Industrial
Development Revenue Bonds (Citizens Utilities Company Projects) to be issued in one or more
series pursuant to a plan of financing, of which two series of such Industrial Development
Revenue Bonds in the aggregate principal amount of $22,960,000 and $10,000,000, respectively,
have been issued; and
WHEREAS, the Board of Supervisors has been informed that the Authority held a public
hearing on September 6, 1994, following due public notice, in further satisfaction of said
Section 147(f) of the Code with respect to the Bonds; and
WHEREAS, it is intended that this Resolution shall constitute approval by the Board of
Supervisors of the issuance of the Bonds pursuant to Section 35- 721 (B) of the Act and pursuant
to the public approval requirements of said Section 147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF MOHA VE, ARIZONA, AS FOLLOWS:
1. That the Board of Supe:rvisors hereby approves the proceedings under 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 Tax Regulatory Agreement,
the Indenture of Trust and all other required or appropriate documents.
2. That the Board of Supervisors hereby provides public approval with respect to the
Bonds and the related projects.
3. That all resolutions or parts thereof in conflict herewith be and the same are
hereby repealed, to the extent of such conflict.
4. 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.
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PASSED, APPROVED AND ADOPTED by the Board of Supervisors of the
County of Mohave, Arizona, this Gth day of September, 1994.
MORA VE COUNTY BOARD OF SUPERVISORS
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lJIClan C. Ward, Chairman
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