HomeMy WebLinkAbout93-304
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RgSOLUTION NO. 93-304
A RESOLUTION OF THE BOARD OF SePERVISORS OF THE COUNTY OF
MOHA VE, ARIZONA APPROVING THE PHOCEEDINGS OF THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE COUNTY OF MOHA VE REGAHDING THE
ISSUANCE OF INDUSTRIAL DEVELOPMENT REVENUE BONDS, 1993 SERIFS B
(CITIZENS UTILITIES COMPANY PROJECTS) PURSUANT TO A PLAN OF
FlNANCING IN COMPLlANCg WIrTH SECTION 147F(f) OF THE INTERNAL
REVENUE COnE OF 1986, AS AMENDED.
WHEREAS, The Industrial Development Authority of the County of (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 the aggregate principal amount of
$10,000,000 to pay the cost certain facilities for the furnishing of electric energy
and gas located in Mohave County, Arizona; and
WHEREAS, a resolution of the Authority authorizing the issuance and sale of
its Industrial Development Revenue Bonds, 1993 Series B (( ~itizens Utilities
Company Projects) (the "Bonds") ill the aggregate principal amount of $10,000,000
under anel pursuant to Title 35, Chapter 5, Arizona Revised Statutes, as amended
(the "Act"), hilS 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 delivery of a Tax
Regulatory Agreement, the execution on a Bond Purchase Agre(~ment and other
related documents; and
WHEREAS, the terms, maturity, prOVISIOns for redemption
determination of interest rates and interest payment dates, security
payment for the Bonds are set forth in the Indenture of Trust
Purchase Agreement; and
and for the
and source of
and the Bond
WHEREAS, copies of said documents have been made available to the Board
of Supervisors of the County of Mohave, Arizona, together with 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 rritle 35,
Chapter 5, Arizona Revised Statutes, as amended; and
WHEREAS, the Board of Supervisors passed a Resolution on December 7,
1992, in satisfaction of the public approval requirements of Sectil)ll 14 7( f) of the
Internal Hevenue Code of 1986, as amended, with respect 10 !lOt t~ exceed
$53,100,000 Industrial Development RevenUE' Bonds (Citizens Utilities Company
Proiects) to be issued in one or more series pursuant to a plan 0 f financin~, of
which one series of such IndustriaJ~ Development Revenue Bonds in _the awe~ate
principal of $2~~,960,000 has been. iss~ and
WHEHEAS, it is the intended that this Resolution shall constitute approval
hy t,he Hr>:ll'll of' 811IH'l.\'i~~,lI'!'! of' till' iI'l811:lIW(-' or the HODd!'! pursuant to Section 35-
72J (Hl of tlte Act:
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Board of Supervisors
Resolution No. 93-304
(page 2)
NOW, THEREFORE, BI!: IT RESOLVED BY THE BOARD OF SUPElRVISORS
OF THE COUNTY OF MOllA VE" ARIZONA, AS FOLLOWS:
1. That the Board of Supervisors hereby approves the proceedings under
which the Bonds are to be issued by the Authority, including specifically the
resolution subscribed 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 all resolutions or parts thereof in conflict herewith be and the
same are hereby repealed, to the extent of such conflict.
3. That immediately after its adoption this Resolution shall be signed by
the Chairman and Clerk, shall be recorded in the book kept for tha t purpose and
shall take immediate effect.
PASSElD, APPROVED AND ADOPTED by the Board of Supervisors of the
County of Mohave, Arizona this 18th day of October, 1993.
MOHA VE COUNTY BOARD OF SUPERVISORS
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Sam Standerfer, Chai man