HomeMy WebLinkAbout92-023
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RESOLUTION NO. 92-23
A regular meeting of the Board of Supervisors of Mohave County
was held at Kingman, Arizona on the 20th day of January, 1992,
commencin<;;J at 10:00 o'clock a.m., local time.
The following resolution was offered and seconded with a
majority thereof affirmatively concurring:
RESOLUTION APPROVING THE ISSUANCE OF CERTAIN
BONDS BY THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE COUNTY OF MOHAVE
WHEREAS, The Industrial Development Authority of the County of
Mohave (the "Authority") proposes to issue its 1992 Industrial
Development Revenue Bonds (Copper Ridge Apartment Project FHA
Insured Mortgage) (the "Bonds") in the aggregate principal amount of
$5,300,000 for the purpose of financing the acquisition,
construction and equipping of a certain multifamily housing facility
consisting of 156 two and three-bedroom apartments to be owned and
operated by Copper Ridge Communi ty Limited Partnership (the
"Company") located at the Southeast Corner of Hualapai Mountain Road
and Eastern Avenue, in the City of Kingman, Mohave County, Arizona
(the "Facility") in accordance with the Industial Development Plans
for Municipalities and Counties Act, Title 9, Chapter ll, Arizona
Revised Statutes, as amended (the "Act")~ and
WHEREAS, it is the intent of the Authority
the Bonds qualify for exemption from federal
pursuant to Section 142(a) of the Internal Revenue
amended (the "Code")~ and
that interest on
income taxation
Code of 1986, as
WHEREAS, pursuant to Section 147(f) of the Code, interest on
the Bonds will not qualify for exemption from federal income
taxation unless the issuance of the Bonds is approved by the Board
of Supervisors of the County after a public hearing to consider both
the issuance of the Bonds and thE~ nature and location of the
Facility has been conducted following reasonable public notice~ and
WHEREAS, such public hearing has been duly held and a report
of such hearing has been made available to each member of the Board
of Supervisors of the County prior to this meeting~ and
WHEREAS, THE BONDS SHALL NOT BE A DEBT OF THE STATE OF ARIZONA
OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE COUNTY OF MOHAVE AND THE CITY OF
KINGMAN, AND NEITHER THE STATE OF ARIZONA NOR ANY POLITICAL
SUBDIVISION THEREOF, INCLUDING THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE COUNTY OF MOHAVE AND THE CITY OF KINGMAN, SHALL BE: LIABLE
THEREON~ and
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NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of
Mohave County as follows:
Sect ion l. For the sole purpose of qualifying the interest
payable on the Bonds for exemption from federal income taxation
pursuant to the provisions of Section 144 of the Code, the Board of
Supervisors of Mohave County, as the elected legislative body of the
County, hereby approves the issusance by the Authority of the Bonds,
provided that the Bonds, and the premium (if any) and interest
thereon, shall be special obligations of the Authority and shall
never be a debt of the State or any political subdivision thereof,
including, without limitation, the County, and neither the State nor
any political subdivision thereof, including, without limitation,
the County, shall be liable thereon.
Section 2. This resolution shall be deemed to be made for the
benefit of the holders, from time to time, of the Bonds and shall
consti tute a contract between the County and the holders of the
Bonds.
Section 3. This resolution shall take effect immediat'3ly.
The question of the adoption of the foregoing resolution was
duly put to a vote on roll call, which resulted as follows:
Supervisor Roper voting aye
Supervisor Foster voting aye
Supervisor Bernstein voting aye
Supervisor Holt voting aye
Chairman Hubbard voting aye
MOHAVE COUNTY BOARD OF SUPERVISORS
By-4 -:k~-# ~c/-
Lois ubbard C irman
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