HomeMy WebLinkAbout91-054
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RESOLUTION 91-54
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF MOHAVE,
ARIZONA APPROVING THE PROCEEDINGS OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MOHAVE: REGARDING THE ISSUANCE OF
INDUSTRIAL DEVELOPMENT REVEI'lUE BONDS, 1991 SERIES A AND 1991
SERIES B (CITIZENS UTILITIES COMPANY PROJECT) PURSUANT TO A PLAN
OF FINANCING IN COMPLIANCE 'rnTH SECTION 147 ( f) OF THE INTERNAL
REVENUE CODE OF 1986, AS lU1ENDED
WHEREAS, The Indust:rial Development Authority 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 $20,000,000 to pay the cost of certain
facilities for the furnishing of electric energy and watE~r and
sewage facilities located in Mohave County, Arizona; and
WHEREAS, it is necessary for the Board of Supervisors to
conduct proceedings in satisfaction of the public approval
requirement: of Section 147 (f) of t.he Internal Revenue Code of
1986, as amended (the "Code"), with respect to tax-exempt
industrial development bond issues 1:he 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 Da.ily Miner on January, 17, 1991, the
Authority conducted a public hearing on February 4, 1991,
pursuant to and in compliance with the requirements of Section
147 (f) of the Code, at ,,,hich time all interested 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
WHEREAS, a resolution of thE~ Authority authorizing the
issuance and sale of its Industrial Development Revenue Bonds,
1991 Series A and 1991 Series B (Citizens Utilities Company
Project) (the "Bonds") in the aggregate principal amount of
$20,000,000 under and pursuant to Title 35, Chapter 5, A.rizona
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 resollTticn authorizes, among other things, the
issuance and sale of the Bonds, the execution and delivery of a
Loan AgreemE~nt, the eXE~c1Jtion and delivery of an IndenturE''! of
Trust, the execution and delivery of a Tax Regulatory Agreement,
the execution of a Bond Purchase A.greement and other related
documents; a.nd
WHEREAS, the terms, maturity, provision for redemption and
for the det:ermination 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
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WHEREAS, copies of sai.d 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 det;ermined that said documents adequately
meet the requirements of T:i tIe 35, Chapter 5, Arizona Revised
Statutes, as amended; and
WHEREAS, it is intended that this Resolution shall
constitute approval by the Board of Supervisors with respect to
the issuance of the Bonds within 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 MOHA VE, ARnWNA 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 described
above, the Bonds, thE~ Bond Purchase Agreement, the Loan
Agreement, the ~~ax Regullitory Agreement, the Loan
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 aftE!r its adoption this Resolution shall
be signed by the Chairman and Clerk, shall 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 4th day of February, 1991.
MOHAVE COUNTY BOARD OF SUPERVISORS
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Lois ,J. Hard, Chairman
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