HomeMy WebLinkAbout91-220
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RESOLUTION NO. 91-220
A RESOLUTION OF THE BOARD OF SUPERVISORS OF
THE COUNTY OF MOHAVE ACCEPTING A GRANT
ADVANCE LOAN FROM THE ARIZONA DEPARTMENT OF
TRANSPORTATION - AERONAUTICS DIVISION IN THE
AMOUNT OF $1,02S,OOO.00 FOR TH E CONTINUED
DEVELOPMENT OF THE LAUGHLIN/BULLHEAD CITY
AIRPORT.
WHEREAS, the County of Mohave has applied to the Arizona Department of Transportation-
Aeronautics Division for a grant advance loan for the continued development of the Laughlin/Bullhead City
Airport; and,
WHEREAS, the Arizona Department of Transportation - Aeronautics Division has adopted a
L.oan Policy Program to expedite airport improvement projects; and,
WHEREAS, the Arizona Department of Transportation - Aeronautics Division has approved
the grant advance loan request fl'Om Mohave County for the continued development of the
Laughlin/Bullhead City Airport in the amount of One Million Twenty Five Thousand Dollars; and,
WHEREAS, the County of Mohave proposes to pay 7.305% interest on the grant advance
I()an for a total amount of One Hundred Thirteen Thousand Two Hundred Twenty Seven Dollars and Fifty
Cents ($113,227.50); and,
WHEREAS, the County of Mohave requests the Arizona Department of Transportation -
Aeronautics Division deduct the interest from the principal amount prior to the issuance of the loan
proceeds; and,
WH E R EAS, the County ~)f Mohave proposes to repay the grant advance loan within two
years, beginning August, 1992 in an amount not less than Five Hundred Thousand Dollars ($500,000.00)
per year;
NOW, THEREFORE BE IT RESOLVED, that the Board of Supervisors of the County of
Mohave does hereby accept the grant advance loan offer from the Arizona Department of Transportation -
Aeronautics Division in the amount of One Million Twenty Five Thousand Dollars ($1,025,000.00);
BE IT FURTHER RESOLVED that the Board of Supervisors of the County of Mohave
does hereby authorize the Vice Chairman to execute documents in the absence of the Chairman if future
action is taken at an official meeting of the Board of Supervisors; also,
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BE IT FURTHER RESOLVED that the Board of Supervisors of the County of Mohave
does hereby authorize Mohave County Airport Authority, Inc., as the management agency of the
Laughlin/Bullhead City Airport, to act on its behalf in the administration of the grant advance loan.
PASSED. APPROVED AND ADOPTED by the Board of Supervisors of the County of
Mohave, Arizona this 5th day of August, 1991.
MOHAVE COUNTY BOARD OF SUPERVISORS
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Lois J. Hub
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