HomeMy WebLinkAbout90-185
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RESOLUTION NO. 90-185
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE
AUTHORIZING THE ESTABLISHMENT OF REVOLVING
AGREEMENTS WITH THE VALLEY NATIONAL BANK
AUTHORIZING THE CHAIRMAN TO SIGN.
COUNTY OF MOHAVE
LINE OF CREDIT
OF ARIZONA AND
WHEREAS, pursuant to the cu r rent serv i c i ng Bank A9reement
between Mohave County and the Valley National Bank of Arizona,
the parties anticipated establishing revolving lines of credit to
pay the lawful claims and obligations of the County and other
political subdivisions until sufficient monies from property
taxes and other unrestricted revenues were available; and
WHEREAS, lawful authority now exists for establishing such
lines of credit, following the enactment of House Bill 2656, Ch.
180, Section 1, Laws 1989, codified at A.R.S. 11-604.01; and
WHEREAS, the Board of Supervisors is authorized to make
agreements for obtaining separate and distinct revolving lines of
credit for the County and for each political subdivision of this
County for which the County Treasurer serves as treasurer~ and
WHEREAS, the use of such 1 i nes of cred i t would be in the
best interests of the County anCl such political subdivisions,
being both more efficient and economical than the warrant
registering alternative;
NOW THEREFORE BE I T RESOLVED 'rHAT:
1. The Board of Superv i sor s hereby author i zes the
establishment of a separate and distinct revolving line
of credit with the Valley Bank of Arizona for the
County of Mohave and for each individual political
subdivision for which the County Treasurer serves as
treasurer.
2. The terms and conditions of each agreement establishing
such lines of credit shall be consistent with the terms
and conditions of the existing Servicing Bank Agreement
lid th the VallE~y Bank of .Ar izona and the provisions of
A.R.S. 11-604.01.
3.
The Chairman of the
authorized to execute
authorized herein,
Supervisors.
Board of Supervisors is hereby
each such agreement, in the form
on behalf of the Board of
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DATED this ~_ day cf JO Ly.
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, 1990.
MOHAVE COUNTY BOARD OF SUPERVISORS
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C1 IS J. HuBKARtl, CHAIRMAN
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OF 1?HE BOARD