HomeMy WebLinkAbout90-380
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IIDOALMED
RESOLUTION NO. 90-380
TNDEXEQ
01:90-85826
RESOLUTION AUTH01UZING THE EXECUTION AND DELIV-
ERY OF A GROUND LEASE, A LEASE AGREEMENT, AN
AGENCY AGREEMENT AND A TRUST AGREEMENT; APPROV-
ING AN OFFICIAL STATEMENT; APPROVING THE ISSU-
ANCE OF $1,770,000 CERTIFICATES OF PARTICIPA-
TION, SERIES 1990, EVIDENCING A PROPORTIONATE
INTEREST OF THE OWNERS THEREOF IN A LEASE
AGREEMENT BETWEEN MOHAVE COUNTY, ARIZONA AND
MORAVE COUNTY MUNICIPAL PROPERTY CORPORATION;
AUTHORIZING THE TAKING OF ALL OTHER ACTIONS
NECESSARY TO THE CONSUMMATION OF THE TRANS-
ACTIONS CONTEMPLATED BY THIS RESOLUTION; AND
DECLARING AN EME:RGENCY.
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WHEREAS, Mohave County Municipal Property corporation,
an Arizona nonprofit corporation (the "corporation") ,was orga-
nized with the approval of Mohave County, Arizona (the "County")
for the specific purpose of financing and leasing to the County a
public works facility and an administrative office building to be
used by the County and thE~ financing of the costs of acquiring,
constructing, reconstructing or improving buildings, equipment and
other real and personal properties sui table for use by and for
leasing to the County or i t.s agencies or instrumentalities; and
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WHEREAS, the County is desirous of financing the costs
of construction and equipping of a library facility on property
owned by the County through the issuance and sale of $1,770,000
Certificates of Participation, Series 1990, dated as of December
1, 1990 (the "certificates"), by The Valley National Bank of
Arizona, a national banking association duly organized and existing
under the laws of the United States of America (the "Trustee"),
evidencing a proportionate interest of the owners thereof in the
lease payments and prepayments to be made pursuant to a Lease
Agreement, dated as of December 1, 1990 (the "Lease"), between the
County and the Corporation, pursuant to a Trust Agreement, dated
as of December 1, 1990 (the "Trust Agreement"), among the Trustee,
the County and the Corporat:ion; and
WHEREAS, Peacock, Hislop, Staley & Given, Inc. (the
"Original Purchaser") has offered to purchase the Certificates
pursuant to a Purchase Cont.ract (the "Purchase contract"); and
WHEREAS, there have been presented to the Board of Super-
visors of the County at this meeting (i) the proposed form of the
Ground Lease, dated as of December 1, 1990 (the "Ground Lease"),
between the County and the Corporation; (ii) the proposed form of
the Lease; (iii) the proposed form of the Agency Agreement, dated
as of December 1, 1990 (the "Agency Agreement"), between tljle County
and the corporation; (iv) .the proposed form of the Truslt Agree-
ment; (v) the form of the Official statement (the "Offici~l State-
ment") relating to the Certificates; and (vi) the Purch~se Con-
tract.
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPER-
VISORS OF MOHAVE COUNTY, ARIZONA, TRAT:
Section 1. 'rhe Board of Supervisors of the County here-
by finds and determines t:hat financing the costs of construction
and equipping of a library facility for the County on real property
owned by the County and leased to the Corporation pursuant to the
terms of the Ground Lease I' the Lease, the Agency Agreem~nt and the
Trust Agreement is in furtherance of the purposes of the County and
in the public interest and that the financing thereof through the
issuance and the sale of the Certificates will enhance the stand-
ard of living within the County and within the State of Arizona.
Section 2. The County hereby approves the issuance and
delivery of the Certificates, as hereinafter describ~d, by the
Trustee. The Certificates shall be issued in the aggregate prin-
cipal amount of $1,770,000. The Certificates shall be in the
denomination of $5,000 or any integral multiple thereof, shall be
dated December 1, 1990, and shall bear interest from such date
payable on January 1 and July 1 of each year, commencing July 1,
1991, and shall be fully registered certificates without coupons
as provided in the Trust Agreement. The Certificates shall bear
interest at the rates per annum and shall mature on July 1 in the
years and principal amounts as follows:
I Principal Interest
Year and Date Amount Rate
July 1, 1992 $130,000 6.75%
July I, 1993 135,000 7.00
July 1, 1994 145,000 7.10
July 1, 1995 155,000 7.20
July 1, 1996 165,000 7.25
July 1, 1997 180,000 7.30
July 1, 1998 195,000 7.40
July 1, 1999 205,000 7.50
July 1, 2000 220,000 7.55
July I, 2001 240,000 7.60
The forms, terms: and provisions of the Certificates and
the provisions for the signatures, authentication, payment, regis-
tration, transfer, exchange, redemption and number shall be as set
forth in the Trust Agreeme~nt and are hereby approved.
Section 3. The sale of the Certificates to the Original
Purchaser pursuant to the provisions of the Purchase contract is
hereby approved.
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Bt< 1834 PG 485 i(fEEt90- 85826)
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Section 4. The form, terms and provisions of the Ground
Lease, the Lease, the Agency Agreement, the Trust Agreement and the
Purchase Contract, in thE~ form of such documents (including the
exhibits thereto) presented at this meeting are hereby approved,
with such insertions, omissions and changes as shall be approved
by the Chairman of the Board of Supervisors of the County, the
execution of such documents being conclusive evidence of such
approval, and the Chairman of the Board of supervisolr's of the
County is hereby authorized and directed to execute and deliver the
Ground Lease, the Lease, the Agency Agreement, the Trust Agreement
and the Purchase Contract ,.
Section 5. The form, terms and provisions of the Offi-
cial Statement in the form of such document (including exhibits
thereto) presented at this meeting is hereby ratified, approved and
confirmed.. The distribution by the Original Purchaser of a Pre-
liminary Official Statement (the "Preliminary Official Statement")
to prospective invest:ors is hereby ratified, confirmed and
approved. The Preliminary Official Statement is deemed to be final
by this Board of Supervisors within the meaning of Rule 15c2-12 of
the Securities and Exchange Commission.
Section 6. The . County hereby requests the Trustee to
take any and all action necessary in connection with the execution
and delivery of the Ground Lease, the Lease, the Agency ~greement,
the Trust Agreement and the Purchase Contract and the issuance and
sale of the Certificates.
Section 7. 'l~he obligation of the County to make the
Lease Payments under the I~ease does not constitute an obligation
of the County for which the County is obligated to levy or pledge
any form of taxation nor does the obligation to make Lease Payments
under the Lease constitute an indebtedness of the County or of the
State of Arizona or any of its political subdivisions within the
meaning of the Constitution of the State of Arizona or otherwise.
Section 8. 'I'he County covenants that it will do all
things necessary to assist the Trustee in the issuance and delivery
of the Certificates.
Section 9. After any of the Certificates are delivered
by the Trustee to the Original Purchaser thereof upon receipt of
payment therefor, this Resolution shall be and remain irrepealable
until the Certificates and the interest thereon shall have been
fully paid, cancelled and discharged.
.section 10. In consideration of the purchase and accep-
tance of the Certificates by the registered owners the~eof from
time to time, and'as authorized by Title 35, Article 7, Arizona
Revised Statutes, as amended, and in consideration of reta!,ining the
exemption from federal income taxes of the interest income on the
Certificates, the County covenants and agrees, and the ap~ropriate
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BK 1834 PG 486 (FEE~90- 85816)
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officials of the County are hereby directed, to take all action
required, or to refrain from taking any action prohibited, by the
Internal Revenue Code of 1986, as amended (the "Code"), including,
without limitation (i) to meet the arbitrage rebate provisions of
the Code (section 148(f) of the Code), (ii) to make the required
information filing pursuant to the Code (Section 149 (e) of the
Code), (iii) to make the required expenditures so that the
certificates will not be deemed to be "hedge bonds" within the
meaning of the Code (Section 147(g) of the Code), and (iv) to do
all other things necessary to preserve the tax exempt status of the
interest income on the certificates.
section 11. ThE:! County hereby represents and warrants
that the County has general taxing powers, the Certiftcates are
not private activity bonds within the meaning of the Code, and
ninety-five percent (95%) or more of the net proceecls of the
certificates will be used for local governmental activities of the
county.
section 12. ThE~ County hereby designates the certifi-
cates as qualified tax-ex4~mpt obligations within the meaning of
and pursuant to the provisions of 265(b) of the Code and the County
represents and warrants that the reasonably anticipated amount of
qualified tax-exempt obli.gations (other than private activity
bonds) which will be issued by the County during the calendar year
1990 will not exceed $10,000,000.
section 13. If any section, paragraph, clause or pro-
V1S1on of this Resolution shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of
such section, paragraph, clause or provision shall not a!ffect any
of the remaining provision::; of thi.s Resolution.
section 14. All orders, resolutions and ordinances or
parts thereof inconsistent herewith are hereby waived to the extent
only of such inconsistency. This waiver shall not be conistrued as
reviving any order, resolution or ordinance or any part thereof.
section 15. The immediate operation of this R~solution
is necessary for the preservation of the public health and welfare
and an emergency is hereby declared to exist, and this Resolution
shall be in full force and effect from and after its passage and
approval by the Board of Supervisors of the County, as required by
law, and it is hereby exempt from the referendum provisions of the
Constitution and laws of the State of Arizona.
F'AGE 4 uF 5:
8K 183~ PG 481 (fEEt90- 85826)
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p~SBD AND ADOPTBD tn~5 11tn day of December. 1990.
MOlU'VB COUNTY BOl'RD 01' SUPERVISORS
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TNnEXED IIDOALMED
:::90- 8582'7 BK 1834 PG 48S
OfFICIAL RECORDS OF MOHAVE COUNTY, AZ.
!I:JOAN l'lc{:ALL ,r1tlH/WE (:DUNH RECORDER-
12/20/;'0 1:50 r .Ii. PAGE 1 OF 5
HOHf-WE COUNTY BOARD OF SUPERVISORS
REGORDING FEE 1),,:)0 NC
RESOLUTION NO. 90-381
RESOLUTION SETTING FORTH APPROVAL OF A FINAL SUBDIVISION PLAN FOR
SHIPP ESTATES III, TRACT 3026-A, BEING A PORTION OF PARCELS 13 &
14, SECTION 12, TOWNSHIP 21 NORTH, RANGE 19 WEST, LOCATED IN THE
GOLDEN VALLEY AREA, MOHAVE COUNTY, ARIZONA
WHEREAS, at t.he speci.al meeting of the Mohave County Board
of Supervisors held on December 17, 1990, a public hearing was
conducted to determine the approval of the final subdivision plan
for Shipp Estates III, Tract 3026-A, being North Half of Parcel
13 and the East thirty (30') feet of the North Half of Parcel 14,
Section 12, Township 21 North, Range 19 West, G & S. R. B. & M,
Mohave County, Arizona, and
WHEREAS, the owners/developers of this tract are Desert
Investment Properties,
an Arizona General Partnership and
B. P. J . &S, a Limited Partnership, Kingman, Arizona. The Engineer
responsible for the preparation of t:he drainage report and design
of this subdivision is John A. Proffit, P.E., Mohave Engineering
Associates, Inc., and
WHEREAS, this subdivision is located approximately seven (7)
miles west of the junction of Highways 93 and 68 and is
approximately one-half (1/2) mile south of Highway 68 on Teddy
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8K 1234 PG 490 (fEEt90- 85827)
Resolution No. 90-381
Page 2
Roosevelt Road. This project fronts on Teddy Roosevelt Road and
Brook Drive, and
WHEREAS,
the final plan depict(s)
twenty (20)
acres
subdivided into 67 lots. 1'hese lots will have a minimum size of
9,000 square feet and a maximum size of 14,000 square feet, and
WHEREAS, the Commission at their meeting on April 18, 1990
did recommend conditional approval of the preliminary subdivision
plan for Tract 3026, and
WHEREAS, the approval of this subdivision is based on the
understanding of the Mohave County Planning and Zoning Commission
and the Board of Supervisors that all streets within the
subdivision will be constructed and paved with asphaltic concrete
in accordance with Standard Specifications #171 and #101.100 of
the County Engineering Road Standards or better.
The same
improvement shall be made to Teddy Roosevelt Road from State
Highway 68 to, and contiguous to, the subdivision. The
improvements shall be placE':!d on the centerline.
Brook Dr i ve
shall be improved to Standard Specification #171 or better and
shall be placed on the centerline as the right-of-way is
contiguous to this tract. A water supply and distribution system
including adequate pressure and volume for fire flows Will be
constructed to serve each lot.
Grading and drainage related
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PAGE ;5 OF
BY. l834 PG
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4-91 (F"EEt90-
85827)
Resolution No. 90-381
Page 3
improvements will be made as recommended by the design engineer.
Electric and telephone service shall be provided to each lot in
accordance with Arizona Corporation Commission Regulations. All
lots and street centerline monuments will be staked and
monumented in accordance wi.th Standard Specification #102 of the
County Engineering Road Standards.
The Final Plat Map shall
conform to Mohave County Subdivision Regulations in its final
form.
Fire hydrants will be provided at locations prescribed by
the Golden valley Fire Department.
Street name and regulatory
signs will be installed in accordance with the requirements of
the Mohave County Subdivision Regulations and as recommended by
the design engineer;
and, as a
CONDITION
OF
APPROVAL,
the
owner/subdivider is
responsible
for the
completion
of
improvements and shall provide an assurance for all required
subdivision improvements in accordance with Article V of the
Subdivision Regulations, and
WHEREAS,
this
project
is
within
the
Golden Valley
Improvement District (GVID), and
NOW THEREFORE BE IT RESOLVED, that the Board approves the
said final plan conditional to the following:
1.
The developer will make the same commitments for
improvements in the prospectus to the State Real'Estate
Commission as is .rE~quired for approval of this ttact by
the Board;
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BK 1.834. PG ~~12 (FEE~90- 85827)
Resolution No. 90-381
Page 4
2. Arizona Depart.ment of
the water and sewer
subdivision;
Environmental Quality approves
system installation for this
3. The water system will provide adequate flows for fire
protection. F irE! hydrants conforming to the minimum
County standards shall be provided and located no more
than seven hundred and fifty (750') feet apart and/or
fire hydrants acceptable to the Golden Valley Fire
Department at the location they prescribe;
4. The owner/subdivider shall cause the drainage related
improvements to be completed as recommended by the
project engineer and outlined in the detailed drainage
report as approved by the Staff; a grading plan shall
be provided as a part of the improvements plans for
this subdivision;
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All drainage control facilities (streets, detention,
channels, culverts and off sites on property owned by
the developer) shall be constructed in accordance with
approved Staff recommendation. The off site drainage
structures shall be included in the responsibility of
the incorporated property owners association and the
property shall not be sold separate from Tract 3026
unless the developer can demonstrate to the
satis faction of t.he County Engineer that al ternati ve
methods can handle or mitigate the potential flood
damage to the Tract;
6. T!t~ final Pl-_~!:: for ,!,ract 3026-A includil!lg: the
Dedication ~il~ !!eed to be properly executed and/or
r~~ified ~ i!!1-l: eartie~ havi.!!:9: any record .!::itle
interest in th~ :~~lnd beinjI subdivided and included on
this subdivision boundary;,
7.
The owner/subdivider shall obtain water supplies for
this Tract 3026-A from the Golden Valley Improvement
District (GVID). The Arizona Department of Water
Resources working with the GVID shall determine the
adequacy of water and shall indicate that the water
supply has been found to be adequate for the GVID to
meet the needs of the District and this subdivision.
!his requirement. ~;hall not :preclude the recorqing of
this subdivision in its final form. However, the
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subdivider shall: ~~ restricted !rom selling lot! until
?:~l~ unl~s~ ~ p!:9per:L-X execut~~ written ~g: _~e~e~!
be!~ee~ the 9VI!2 ~nd the developer or his assi ns has
~~ completed. '!'~~ developer shall reflect in t~~ ~~al
Estate Report the specific approval granted !!! the