HomeMy WebLinkAbout93-049
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RESOLUTION NO. 93-49
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 REVENUE BONDS, 1993 SERIES (CITIZENS
UTILITIES COMPANY PROJECT) PURSUANT TO A PLAN OF FINANCING IN
COMPLIANCE WITH SECTION 147 ( f) OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED.
WHEREAS, The Industrial 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 $22,960,000 to pay the cost of certain
facilities for the [furnishing of electric energy and water and
sewage facilities] located in Mohave County, Arizona; and
WHEREAS, a resolution of the Authority authorizing the
issuance and sale of i-ts Industrial Development Revenu.e Bonds,
1993 Series (Citizens Utilities Company Project)(the "Bonds") in
the aggregate principal amount of $22,960,000 under and pursuant
to Title 35, Chapter 5, Arizona 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 resolution authorizes, among other things, the
issuance and sale of the Bonds, the execution and delivery of a
Loan Agreement, the execution and delivery of an Indenture of
Trust, the execution and delivery of a Tax Regulatory Agreement,
the execution of a Bond Purchase Agreement and other related
documents; and
WHEREAS, the terms, maturity, provisions for redemption and
for the determination of interest rates and interest payment
dates, security and source of payment for the Bonds are set forth
in Indenture of Trust and the Bond Purchase Agreement; and
WHEREAS, copies of said documents have been made available
to the Board of Supervisors of the Cou.nty of Mohave, Arizona,
together with the aforementioned resolution of the Authority; and
WHEJU~:.r\:s, t_he EI(-,aJ~(l u t :~~11.p8:cvis0rs has been i ntoJ::-mecl tha t
sQid documents have been reviewed by competent Bond Counsel, and
said Bond Counsel has determined that said documents adequately
mee1: the reqlJiren1en1:s of '.1.'5_ tIe 35, Chal?ter 5, Arizona Rev iseel
Statutes, as amended; and
WHEREAS,
December 7 ,
the Board of Supervisors passed
1992 in satisfaction of the
a Resolution on
pu.blic approval
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requirement of Section 147 ( f) of the Internal Revenue CODE of
1986, as amended (the "CODE"), with respect to the Bonds; and
WHEREAS, it is intended that this Resolution shall
constitute approval by the Board of Supervisors 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 MORAVE, ARIZONA, 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
Tax Regulatory 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 after its adoption this Resolution
shall be signed by the Chairman and Clerk, shall be 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 16th day of February, 1993.
MOHAVE COUNTY BOARD OF SUPERVISORS
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SAM STANDERFE , CHAIRMAN
ATTEST:
Board