HomeMy WebLinkAbout92-411
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RESOLUTION 92-411
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF MOHAVE,
ARIZONA APPROVING THE ISSUANCE BY THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MOHAVE OF NOT TO EXCEED $53,100,000
INDUSTRIAL DEVELOPMENT REVENUE BONDS (CITIZENS UTILITIES COMPANY
PROJECTS) PURSUANT '1'0 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 (the "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 $53,100,000 to pay the cost of
certain facilities for the furnishing of electric energy, gas and
water 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 the Internal Revenue Code of
1986, as amended (the "Code"), wi'th respect to tax-exempt
industrial development bond issues the proceeds of which will be
used to finance facilities located in Mohave County; and
WHEREAS, pursuant to a Notice of Public Hearing, duly
published in the Mohave Daily Miner on November 9, 1992, the
Authority conducted a public hearing on December 7, 1992,
pursuant to and in compliance with the requirements of Section
147(f) of the Code, at which all interested parties were given an
opportunity to express their views orally or in writing for or
against the proposed facilities and the plan off financing
therefor; and
WHEREAS, it
constitute approval
the issuance of the
the Code;
is intended that this Resolution shall
by the Board of Supervisors with respect to
bonds within the meaning of Section 147(f) of
NOW, THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF
THE COUNTY OF MORAVE, ARIZONA, AS FOLLOWS:
1. That at the public hearing conducted on December 7, 1992
by tJle Authority regardin'] tJl'?proposal t~o issue t.he Bonds
for the proposed Citizens Utilities Company projects all
interested parties who desired to do 50 were given the
opportunity to express their views orally or in writing for
or against the proposed projects and the plan of financing
therefor.
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2. That this Board has considered all oral or written
statements which were made or filed for or against the
proposed projects and the plan of financing therefor, and
hereby determines that the proposed issuances by the
Authority of the Bonds, for the purposes set forth in thee
Notice of Public Hearing and described in the preamble
hereof, be and the same are hereby approved in accordance
with the public approval requirements of Section 147(f) of
the Code.
3. That this Board intends a-t a subsequent meeting or
meetings to consider for adoption a resolution or
resolutions approving the proceedings of the Authority
regarding the issuance of each series of the Bonds in
compliance with Section 35-72l(B), Arizona Revised Statutes,
as amended.
4. That all resolutions or parts thereof in conflict
herewith be and the same are hereby repealed, to the extent
of such conflict.
5. 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 7th day of December, 1992.
MOHAVE COUNTY BOARD OF SUPERVISORS
WL::~
PAT HOLT, CHAIRMAN
Board