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RESOLUTION #91-340
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF
$16,800,000 AGGREGATE PRINCIPAL AMOUNT OF MOHAVE UNION HIGH
SCHOOL DISTRICT NO. 30 OF MOHAVE COUNTY, ARIZONA, SCHOOL
IMPROVEMENT BONDS, PROJECT OF 1991, SERIES B (1992);
PROVIDING FOR THE ANNUAL LEVY OF A TAX FOR THE PAYMENT OF
THE BONDS; APPOINTING A REGISTRAR, TRANSFER AGENT AND PAYING
AGENT WITH RESPECT TO THE BONDS;, APPROVING THE FORM OF
CONTRACT FOR SUCH REGISTRAR, TRANSFER AGENT AND PAYING
AGENT; MAKING CERTAIN TAX COVENANTS; APPROVING A FEE PAYMENT
AGREEMENT FOR PAYMENT TO THE COUNTY TREASURER OF THE FEES
AND COSTS OF THE REGISTRAR, TRANSFER AGENT AND PAYING AGENT;
ACCEPTING A PROPOSAL FOR THE PURCHASE OF THE BONDS;
APpROVING A BOND PURCHASE AGREEMENT AND AUTHORIZING ITS
EXECUTION; MAKING CERTAIN TAX COVENANTS; APPROVING A FORM OF
OFFICIAL STATEMENT; AUTHORIZING THE CHAIRMAN TO EXECUTE THE
OFFICIAL STATEMENT; AUTHORIZING CIRCULATION OF THE OFFICIAL
STATEMENT; RATIFYING ALL ACTIONS TAKEN WITH RESPECT TO THE
PREPARATION AND DISSEMINATION OF A PRELIMINARY OFFICIAL
STATEMENT; AND RATIFYING ACTIONS TAKEN WITH RESPECT TO THE
ISSUANCE, SALE AND DELIVERY OF THE BONDS.
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WHEREAS, by the vote of a majority of the
qualified electors of Mohave Union High School District
No. 30 of Mohave County, Arizona (the "District"), voting at
a special bond election held in and for the District on
May 21, 1991, the issuance of $18,300,000 School Improvement
Bonds, Project of 1991, of the District has been authorized;
and
WHEREAS, pursuant to the request of the Governing
Board of the District (the "Governing Board"), $16,800,000
in aggregate principal amount of such school improvement
bonds are to be issued and sold at this time; and
WHEREAS, the Governing Board has received a bid
from Rauscher pierce Refsnes, Inc. (the "Underwriter") and
said District requested that such bonds be sold through
negotiation to the Underwriter; and
WHEREAS, by this resolution this Board will
approve a bond purchase agreement (the "Bond Purchase
Agreement") with the Underwriter for the sale of bonds to
the Underwriter; and
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WHEREAS, by this resolution this Board will
authorize the issuance and sale of such bonds to the
Underwriter in accordance with the Bond Purchase Agreement;
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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
SUPERVISORS OF MOHAVE COUNTY, ARIZONA, AS FOLLOWS:
Section 1. Authorization. There is hereby
authorized to be issued and sold a series of bonds of the
District in an aggregate principal amount of $16,800,000.
The bonds so authorized shall be designated Mohave Union
High School District No. 30 of Mohave County, Arizona,
School Improvement Bonds, ProjeGt of 1991, Series B (1992)
(the "Bonds"), and shall be issued and sold as directed by
this Board in accordance with the provisions of applicable
laws.
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Section 2. Terms. The Bonds will be dated
January 1, 1992, and will mature in the principal amounts
and bear interest from their date to the maturity of each of
the Bonds at the interest rates set forth in the "principal
and Interest Rate Schedule" attached as Exhibit B hereto and
incorporated by reference herein. The Bonds are to be
issued in the denomination of $5,000 each or integral
multiples thereof, and in fully registered form. Interest
on the Bonds shall be payable on January 1, 1993, and
semiannually thereafter on each succeeding July I and
January 1 during the term of the Bonds (each an "Interest
Payment Date").
The Bonds shall be sold under the terms and
conditions set forth herein and in the Bond Purchase Agree-
ment and shall have such terms and provisions as are set
forth herein, therein and in the form of Bond. The Bonds
are transferable in the manner set forth in the form of Bond
attached as Exhibit A hereto and incorporated by reference
herein.
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Interest on the Bonds will be payable on each
Interest Payment Date by check or draft mailed to the
registered owner thereof at such owner's address shown on
the registration books maintained by the bond registrar,
initially, The Valley National Bank of Arizona, having its
principal corporate trust office in Phoenix, Arizona (the
"Bond Registrar"). Interest shall be paid to such
registered owner as of the close of business of the Bond
Registrar on the fifteenth day of the month preceding an
Interest Payment Date, or if such date is a Saturday, Sunday
or holiday, on the previous business day (the "Record
Date"). Any interest which is not timely paid or duly
provided for shall cease to be payable to the person who is
shown as the registered owner thereof (or of one or more
predecessor Bonds) as of the Record Date, and shall be
payable to the owner thereof (or one or more predecessor
Bonds) at the close of business on a special record date for
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the payment of the overdue interest. The date of payment of
such overdue interest and such special record date will be
fixed by the Bond Registrar whenever moneys become available
for payment of the overdue interest, and notice of the date
of payment of such overdue interest and such special record
date will be given to registered owners not less than ten
(10) days prior to the special record date.
Principal of and premium, if any, on the Bonds
will be payable, when due, upon presentation and surrender
of the Bond at the principal corporate trust office of the
Bond Registrar.
Section 3.
Prior Redemption.
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A. Optional Redemption. Bonds maturing on or
before July 1, 2001, and Bonds maturing on July 1, 2005, and
July 1, 2006, are not subject to call for redemption prior
to their stated maturity. Bonds maturing on July 1, 2002,
through July 1, 2004, and Bonds maturing July 1, 2011
(subject to the provisions of paragraph B below), are
subject to call for redemption prior to their stated
maturity, in whole or in part, on July 1, 2001, or on any
Interest Payment Date thereafter, at the option of the
District, by the payment of a redemption price equal to the
principal amount of each Bond called for redemption plus
interest accrued to the date fixed for redemption plus a
premium payable from any source lawfully available therefor,
the premium (calculated as a percentage of the principal
amount of the Bonds to be redeemed) to be computed as
follows:
Redemption Dates
July 1, 2001 and January 1, 2002
July 1, 2002 and January 1, 2003
and thereafter without premium.
Premium
1.0%
0.5%
B. Mandatory Redemption. Notwithstanding the
provisions of the preceding paragraph, Bonds maturing on
July 1, 2011, are subject to scheduled mandatory redemption
on the dates and in the amounts set forth below (leaving a
principal amount of $1,500,000 due at maturity on July 1,
2011):
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Mandatory
Redemption
Date
(July 1)
2007
2008
2009
2010
Principal
Amount
to be
Redeemed
$1,150,000
1,250,000
1,325,000
1,400,000
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The redemption price of Bonds subject to mandatory
redemption subject to this paragraph shall be an amount
equal to the principal amount called for redemption plus
interest accrued to the date set for redemption and without
premium.
C. Notice of Redemption. Notice of the
redemption of any Bond will be mailed not more than sixty
(60) nor less than thirty (30) d~ys prior to the date set
for redemption to the registered owner of the Bond or Bonds
being redeemed at the address shown on the bond register
maintained by the Bond Registrar. Neither failure to give
notice of redemption to any owner of a Bond nor any defect
in any such notice to any owner of a Bond shall affect the
validity of the proceedings for redemption of any Bond with
respect to which such notice is properly given.
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D. Effect of Call for Redemption. On the date
designated for redemption by notice given as herein
provided, the Bonds so called Eor redemption shall become
and be due and payable at the redemption price provided for
redemption of such Bonds on such date, and, if moneys for
payment of the redemption price are held in separate
accounts by the paying agent, interest on such Bonds or
portions of Bonds so called for redemption shall cease to
accrue. Such Bonds shall cease to be entitled to any
benefit or security hereunder and the owners of such Bonds
shall have no rights in respect thereof except to receive
payment of the redemption price thereof and such Bonds shall
be deemed paid and no longer outstanding.
E. Redemption of Less Than All of a Bond. The
District may redeem an amount which is included in a Bond in
the denomination in excess of, but divisible by, $5,000. If
less than all outstanding Bonds are to be redeemed, such
Bonds shall be called for redemption in the order of
maturity selected by the District and within any maturity by
lot. In that event, the registered owner shall submit the
Bond for partial redemption and the paying agent shall make
such partial payment and the Bond Registrar shall cause to
be issued a new Bond cr Bonds in authorized denominations
which reflects the redemption so made to be authenticated
and delivered to the registered owner thereof.
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Section 4. Security. For the purpose of paying
the principal of, interest and premium (if any) on early
redemption and costs of administration of the registration
and payment of the Bonds there shall be levied on all the
taxable property in the District a continuing, direct,
annual, ad valorem tax sufficient to pay all such principal,
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interest, premium and administration costs on the Bonds as
the same becomes due, such taxes to be levied, assessed and
collected at the same time and in the same manner as other
taxes are levied, assessed and collected. The proceeds of
the taxes shall be kept in a special fund entitled the Debt
Service Fund of the District and shall be used only for the
payment of principal, interest or premium (if any) as above-
stated.
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Section 5. Use of proceeds; Debt Service
Funds. The net proceeds from the sale of the Bonds, after
payment of the expenses of issuance (including the premium
with respect to municipal bond insurance), shall be set
aside and deposited by the County Treasurer in a separate
fund entitled the Mohave Union High School District No. 30
of Mohave County, Arizona, School Improvement Bonds, Project
of 1991, Series B (1992) Building Fund. Subject to the
provisions of Section 14 hereof, this resolution shall be
construed as consent of the Board of Supervisors to invest
such funds, pending use, in any of the securities allowed by
A.R.S. 5 15-1025. This resolution shall constitute a
continuing consent to such investment and no further annual
consent need be given; provided, however, that this Board
may revoke such consent for any fiscal year after fiscal
year 1991-92. The proceeds of the Bonds shall be expended
only for the purposes set forth in the ballot used at the
special bond election wherein issuance of the Bonds was
approved.
All moneys deposited to the Debt Service Fund of
the District may be invested in the same manner as the
Mohave Union High School District No. 30 of Mohave County,
Arizona, School Improvement Bonds, Project of 1991, Series B
(1992) Building Fund and this resolution shall be construed
to be a consent to such investments and such consent shall
also be construed to be continuing.
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Section 6. Form of Bonds. Pursuant to A.R.S.
5 35-491, a fully registered bond form is adopted as an
alternative to the form of bond provided in A.R.S. 5 15-
1023. The Bonds shall be in substantially the form of
Exhibit A, attached hereto and incorporated by reference
herein, with such necessary and appropriate omissions,
insertions and variations as are permitted or required
hereby or by the Bond Purchase Agreement and are approved by
those officers executing the Bonds and execution thereof by
such officers shall constitute conclusive evidence of such
approval.
The Bonds may have notations, legends or endorse-
ments required by law, securities exchange rule or usage.
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Each Bond shall show both the date of the issue and the date
of such Bond's authentication and registration.
The Bonds are prohibited from being converted to
coupon or bearer Bonds without the consent of the Board of
Supervisors and approval of Gust, Rosenfeld & Henderson.
Section 7. Execution of Bonds and Other
Documents. The Bonds shall be executed for and on behalf of
the District by the President and attested by the Clerk of
the Governing Board and countersigned by the Chairman of the
Board of Supervisors of this County. Any or all of such
signatures may be manual or by facsimile or mechanical
reproduction; however, if such signatures are by facsimile,
such officers shall manually sign a certificate adopting as
and for their signatures on the Bonds the respective
mechanically reproduced signature affixed to the Bonds.
Notwithstanding any provision of this Section, no Bond shall
ever bind the District until it has been manually authenti-
cated by the Registrar.
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If an officer whose signature is on a Bond no
longer holds that office at the time the Bond is authen-
ticated and registered, the Bond shall nevertheless be
valid.
A Bond shall not be valid or binding until
authenticated by the manual signature of an authorized
representative of the Bond Registrar. The signature of the
authorized representative of the Bond Registrar shall be
conclusive evidence that the Bond has been authenticated and
issued pursuant to this resolution.
Section 8. Mutilated, Lost or Destroyed
Bonds. In case any Bond becomes mutilated or destroyed or
lost, the District shall cause to be executed and delivered
a new Bond of like date and tenor in exchange and
substitution for and upon the cancellation of such mutilated
Bond or in lieu of and in substitution for such Bond
destroyed or lost, upon the registered owner's paying the
reasonable expenses and charges of the District in
connection therewith and, in the case of the Bond destroyed
or lost, filing with the County Treasurer by the registered
owner evidence satisfactory to the County Treasurer that
such Bond was destroyed or lost, and furnishing the County
Treasurer with a sufficient indemnity bond pursuant to 5 47-
8405, Arizona Revised Statutes.
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Section 9. Acceptance of Offer; Sale of Bonds;
Bond Purchase Agreement Approval and Authorization to
Execute. The bid of the Underwriter for the purchase of the
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Bonds is in the form of the Bond Purchase Agreement
submitted to and on file with the Clerk of this Board and is
hereby accepted. The Bonds are hereby ordered sold to the
Underwriter in accordance with the terms of the Bond
Purchase Agreement and the Chairman and Clerk are hereby
authorized and directed to execute and deliver the Bond
Purchase Agreement to the Underwriter in substantially the
form presented to this Board with such necessary and
appropriate omissions, insertions and variations as are
permitted or required hereby and are approved by those
officers executing the Bond Purchase Agreement. Execution
of the Bond Purchase Agreement by such officers shall
constitute conclusive evidence of such approval.
The County Treasurer is hereby authorized and
directed to cause the Bonds to be delivered to or upon the
order of the Underwriter upon receipt of payment therefor
and satisfaction of the other conditions for delivery
thereof in accordance with the terms of the sale.
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Section 10. Official Statement. The
distribution by the Underwriter of a Preliminary Official
Statement dated December 4, 1991 (the "Preliminary Official
Statement"), to prospective investors is hereby ratified,
confirmed and approved. The use and distribution by the
Underwriter of the final Official Statement dated on or
about the date hereof (the "Official Statement") in
connection with the offering and sale of the Bonds is hereby
approved and authorized. Such Official Statement shall be
in substantially the form of the Preliminary Official
Statement on file with the Clerk of this Board with such
changes or amendments as approved by the persons signing
such Official Statement. Execution of the Official
Statement by such persons shall constitute conclusive
evidence of such approval. The Chairman of this Board is
authorized to execute and deliver the Official Statement.
The Official Statement is deemed to be final by this Board,
based upon representations of the Governing Board of the
District.
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Section 11. Bond Registrar. The District will
maintain an office or agency where Bonds may be presented
for registration or transfer and an office or agency where
Bonds may be presented for payment. The District may
appoint one or more co~registrars or one or more additional
paying agents. The Bond Registrar and paying agent may make
reasonable rules and set reasonable requirements for their
respective functions with respect to the owners of the
Bonds.
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Initially, The Valley National Bank of Arizona,
Phoenix, Arizona, is appointed to act as Bond Registrar,
Transfer Agent and Paying Agent with respect to the Bonds.
The District may change the Bond Registrar without notice to
or consent of owners of the Bonds and the District may act
in any such capacity.
The Bond Registrar's fee payment agreement between
the County and the District is hereby approved in substan-
tially the form on file with the Clerk, to provide for the
payment of the costs of registration and printing of the
Bonds. The contract for Bond Registrar's services is hereby
approved in substantially the form on file Vlith the Clerk to
provide for the payment of Bond Registrar's services. The
Chairman of this Board and the Treasurer are hereby autho-
rized and directed to execute and deliver the contract.
Each paying agent shall be required to agree in
writing that the paying agent will hold in trust for the
benefit of the owners of the Bonds all moneys held by the
paying agent for the payment of principal of and interest
and any premium on the Bonds.
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The Bond Registrar may appoint an authenticating
agent acceptable to the District to authenticate Bonds. An
authenticating agent may authenticate Bonds whenever the
Bond Registrar may do so. Each reference in this resolution
to authentication by the Bond Registrar includes authentica-
tion by an authenticating agent acting on behalf and in the
name of the Bond Registrar and subject to the Bond
Registrar's direction.
The Bond Registrar shall keep a register of the
Bonds, the registered owners of the Bonds and of transfer of
the Bonds. When Bonds are presented to the Bond Registrar
or a co-registrar with a request to register transfer, the
Bond Registrar shall register the transfer on the registra-
tion books if its requirements for transfer are met and
shall authenticate and deliver one or more Bonds registered
in the name of the transferee of the same aggregate princi-
pal amount, maturity and rate of interest as the surrendered
Bonds. All transfer fees and costs shall be paid by the
transferor.
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The Bond Registrar may, but shall not be required
to transfer or exchange any Bonds during the period
commencing (i) on the Record Date (or special record date)
to and including the respective Interest Payment Date (or
date set for payment of overdue interest) or (ii) on the
date fifteen (15) days prior to the selection of Bonds to be
redeemed to and including the day on which such notice of
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redemption is given. The Bond Registrar may, but shall not
be required to, transfer or exchange any Bonds which have
been selected or called for redemption. If the Bond
Registrar transfers or exchanges Bonds within the periods
referred to above, interest on such Bonds shall be paid to
the registered owner as if such transfer or exchange had not
occurred.
The Bond Registrar shall authenticate Bonds for
original issue up to $16,800,OO~ in aggregate principal
amount upon the written request of the County Treasurer.
The Bond Registrar shall keep a register of the Bonds and of
their transfer. The aggregate principal amount of Bonds
outstanding at any time may not exceed that amount except
for replacement Bonds as to which the requirements of the
Bond Registrar and the District are met.
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Section 12. Resolution a Contract. This
resolution shall constitute a contract between the District
and the registered owners of the Bonds and shall not be
repealed or amended in any manner which would impair, impede
or lessen the rights of the registered owners of the Bonds
then outstanding. The performance by the Board of Super-
visors of the obligations in this resolution and in the
Bonds is hereby authorized and approved.
Section 13. Ratification of Actions. All
actions of the officers and agents of the District, the
County or the Board of Supervisors which conform to the
purposes and intent of this resolution and which further the
issuance and sale of the Bonds as contemplated by this
resolution whether heretofore or hereafter taken are hereby
ratified, confirmed and approved. The proper officers and
agents of the District and the County are hereby authorized
and directed to do all such acts and things and to execute
and deliver all such documents on behalf of the District as
may be necessary to carry out the terms and intent of this
resolution.
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Section 14. Tax Covenants. In consideration of
the purchase and acceptance of the Bonds by the owners
thereof and, as authorized by Arizona Revised Statutes,
Title 35, Chapter 3, Article 7, and in consideration of
retaining the exclusion of interest income on the Bonds from
gross income for federal income tax purposes, the County
covenants with the owners from time to time of the Bonds to
neither take nor fail to take any action which action or
failure to act is within its power and authority and would
result in interest income on the Bonds becoming subject to
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inclusion as gross income for federal income tax purposes
under either laws existing on the date of issuance of the
Bonds or such laws as they may be modified or amended.
The County agrees that it will comply with such
requirement(s) and will take any such action(s) as in the
opinion of Gust, Rosenfeld & Henderson ("bond counsel") are
necessary to prevent interest income on the Bonds becoming
subject to inclusion in gross i8come for federal income tax
purposes. Such requirements may include but are not limited
to making further specific covenants; making truthful
certifications and representations and giving necessary
assurances; complying with all representations, covenants
and assurances contained in certificates or agreements to be
prepared by bond counsel; to pay to the United States of
America any required amounts representing rebates of
arbitrage profits relating to the Bonds; filing forms,
statements and supporting documents as may be required under
the federal tax laws; limiting the term of and yield on
investments made with moneys relating to the Bonds; and
limiting the use of the proceeds of the Bonds and property
financed thereby.
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Section 15. Severability. If any section,
paragraph, subdivision, sentence, clause or phrase of this
resolution is for any reason held to be illegal or unen-
forceable, such decision will not affect the validity of
the remaining portions of this resolution. The Board of
Supervisors hereby declares that it would have adopted this
resolution and each and every other section, paragraph,
subdivision, sentence, clause or phrase hereof and autho-
rized the issuance of the Bonds pursuant hereto irrespective
of the fact that anyone or more sections, paragraphs,
subdivisions, sentences, clauses or phrases of this
resolution may be held illegal, invalid or unenforceable.
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PASSED, ADOPTED AND APPROVED by the Board of
Supervisors of Mohave County, Arizona, on December 16, 1991.
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EXHIBIT A
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(Face of Bond)
MOHAVE UNION HIGH SCHOOL DISTRICT NO. 30
OF MOHAVE COUNTY, ARIZONA
SCHOOL IMPROVEMENT BOND
PROJECT OF 1991, SERIES B (1992)
Number:
Denomination:
$
Interest
Rate
Maturity
Date
Original
Dated Date
CUSIP
January 1, 1992
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Registered Owner:
Principal Amount:
DOLLARS
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MOHAVE UNION HIGH SCHOOL DISTRICT NO. 30 OF MOHAVE
COUNTY, ARIZONA, for value received, hereby promises to pay
to the registered owner identified above, or registered
assigns as provided herein, on the maturity date set forth
above, the principal amount set forth above, and to pay
interest on the unpaid principal amount at the interest rate
shown above.
Certain bonds of the series of which this bond is
one are subject to call for redemption prior to maturity in
accordance with the terms set forth on the back of this
bond.
Interest is payable on January 1 and July 1 of
each year commencing January 1, 1993, and will accrue from
the most recent date to which interest has been paid, or, if
no interest has been paid, from the original dated date set
forth above. Interest will be computed on the basis of a
year comprised of 360 days consisting of twelve (12) months
of thirty (30) days each.
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Principal, interest and any premium are payable in
lawful money of the United States of funerica. Interest will
be payable by check or draft payable to the order of and
mailed to the registered owner at the address shown on the
registration books maintained by the registrar at the close
of business on the record date as explained on the reverse
hereof. Principal and any premium will be payable, when
due, to the registered owner upon surrender of this bond for
payment at the principal corporate trust office of the bond
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registrar, transfer agent and paying agent, which on the
original issue date is the principal corporate trust office
of The Valley National Bank of Arizona (the "registrar"), in
Phoenix, Arizona.
See the reverse side of this bond for additional
provisions.
It is hereby certified and recited that all
conditions, acts and things requlred by the Constitution and
laws of the State of Arizona to exist, to occur and to be
performed precedent to and in the issuance 0: this bond
exist, have occurred and have been performed and that the
series of bonds of which this is one, together with all
other indebtedness of the District, is within every debt and
other limit prescribed by the Constitution and laws of the
State of Arizona, and that due provision has been made for
the levy and collection of a direct, annual, ad valorem tax
upon all of the taxable property in the District for the
payment of this bond and of the interest hereon as each
becomes due.
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The District has caused this bond to be executed
by the President and attested by the Clerk of its Governing
Board and countersigned by the Chairman of the Board of
Supervisors of Mohave County, which signatures may be
facsimile signatures.
This bond is not valid or binding upon the
District without the manually affixed signature of an
authorized representative of the registrar.
MOHAVE UNION HIGH SCHOOL
DISTRICT NO. 30 OF MOHAVE
COUNTY, ARIZONA
President, Governing Board
ATTEST:
Clerk, Governing Board
COUNTERSIGNED:
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Chairman, Board of Supervisors
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DATE OF AUTHENTICATION AND REGISTRATION:
AUTHENTICATION CERTIFICATE
This bond is one of the Mohave Union High School
District No. 30 of Mohave County, Arizona, School Improve-
ment Bonds, Project of 1991, Se~ies B (1992), described in
the resolution mentioned on the reverse hereof.
THE VALLEY NATIONAL BANK OF ARIZONA,
as Registrar
Authorized Representative
(Form of Reverse Side of Bond)
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This bond is one of a series of bonds in the
aggregate principal amount of $16,800,000 of like tenor
except as to amount, maturity date, rate of interest and
number, issued by the District to provide funds to make
those school improvements approved by a majority vote of
qualified electors voting at an election duly called and
held in and for the District, pursuant to a resolution of
the Board of Supervisors of Mohave County duly adopted prior
to the issuance hereof and pursuant to the Constitution and
laws of the State of Arizona relative to the issuance and
sale of school district improvement bonds, and all
amendments thereto, and all other laws of the State of
Arizona thereunto enabling.
For the punctual payment of this bond and the
interest hereon and for the levy and collection of ad
valorem taxes sufficient for that purpose, the full faith
and credit of the District are hereby irrevocably pledged.
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Bonds maturing on or before July 1, 2001, and
Bonds maturing on July 1, 2005, and July 1, 2006, are not
subject to call for redemption prior to their stated
maturity. Bonds maturing on July 1, 2002, through July 1,
2004, and Bonds maturing July 1, 2001 (subject to the
provisions of the next succeeding paragraph), are subject to
call for redemption prior to their stated maturity, in whole
or in part, on July 1, 2001, or on any interest payment date
thereafter, at the option of the District, by the payment of
a redemption price equal to the principal amount of each
bond called for redemption plus interest accrued to the date
fixed for redemption plus a premium payable from any source
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lawfully available therefor, the premium (calculated as a
percentage of the principal amount of the bonds to be
redeemed) to be computed as follows:
Redemption Dates
July 1, 2001 and January 1, 2002
July 1, 2002 and January 1, 2003
and thereafter without premium.
Premium
1.0%
0.5%
Notwithstanding the provisions of the preceding
paragraph, bonds maturing on July 1, 2011, are subject to
scheduled mandatory redemption on the dates and in the
amounts set forth below (leaving a principal amount of
$1,500,000 due at maturity on July 1, 2011):
Mandatory
Redemption
Date
(July 1)
2007
2008
2009
2010
Principal
Amount
to be
Redeemed
$1,150,000
1,250,000
1,325,000
1,400,000
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The redemption price of bonds subject to mandatory
redemption subject to this paragraph shall be an amount
equal to the principal amount called for redemption plus
interest accrued to the date set for redemption and without
premium.
Notice of redemption of any bond will be mailed
not more than sixty (60) nor less than thirty (30) days
prior to the date set for redemption to the registered owner
of the bond or bonds being redeemed at the address shown on
the bond register maintained by the registrar. Neither
failure to give notice of redemption to any owner of a bond
nor any defect in any such notice to any owner of a bond
shall affect the validity of the proceedings for redemption
of any bond with respect to which such notice is properly
g~ven.
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On the date designated for redemption by notice
given as herein provided, the bonds so called for redemption
shall become and be due and payable at the redemption price
provided for redemption of such bonds on such date, and, if
moneys for payment of the redemption price are held in
separate accounts by the paying agent, interest on such
bonds or portions of bonds so called for redemption shall
cease to accrue. Such bonds shall cease to be entitled to
any benefit or security under the authorizing resolution and
the owners of such bonds shall have no rights in respect
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I
thereof except to receive payment of the redemption price
thereof and such bonds shall be deemed paid and no longer
outstanding.
The District may redeem an amount which is
included in a bond in the denomination in excess of, but
divisible by, $5,000. If less than all outstanding bonds
are to be redeemed, such bonds shall be called for
redemption in the order of maturity selected by the District
and within any maturity by lot. . In that event, the
registered owner shall submit the bond for partial
redemption and the paying agent shall make such partial
payment and the registrar shall cause to be issued a new
bond or bonds in authorized denominations which reflects the
redemption so made to be authenticated and delivered to the
registered owner thereof.
The registrar or paying agent may be changed
without notice.
I
This bond is transferable by the registered owner
in person or by attorney duly authorized in writing at the
designated office of the registrar upon surrender and
cancellation of this bond, but only in the manner and
subject to the limitation and upon payment of the charges
provided in the authorizing resolution. Upon such transfer
a new bond or bonds of the same aggregate principal amount,
maturity and interest rate will be issued to the transferee
in exchange. The registrar may require an owner, among
other things, to furnish appropriate endorsements and
transfer documents and to pay any taxes required by law.
I
The District has chosen the fifteenth day of the
month preceding an interest payment date as the record date
for this series of bonds, unless such date is a Saturday,
Sunday or holiday, in which case the record date will be
deemed to be the previous business day. Any interest which
is not timely paid or duly provided for shall cease to be
payable to the person who is shown as the registered owner
thereof (or of one or more predecessor bonds) as of the
record date, and shall be payable to the owner thereof (or
one or more predecessor bonds) at the close of business on a
special record date Ear the payment of the overdue interest.
The date of payment of such overdue interest and such
special record date 'viII be fixed by the registrar whenever
moneys become available for payment of the overdue interest,
and notice of the date of payment of such overdue interest
and such special record date will be given to registered
owners not less than ten (10) days prior to the special
record date.
A-5
I
The registrar may, but shall not be required to
transfer or exchange any bonds during the period cOTI@encing
(i) on the record date (or special record date) to and
including the respective interest payment date (or date set
for payment of overdue interest) or (ii) on the date fifteen
(15) days prior to the selection of bonds to be redeemed to
and including the day on which such notice of redemption is
given. The registrar may, but shall not be required to,
transfer or exchange any bonds which have been selected or
called for redemption. If the iegistrar transfers or
exchanges bonds within the periods referred to above,
interest on such bonds shall be paid to the registered owner
as if such transfer or exchange had not occurred.
Bonds of this series are issuable only in fully
registered form in the denomination of $5,000 each or
integral multiples thereof.
The District, the registrar and the paying agent
may treat the registered owner of this bond as the absolute
owner for the purpose of receiving principal, interest and
any premium and for all other purposes and none of them
shall be affected by any notice to the contrary.
I
The following abbreviations, when used in the
inscription on the face of this bond, shall be construed as
though they were written out in full according to applicable
laws or regulations:
TEN COM-as tenants 1n COTI@on
TEN ENT-as tenants by the
entireties
JT TEN-as joint tenants with
right of survivorship
and not as tenants in
common
UNIF GIFT MIN/TRAN ACT-
Custodian
(Cust) (Minor)
under Uniform Gifts/Transfers
to Minors Act
(State)
Additional abbreviations may also be used though not in list
above
(Form of Assignment)
I
FOR VALUE RECEIVED the undersigned hereby sells,
assigns and transfers unto
(Name and Address of Transferee)
the within bond and all rights thereunder, and hereby
A-6
I
irrevocably constitutes and appoints
, attorney to transfer the within bond
on the books kept for registration thereof, with full power
of substitution in the premises.
Dated
Note: The signature(s) on this
assignment must correspond with
the name(s) as written on the
face of the within registered
bond in every particular
without alteration or enlarge-
ment or any change whatsoever.
Signature Guaranteed:
Commercial bank, trust company
or member of a national
securities exchange
ALL FEES AND TRANSFER COSTS SHALL BE PAID BY THE TRANSFEROR
I
I
A-7
sdsOOl16k BMC:jmd 121291.1
EXHIBIT B
I
$16,800,000
MOHAVE UNION HIGH SCHOOL DISTRICT NO. 30
OF MOHAVE COUNTY, ARIZONA
SCHOOL IMPROVEMENT BONDS
PROJECT OF 1991, SERIES B (1992)
PRINCIPAL AND INTEREST RATE SCHEDULE
Maturity Date Principal Per Annum
(July 1 ) Amount Interest Rate
1993 $ 300,000 4.50%
1994 850,000 4.80%
1995 450,000 5.00%
1996 525,000 5.30%
1997 575,000 5.60%
1998 600,000 5.75%
1999 675,000 5.90%
2000 725,000 7.85%
2001 750,000 6.00%
I 2002 825,000 6.25%
2003 875,000 6.30%
2004 950,000 6.40%
2005 1,000,000 8.50%
2006 1,075,000 8.50%
2011 6,625,000 6.70%
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