HomeMy WebLinkAbout98-225 RESOLUTION NO. 98-225
RESOLUTION AWARDING THE LEASE OF CERTAIN REAL PROPERTY TO THE
HIGHEST BIDDER IN CONNECTION WITH THE FINANCING OF THE
CONSTRUCTION OF COUNTY FACILITIES
WltEREAS, Mohave County, Arizona (the "County") is considering causing the
sale, execution and delivery of Certificates of Participation, Series 1998 (the "Certificates") in
order to finance the construction of a Juvenile Detention Facility, a Library and a Court Facility
and related improvements (the "Project"); and
WltEREAS, in order to facilitate the sale, execution and delivery of the
Certificates and the financing of the Project, the County will need to ground lease out and lease-
back certain of its real property; and
WltEREAS, pursuant to the provisions of a Resolution of the Board of
Supervisors of the County adopted on April 6, 1998 (the "Resolution"), the County has published
a Notice of Proposed Lease of Land for the Real Property (the "Notice") in substantially the form
attached to the Resolution and has otherwise complied with all legal requirements relating to the
lease of County real property; and
WHEREAS, the County has received at least one bid at public auction pursuant
to the Notice for the ground lease of the real property described in the Notice (the "Real
Property").
NOW, THEREFORE, BE IT RESOLVED BY TIlE BOARD OF SUPER-
VISORS OF MOItAVE COUNTY, ARIZONA, AS FOLLOWS:
Section 1. That it is advantageous for the County, in connection with the sale,
execution and delivery of the Certificates and the financing of the Project, to accept the highest
bid to ground lease the Real Property from the County pursuant to the terms as set forth in the
Notice. The highest bid was in the amount of $110.00 and was received from Norwest Bank
Arizona, N.A. Accordingly, the County hereby accepts the bid of Norwest Bank Arizona, N.A.
for the ground lease of the Real Property pursuant to the terms set forth in the Notice.
PASSED AND ADOPTED on June 1, 1998.
KCH:kch 264298.01 5f22/98