HomeMy WebLinkAbout98-334 RESOLUTION NO. 98-334
A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF
MOHAVE, ARIZONA APPROVING THE ISSUANCE 1N ONE OR MORE
SERIES BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE
COUNTY OF MOHAVE OF $8,000,000 OF INDUSTRIAL DEVELOPMENT
BONDS (QUAIL PIPING PRODUCTS, INC. PROJECT) (THE "BONDS") AND
APPROVING THE PROCEEDINGS OF SAID AUTHORITY FOR THE
ISSUANCE OF TWO SERIES OF SAID BONDS IN THE AGGREGATE
PRINCIPAL AMOUNT OF $8,000,000 ALL PURSUANT TO A PLAN OF
FINANCING IN COMPLIANCE WITH SECTION 147(0 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 bonds (the
"Bonds") on behalf of Quail Piping Products, Inc., a Massachusetts corporation authorized to do
business in Arizona, in two series in the aggregate principal amount not to exceed $8,000,000 to
pay the cost of certain manufacturing facilities located in Kingman, 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
I986, as amended (the "Code"), with 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 July 31, 1998, the Authority conducted a public hearing on August 24, 1998, pursuant
to and in compliance with the requirements of Section 147(0 of the Code, at which all interested
parties were given an oppommity to express their views orally or in writing for or against the
proposed facilities and the plan of financing therefor; and
WHEREAS, it is intended that th/s Resolution shall constitute approval by the Board of
Supervisors with respect to the issuances of the Bonds within the meaning of Section 147(0 of
the Code; and
WHEREAS, a resolution of the Authority authorizing the issuance and sale of its
Industrial Development Bonds (Quail Piping Products, Inc. Project), Series 1998-A, in the
aggregate principal amount of $6,205,000, and its Industrial Development Bonds (Quail Piping
Products, Inc. Project), Series 1998-B, in the aggregate principal amount of $1,795,000
(collectively, the "Bonds"), 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 to finance the cost of certain manufacturing facilities in Kingman, Arizona, the execution
and delivery of the related Loan Agreements, the execution and delivery of the related Tax
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Regulatory Agreement and Arbitrage Certificates, the execution and delivery of the related
Escrow Agreements and other related documents; and
WHEREAS, the terms, maturity, interest rates, provisions for amortization and
prepayment and interest payment dates, security and source of payment for the Bonds are set
forth in the Loan Agreement; and
WHEREAS, copies of said documents have been made available to the Board of
Supervisors of the County of Mohave, Arizona, together with the aforementioned resolution of
the Authority; and
WHEREAS, the Board of Supervisors has been informed that said documents have been
reviewed by competent Bond Counsel, and said Bond Counsel has determined that said
documents adequately meet the requirements of Title 35, Chapter 5, Arizona Revised Statutes, as
amended; 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 MOHAVE, ARIZONA, AS FOLLOWS:
1. That at the public heating conducted on August 24, 1998 by the Authority
regarding the proposal to issue the Bonds for the proposed Quail Piping Products, Inc.
manufacturing project, all interested parties who desired to do so were given the
opportunity to express their views orally or in writing for or against the proposed projects
and the plan of fmancing therefor.
2. That this Board has considered all oral or written statements which were
made or filed for or against the proposed project 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 the Notice of Public Heating and described in the preamble hereof,
be and the same are hereby approved in accordance with the public approval
requirements of Section 147(0 of the Code.
3. That this Board hereby approves the proceedings under which the Bonds
are to be issued by the Authority, including specifically the resolution described above,
the Bonds, the Escrow Agreements, the Loan Agreements, the Tax Regulatory
Agreement and Arbitrage Certificates, and all other required or appropriate documents.
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.
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PASSED, APPROVED AND ADOPTED by the Board of S~isors of the County of
Mohave, Arizona this 24th day of August, 1998.
~ervisors
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