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Home My WebLink About101515PAThe Town of Fountain Hills endeavors to make all public meetings accessible to persons with disabilities. Please call 480-816-5100 (voice) or 1-800-367-8939 (TDD) 48 hours prior to the meeting to request a reasonable accommodation to participate in this meeting. POST ACTION AGENDA NOTICE NOTICE OF MEETING BOARD OF DIRECTORS OF THE TOWN OF FOUNTAIN HILLS MUNICIPAL PROPERTY CORPORATION WHEN: THURSDAY, OCTOBER 15, 2015 TIME: 9:00 A.M. WHERE: TOWN HALL, FOUNTAIN CONFERENCE ROOM 16705 EAST AVENUE OF THE FOUNTAINS FOUNTAIN HILLS, ARIZONA A majority of the Council members may be in attendance. No official action will be taken. Municipal Property Corporation Board of Directors will attend either in person or by telephone conference call PROCEDURE FOR ADDRESSING THE BOARD Anyone wishing to speak before the Board of Directors must fill out a speaker’s card and submit it to the Executive Assistant prior to Board of Directors discussion of that Agenda item. Speaker Cards are located in the Fountain Conference Room. Speakers will be called in the order in which the speaker cards were received either by the Executive Assistant or the Board Chair. Speakers are asked to state their name and whether or not they reside in Fountain Hills (do not provide a home address) prior to commenting and to direct their comments to the Presiding Officer and not to individual Board members. Speakers’ statements should not be repetitive. If a speaker chooses not to speak when called, the speaker will be deemed to have waived his or her opportunity to speak on the matter. Speakers may not (i) reserve a portion of their time for a later time or (ii) transfer any portion of their time to another speaker. If there is a Public Hearing, please submit the speaker card to speak to that issue during the Public Hearing. Notice is hereby given that pursuant to A.R.S. §1-602.A.9 , subject to certain specified statutory exceptions, parents have a right to consent before the State or any of its political subdivisions make a video or audio recording of a minor child. Meetings of the Town Council are audio and/or video recorded, and, as a result, proceedings in which children are present may be subject to such recording. Parents in order to exercise their rights may either file written consent with the Town Clerk to such recording, or take personal action to ensure that their child or children are not present when a recording may be made. If a child is present at the time a recording is made, the Town will assume that the rights afforded parents pursuant to A.R.S. §1-602.A.9 have been waived. AGENDA: 1. Call to order @ 9:01 a.m. 2. Roll call NO ACTION TAKEN 3. CONSIDERATION of Approving the April 29, 2015 meeting minutes APPROVED 4. CONSIDERATION of Electing Officers APPROVED; WALT DUNNE APPOINTED PRESIDENT, ROGER RIGGERT APPOINTED VICE-PRESIDENT, CHESTER YON, APPOINTED SECRETARY/TREASURER 5. Financial Report for year ending June 30, 2015 NO ACTION TAKEN 6. Adjournment APPROVED @ 9:10a.m. DATED This 5th day of October, 2015 By: _________________________ Nancy Walter, Executive Assistant The Town of Fountain Hills endeavors to make all public meetings accessible to persons with disabilities. Please call 480-816-5100 (voice) or 1-800-367-8939 (TDD) 48 hours prior to the meeting to request a reasonable accommodation to participate in this meeting. NOTICE OF MEETING BOARD OF DIRECTORS OF THE TOWN OF FOUNTAIN HILLS MUNICIPAL PROPERTY CORPORATION WHEN: THURSDAY, OCTOBER 15, 2015 TIME: 9:00 A.M. WHERE: TOWN HALL, FOUNTAIN CONFERENCE ROOM 16705 EAST AVENUE OF THE FOUNTAINS FOUNTAIN HILLS, ARIZONA A majority of the Council members may be in attendance. No official action will be taken. Municipal Property Corporation Board of Directors will attend either in person or by telephone conference call PROCEDURE FOR ADDRESSING THE BOARD Anyone wishing to speak before the Board of Directors must fill out a speaker’s card and submit it to the Executive Assistant prior to Board of Directors discussion of that Agenda item. Speaker Cards are located in the Fountain Conference Room. Speakers will be called in the order in which the speaker cards were received either by the Executive Assistant or the Board Chair. Speakers are asked to state their name and whether or not they reside in Fountain Hills (do not provide a home address) prior to commenting and to direct their comments to the Presiding Officer and not to individual Board members. Speakers’ statements should not be repetitive. If a speaker chooses not to speak when called, the speaker will be deemed to have waived his or her opportunity to speak on the matter. Speakers may not (i) reserve a portion of their time for a later time or (ii) transfer any portion of their time to another speaker. If there is a Public Hearing, please submit the speaker card to speak to that issue during the Public Hearing. Notice is hereby given that pursuant to A.R.S. §1-602.A.9 , subject to certain specified statutory exceptions, parents have a right to consent before the State or any of its political subdivisions make a video or audio recording of a minor child. Meetings of the Town Council are audio and/or video recorded, and, as a result, proceedings in which children are present may be subject to such recording. Parents in order to exercise their rights may either file written consent with the Town Clerk to such recording, or take personal action to ensure that their child or children are not present when a recording may be made. If a child is present at the time a recording is made, the Town will assume that the rights afforded parents pursuant to A.R.S. §1-602.A.9 have been waived. AGENDA: 1. Call to order 2. Roll call 3. CONSIDERATION of Approving the April 29, 2015 meeting minutes 4. CONSIDERATION of Electing Officers 5. Financial Report for year ending June 30, 2015 6. Adjournment DATED This 5th day of October, 2015 By: _________________________ Nancy Walter, Executive Assistant Municipal Property Corp Debt Service Fund ASSETS Cash and Investments 89,223$ Cash With Paying Agent 2,300 Intergovernmental Receivable 24,139 Interest Receivable 4,863 Restricted Assets 1,676,787 Total Assets 1,797,312$ LIABILITIES AND FUND BALANCE Liabilities: Accounts Payable -$ Interest Payable 36,650 Total Liabilities 36,650 Fund Balance: Cash with Escrow Agent 1,645,000 Restricted 115,662 Total Fund Balance 1,760,662 Total Liabilities and Fund Balance 1,797,312$ TOWN OF FOUNTAIN HILLS MUNICIPAL PROPERTY CORPORATION Balance Sheet - Governmental Funds As of June 30, 2015 FY14-15 Actual FY14-15 Budget REVENUES Excise Tax 689,920$ 619,800$ Investment Earnings 15,688 500 Total Revenues 705,608 620,300 EXPENDITURES Debt Service: Principal 1,265,000 995,000 Interest 184,500 111,200 Fiscal Charges 6,513 7,000 Issuance Costs 57,000 - Total Expenditures 1,513,013 1,113,200 Excess (Deficiency) of Revenues Over/(Under) Expenditures (807,405) (492,900) OTHER FINANCING SOURCES (USES) Operating Transfers In/(Out)500,000 193,500 Proceeds from Issuance of Long-Term Debt 1,880,000 - Payment to Escrow Agent (1,785,000) - Total Other Financing Sources (Uses)595,000 193,500 Net Change in Fund Balance (212,405) (299,400) Fund Balance, Beginning of Year 1,973,067 1,973,067 Fund Balance, End of Year 1,760,662$ 1,673,667$ TOWN OF FOUNTAIN HILLS MUNICIPAL PROPERTY CORPORATION Statement of Revenues, Expenditures and Changes in Fund Balance for Fiscal Year Ended June 30, 2015 I-i-.cu!Year 2014/15 SUMMARY OF OUTSTANDING DEBT BY ISSUE1" S3,645,000 Municipal Facilities Revenue Bonds, Series 2004 Unteil:12/1/04 S5J30.00I) Miiiiii'i|i:il I :i.■iliiif, Revenue Refunding Bowls,Series 2005 Dated:6/1/05 Maturity Data (July II 2015 2016 2017 2(1IK 2019 2(120 Callable: Pi iufijuii $290,000 305.000 325,000 350.000 375.000 S1.6-I5.nnn Coupon 4.250% 4.500% 4.500% 4.500% 4.500% S995.00G 445.000 345,000 340.(100 360,000 295.000 S2.780.000 4.000% 4.OO0";, 4.000% 4.000% 4.000% 4.000% Principal Oulslaiuiinu SI ,285,000 750.000 670,000 690,000 7.15,000 295.000 $-1.425.000 See "Escrowed Bonds" 7/1/2015 <a 100% 1 All MI'C llnnds arc secured by a pledge ofall ofthe Town's Excise Taxes. ue 22 Fiscal Year 2014/15 Dale 07,01/2014 01/01/2015 07/01/2015 01/01/2016 07/01/2016 1)1/(11/2017 U7/OL7Z0TT 01/01/2018 07/01/20 IK 01 /()1/201') 07/0W20I9 S3,645,000 Municipal Property Corporation Municipal Facilities Revenue Bonds,Series 2(104 Principal Interest I ,i !j'I 290.000.00 3(15.0011.(1(1 4.250% 4.500% 36,650.00 36.650.01) 3O.-187.5O 30,487.50 23.625.00 J25.00ll.00 350.000.00 375.000.00 4.50(1% 4.500% 4.500% 16,312.51) 16J 12.50 8,437.50 8,437.50 36.650.01) 3 26.650.00 30,487.50 33 5.4 S 7.50 23,625.00 T4X6"l5TTfT 16,312.50 366.312.50 8,437.50 383,437.50 Fiscal Total 363.300.00 365.975.00 J72.250.0U 3K2.625.00 391,875.00 tlll.ll Yield Slatlilfca Bond Yeai Dollar Avttoac Life Sl.ii-IS.nmi.iiii s'.tl.025.l)il M,K7(,,l' SS. 3.131 - 150 00 V.MI-. Page 26 55,33(1,0(111MunicipalPropertyCorporation!Municipal Facilities Revenue i:.][i;iiiin.;i:i-.Serfta 2005 Flical Yuir 21114/15 Debt Service Schedule Ditc 07,01/2014 01,01/2015 07/01/2015 0L01/2O16 07/01/2016 01 Dl 2017 07,01 2017 01,01/2018 07,01/2018 01.01/2019 07,01/2019 01,01/2020 07/01/2020 K.lil Boad YearDotes Averane Life \\:iai!c Cmipon l'nnci|ial - 995.000.00 - 445,000.00 - 345,000.00 ■ 340.000.00 - 360,000.00 - 295.000.00 S'.TSD.IIIXMKI (niipcin _ - 4.000% - 4.000% - 4.000% - 4.000% 4.000% - 4.000% - 1nlcrest 55.fiOO.OO 55,600.00 35,700.00 35.700.00 26,800.0(1 26.S00.00 19.900.01) 19,900.00 13.100.00 13.100.00 5.900.00 5,900.00 S3N.000.00 Total P-H 55.600.0(1 1,050,600.00 35,700.0(1 4 KO,700.00 26,800.00 37I.SOO.OO 19.900.00 359,900.00 13.100.00 373.100.00 5.900.00 300,900.00 53,09-1,000.00 l-ntal Fotal - 1,106,200.00 - 516,400.00 - 59H.dOO.OO 379,800.00 - 386.200.00 - 306.S00.0O - S7,Kin no 2.X:-I Years nil ii1'!",, Page 28 S5,330,000 Municipal Property Corporation)Municipal Facilities Revenue Refunding Itotuls,Scries 2(105 Fiscal Year 2014/15 Civic Center I Portion Debt Service Schedule Dktc I'rintip.-il Interest fatal i ITsc.il Tiil:i[ 07/01/201-1 01/01/2015 07/01/2015 01/01/2016 07/01/2016 01/01/2017 300.0(10.00 325.0110.(10 4.000% 4.000% 39.30U.00 39.300.00 33.300.00 33.300.00 26.800.00 39.300.00 339.300.00 33.300.00 358,300.00 26.S00.00 37S.riOO.OO 39I.fi00.00 07/01/2017 01/01/2018 07/01/20 IS 01/01/21)19 07/01/2019 01/01/2020 345,0(10.00 340,000.00 360.0(10.00 4.000% 4.000% 4.000% 26.300.00 19,900.00 19.900.00 13.100.00 13,10(1.00 5.90(1.00 37I.KOO.0O 19.900.00 359.900.00 13,100,00 373,100.00 5.900.00 39K.600.00 379,800.00 3X6.200.00 07/01/2020 I'm.i! Bond Year Dollars Avcraiic Life Average Coupon 295,000.00 s i ,'i(o.t")n.im 4.000% - 5,900.00 Sllt.,IMU (III 300,900.00 S2,24l,<ilK).O<l 3O6,K0O.OO - 16,915.00 3.519 Years ■1 0000000"i, Page 30 S5,33i!,mm Municipal Properly Carporalion,Municipal Facilities Ucvcnuc Refunding Itoiuh,Scries 2111)5 Fiscal Vear 31114/15 Preserve Port inn I ii In Service Schedule I'riiicipal Coupon tnlrrrsl FlKilTalil 1)7/01/2014 01/01/2015 07/01/2015 01/01/2016 07/01/2016 Tolal Bund Year Dollais Ay&ifffi Life Avenire Coupon 695,000.00 120.000.00 SSIS.UOO.UO 4.0110% 4.000% - 16,300.00 ifi.300.0ll 2,400.00 2,400.00 SJ7,4OII.I]II 16,300.00 711.300.00 2.4C0.00 I22.J00.00 SS52.JIHI.IH) 727.d00.il0 12J.H00.00 - Vliii 1 1 H7Ycai5 ■lOOOOOOfili Page 31 Maturity Total Date Principal (July 1) Principal Coupon Outstanding 2016 $ 480,000 %4.00% $ 480,000 2017 370,000 %4.00%370,000 2018 360,000 %4.00%360,000 2019 370,000 %4.00%370,000 2020 300,000 %4.00%300,000 $1,880,000 $1,880,000 Callable: (1) All MPC Bonds are secured by a pledge of all of the Town's Excise Taxes. Non-Callable Revenue Refunding Bonds, Series 2015 Dated: 6/4/15 $1,880,000 Municipal Facilities SUMMARY OF OUTSTANDING DEBT BY ISSUE (1) Fiscal Year 2015/16 Wedbush Securities Page 25 Fiscal Year 2015/16 Wedbush Securities BOND SALE SUMMARY $1,880,000 TOWN OF FOUNTAIN HILLS, ARIZONA MUNICIPAL PROPERTY CORPORATION EXCISE TAX REVENUE REFUNDING BOND, SERIES 2015 (PRIVATE PLACEMENT) Purpose of Financing: The Bonds were issued to refund prior bonds as follows: Maturity Principal Amount Date Amount Being Redemption Redemption Refunded Issue (July 1) Outstanding Refunded Date Price Series 2005 Refunding Bonds 2015 $995,000 $995,000 N/A N/A 2016 445,000 445,000 7/1/15 100.00% 2017 345,000 345,000 7/1/15 100.00 2018 340,000 340,000 7/1/15 100.00 2019 360,000 360,000 7/1/15 100.00 2020 295,000 295,000 7/1/15 100.00 $2,780,000 Dated Date: June 4, 2015 Closing Date: June 4, 2015 Maturity Range: July 1, 2016 to July 1, 2020 Average Bond Life: 2.884 years Early Redemption: The Bonds are not subject to early redemption. Bond Yield: 1.62% Bond Ratings: Bond ratings not applied for. Current Bond Registrar and Paying Agent: Zions First National Bank Bond Counsel: Gust Rosenfeld P.L.C. Purchaser: J.P. Morgan Chase Bank Page 28 $1,880,000 Town of Fountain Hills, Arizona Municipal Property Corporation, Municipal Facilities Revenue Refunding Bonds, Series 2015 Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 06/04/2015 ----- 01/01/2016 --17,512.20 17,512.20 - 07/01/2016 480,000.00 1.620%15,228.00 495,228.00 512,740.20 01/01/2017 --11,340.00 11,340.00 - 07/01/2017 370,000.00 1.620%11,340.00 381,340.00 392,680.00 01/01/2018 --8,343.00 8,343.00 - 07/01/2018 360,000.00 1.620%8,343.00 368,343.00 376,686.00 01/01/2019 --5,427.00 5,427.00 - 07/01/2019 370,000.00 1.620%5,427.00 375,427.00 380,854.00 01/01/2020 --2,430.00 2,430.00 - 07/01/2020 300,000.00 1.620%2,430.00 302,430.00 304,860.00 Total $1,880,000.00 -$87,820.20 $1,967,820.20 - Fiscal Year 2015/16 Wedbush Securities Page 29 $1,880,000 Town of Fountain Hills, Arizona MPC, Municipal Facilities Revenue Refunding Bonds, Series 2015 - Civic Center I Portion Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 06/04/2015 ----- 01/01/2016 --16,394.40 16,394.40 - 07/01/2016 360,000.00 1.620%14,256.00 374,256.00 390,650.40 01/01/2017 --11,340.00 11,340.00 - 07/01/2017 370,000.00 1.620%11,340.00 381,340.00 392,680.00 01/01/2018 --8,343.00 8,343.00 - 07/01/2018 360,000.00 1.620%8,343.00 368,343.00 376,686.00 01/01/2019 --5,427.00 5,427.00 - 07/01/2019 370,000.00 1.620%5,427.00 375,427.00 380,854.00 01/01/2020 --2,430.00 2,430.00 - 07/01/2020 300,000.00 1.620%2,430.00 302,430.00 304,860.00 Total $1,760,000.00 -$85,730.40 $1,845,730.40 - Fiscal Year 2015/16 Wedbush Securities Page 31 $1,880,000 Town of Fountain Hills, Arizona MPC, Municipal Facilities Revenue Refunding Bonds, Series 2015 - Preserve Portion Debt Service Schedule Date Principal Coupon Interest Total P+I Fiscal Total 06/04/2015 ----- 01/01/2016 --1,117.80 1,117.80 - 07/01/2016 120,000.00 1.620%972.00 120,972.00 122,089.80 Total $120,000.00 -$2,089.80 $122,089.80 - Fiscal Year 2015/16 Wedbush Securities Page 32