HomeMy WebLinkAboutRes. 2026-01RES�I.LITIQN N4. MPC �d26-U1
RE50L[ITION OF THE BOARD OF DIRECTORS 0�' THE TOWN Or �'�UNTAIN
HILLS, ARIZONA MUNICIPAL PROPERTY CORPORATIDN ALITHORI2ING
`I'E�E D[SSU[.U�['IC]N Cli� '['f �1: CORP[7fZAT[L7N, S[1Bf 1:C'["1'Q'C1IF'. APPR�VA1. DF
THE MAYDR I1N� CC]l]NC1L �F THE T�VIIN OF FC]UNTAiN HILLS, I1RI�ONA;
DELEGATING IICITH�RITY RELIITED THERETU; 11ND RI1T[FYING I1LL
ACTI�NS TAKEN A�VD TO 6E TAI{EN WITH RESPECT TO THE ❑I55�LUTI�N
OF TH� CORP4RATION.
11VHEREAS, the Town nf Fauntaiii Hills, Ari�nna Municipal Property Cnrporation (the
"Cnrpnratinn"), an Ari�nna nnnprnFit corpn�-ation, was ii�cc�rporated fnr the purpose nf assisting the
Town af�Foi�ntain Hills, Ari�ona [the "Tawn"}, i�s acyuiring, f�inancing, constructing, impr��ing oz•
equipping real ❑r personal property for ar�y ci�i�, municipal ❑r gfl�ernmental purpose desired by
the Tn�vn; and
WHEREAS, th� Corporacion has no members; and
WHEREAS, in acct�rdance witl� its purpr�se, the CUrpc3ration pre�iously issued its bonds
{the "MPC �3onds") to f�inance and refinance the constructian af the Town's community center, t❑
acquire apprnximately 2�0 acres af land ior mountain preser�e purposes, 2iid the construction of
the Tc�w�i's ci�ic center, a��d the final principal pay�nent of su�h MPC Boti�is was Jtily 1, 2Q18; azz�i
WHEREAS, the Cnrporation has Ftilfilled its purpnse ii� assisting the Tnwn, and neither the
Town nor the Cnrpnratinn has an intent for the Cor�oration tn issue additional MPC E3nnds in the
future; and
WHEREAS, the Soard c�f nirectors has determined it to be in the best interests ❑f the
Corporation arid che Town ta authori�e all necessary actions pertaining Co winding down and
dissol�ing the Corporation as a rorporate entity; and
WHEREAS, in accardance with tlie Cr�rpoi•atios�'s Articles of [n�Qrporatiozi, dated
5eptember 14, 1998, any assets remai�ling after tlle payment of all of the �orporatioil's liabilities
sfzall �est in and be transferred tn t}ie Tnwn, without cnnsideratio�i nFany kind nr nature; and
WHEREAS, the Board af Directors has determined the Corporatian has na known
liak�ilities; and
WHEREAS, in oi-dei- t❑ carz-y out the dissoltitian of the Corporation, the Board of Directors
nnw desires tn authnri�e the '1'nwn Manager and t��e Finance Directnr of the "1'own, nr the designees
of either of the�1, at�d thereby dele�ate authoz-ity to act r�n behalf of the Corparatir��7, t❑ undertake
3cti�ities pertaining to windin�; dowz� and �lissol�in�; the Carpt�ration; and
WHEREAS, by this Resolution the �ar�aration will ❑therwisc ratify and authori�e the
artions heretofare and hereafter takeii related to dissol�ing the Cnrporation;
NOW, THEREF�RE, BE IT RESDLVED BY THE TOWN �F F�UI�TAIN HILLS, ARIZONA
MllN[CIPAL PR�PERTY CQRP�RATI�N, as Fallows:
SECTION 1. Plan of Dissolirtian. Ttle Baard of Directors proposes and declares
advisable the dissal�ing aF the Corporation pursuant to Se�tinn 1 Q-1 � 4Q1 of the Ariznna
Re�ised Statutes hy adopting the Plan of� Dissolution of ttie Corporatian attached iiereto as
Exhibit A, subjcct to the appro�al ❑f the Mayai- and Council of the Tawn [the "Tawn
Council"].
SECTIDN 2. Artictes af Dissalutron. T�le Ariicles of Dissolutian, it� the form attached
hereto as Exhibit B, shail be filed wit11 t�1e Ariaona Cnz�pn�-atinn Commission.
SECTI�N 3. Remarning Assets. The Corporation has tio ktiow�i oi�tsta�iding liabilities
and the remaining assets, if any, will be transferred to the Town, withaut �onsidei-ation of
any kind or �iature.
SECTION 4. FirrtherActions. Without the necessity nf any Further actian by this
Baard, subject tn tl�e appro�al ❑f the Town Council, any oFfi�er or afFicers af the
Corporatio�i, the Town Manager, and the Finance ❑irector af the Tow:i, oz• the designees af
any of them, are hereby authariaed, empowered and dire�ted ta sign and execute on behalf
of the Cc�rporation any contract, instrument, agreement nr nther document, and tn take any
actian or actio:is, �s may be necessary os- desirable ta carry out aiid consummate Che
transactions contemplated in this Resolution.
SECTIaN 5. Ratificatlon and Authc�rizatian of �lctians. Ail actians oF the officers and
agents ot the Carparatian and the Town which canf�orm ta the purpases and intent of this
Resolutian, and whi�h further the activities cQntem�lated �y tnis Resolutian pertaining to
winding down a:ld dissol�ing the Corporation, whether heret�fare ar hereafter taken, are
hereby ratiFied, a�pro�ed and authorized, as applicable, '1'he proper officers and agents of
the Carporation and the Town are hereby authorized and directed t❑ do all such acts and
things and ta execute and deli�er all such documents oi� behalf of t�ie Corporatioti as may
be necessary to cany out the terms and intent of this Resolution,
SECTION f�. Sever'abilriy. IFany sectson, paragraph, clause ❑r phrase af tihis
Resolution shall for any reason he held tn be in�alid or unenforceahle, the in�alidity or
��nenforceabiiity of such section, paragraph, clause ❑r phrase shall not affect any of t�1e
remaining pro�isions of this Resolutian.
SECTI�N 7. Waiver Qf Incansisten�y. All ❑rders, resolL�tio�is and ardinan�es ar parts
thereof in�onsistent herewith are herel�y wai�ed tn the extent only af such incoi�sistency.
This wai�er sl�all not be �anstrtied as reviving any order, resalutiar� or ❑rdinance or any
part thereaf.
PASSED AND ADOPTED hy the Saard af Directors of the Town of Fauntain Hills,
Arizona Municipal Property Cvrpaz•atinn, this 2'7�h day of August, ZOZb.
FOR THE TOWN ❑F F4UNTAIN
HILLS, ARIZ�NA MUN�CIPAL
PROPERTY CQRP�RATI�N, an
Arixona nnnprofit carporation:
�� �
Presi ent, Boar�t oF i�tors
ATTESTEO T0:
����� �
Secretary, ar f �ire�tors
APPR�VEll AS T❑ F�RM:
,_,��'r �`+� ' ��
Greenbe�'g Ti�aurig, LLP
Coutisel ta the Corparatian
CERTIFICATI�N
I, Be�elyn ]. Bender, tlze diily appointed a��d acting Secretary oF the Towt� of Fountain Hills,
Ai-iaona Municipal Property Corpor�tion, clo hereby �ertify that the abo�e and Fnrcgoing
f�esolution Na. MPC 2026-D1 was duiy passed by the Board of �irectars ❑f the 'I'own ❑f
Fountain Hills, Arizona Municipal Property Carparation at a regular sneeting held an August
27, 2fl2F�, and tl�e �ote was __ ayes and � nays and that the President and ❑irectors
were present thereat.
❑A'1"�i]: � . v2�' , Z�Zfi.
��� � ��
J`� �
Be�eiyn ]. I3e ea•, Ser.�etary
goard of Directars
��:�;iM:�Mr:►
T❑
R�50LLITIQN Nfl. MPC 2026-41
[Pi,AN DF DI55�GUTI�]N]
See followiilg pages
EXHIBIT !1
P1,AN OF D155DLUTIDN
Tk1is Plan of Dissalution [thc "Plan"] is f�or the purpase of efFecting the dissalution of
the Town �f Fauiitain Hills, I1i•i�ona Mutlicipal �'ropei'ty Carpnration, an Ai-izoria nailprofit
cor�a�ratio�l [the "Coi-poration"], in accordance with 5ectiotl 1fl-114� 1 of t�le Elricona
I�anprofit Carparatio�i 11�t, pursuant to tfie fallnwing steps:
1. Cessation af Business. The Corporatian shall, as of the c�ate af filing its Articles of
Dissalutian with the Arizotla Corp�ration Commission, cease t❑ carry ❑n its ustial
and regular activities and shall cease to aperate, except f'or the purpose af
liquidating and winding up its affairs in accarda�l�e with the Further terms of the
P1an.
2. ResoluCion Co ❑issolve. The adaption nF the Pia�1 by the bnard of dirc�tors shall be
deemed t❑ k�e the written cansent to the �oluntary dissalution af the �orporatian in
ac�orda�i�e wit�i Se�tion ] Q-114Q1 of the A�-iaoisa Re�ised 5tatutes.
3. Pavment af de6ts. The Cai-poration has na debts. Purst�arst to the �orporati�n's
Articles of Incorparation, the pri�ate pr�perty af the incoi-poratars, ❑fficei-s,
directors ar members af'any committee appointed by the Corporatian's l�oard of
directors sha�l nat be stibject t� the debts or obligations of the Corporation.
4. Manner �f Distri�utin� the Remainin� Assets af the Cort�oratian. The afficers af the
Corporation shall distri�ute ail �f its remaining assets, if any, ta t��e Tawn af
Fountain Hills, Arizo�ia.
5. Tax Filities. After �11 distribuCions in liquidatia�� of the Corporatinn's assets ha�e
bee�� made, the President and Secretary of the Corpor�tioii shali cause final ineome
tax returns t❑ be filed by Che Corporatia� with the Internal Re�enue 5er�ice and the
Ariaona ❑epartment of Re�enue, and shall cause final returns t❑ be filed with
respe�t to any other taxes owed hy the Corpoi-ation. In addition, such afficei-s itl dLie
time shall execute and file all ot�ier returns, documents and inforrr�atian required ta
be filed by reason of the complete liq�iidation and dissolution of the Carpo:-atir�n.
fi. Filin�s with the Arizona Carnoratian Commissio�l. An authorized ❑fficer of the
Corp�ratio:� shall execute and submit tk�e Articles aF dissolutian to the Ariaana
Cnrporatian Cnm�nission for fili�lg in accordance with 5ectin�l 10-11401 of tlze
Ai•iaona Re�ised Statutes, and an aut�i�riaed affice:• of the Corporatio�i shall take all
necessary and appropriate actions to ❑btain the appropriate tax release from the
Arizona ❑epartment of Re�entie.
EXH1gIT S
TO
RESDLUTIDN N0. MPC Z026-U1
jAf� 1'1CLE5 �F U[SSnLil I'ID�V�
5ee following pages
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TOVIIN OF FOUNT�IIN I-�1�.[r5, AR["I.QNA MUN]CIPA[, PROPERTY C�RPDRATIOiV
Pursuant to ttte pra�isians of 5ection 10-114•�1 of the Ai-iznna Re�ised 5tatutes, the
undersigned, the duly authori�ed officer of the Taw�1 of F�uaitai�l 1[ills, Ariao��a
Municipal Property Corporation, �il Ariaana nonproFit corparation [the
"Carparation"],1lereby st�hznits the foilowi�zg Articles oF []issolutian FQ�- filing with
the Ariaona Corporation Commission:
1. The name of the corparation is Town nf Fountain Hills, Ariaona Mui�icipal
Property Carporation [the "Corporation")
2, The Corpot-ation was incarp�rated an 5eptemher 14, 1998.
3. The Corporation does nnt ha�e members,
4. ❑issolutian af the �orporatio:i was �uly authorized by act of the Boar�i aF
Directnrs ❑f the Corporation on August 27, 2�Z6, �ending appro�al by the
Mayor and �aun�il of the Tnwn af Fountain Hills, Ari�ona [tlle "'I'awn
�.{}L1I1C11���.
5. llpprQval of the dissal�ition aFthe Carparation was dtily a�ithorizcd by the
Town Council on [September 15], Z�2F�.
�ated���P�'1'1�if ��1. "1�2b.
T�WN ❑F F[]LINTAIN H1LLS,
ARIZ�NA MUNICIFAL PRaPERTY CORP�RATION
B : � 1 t, �, iC { .H�
y � /
Name: �nC��Y- 1, +G� �r�
,l
Title: President, Board ❑f Directors
Acknnwledged by:
gy: �� �'.� ., , �..
/
Name: Be�elyn J. gender
Title: 5ecretary, Baard nF Directors