HomeMy WebLinkAboutRes 1998-42RESOLUTION NO.1998-42
RESOLUTION RATIFYING CERTAIN CHANGES TO RESOLUTION NO.1998-33
REQUESTED BY THE BOND INSURER OF THE TOWNS STREET AND HIGHWAY
USER REVENUE REFUNDING BONDS,SERIES 1998;RATIFYING THE ISSUANCE
AND SALE OF $1,075,000 PRINCIPAL AMOUNT OF SUCH BONDS;AND DECLARING
AN EMERGENCY
WHEREAS,the Mayor and Council of the Town of Fountain Hills,Arizona (the
"Town")adopted Resolution No.1998-33(the "Resolution")onAugust6,1998,which authorized
the issuance andsale of $1,075,000 in aggregate principal amount of Town of Fountain Hills
Street and Highway User Revenue Refunding Bonds,Series 1998(the "Bonds");and
WHEREAS,the insurer forthe Bonds,MBIA Insurance Corporation (the"Bond
Insurer"),hasrequestedcertainminor changes to Resolution No.1998-33,suchchanges consisting
of the following:
1.The Bond Insurer shall be given notice of any amendments tothe
Resolution;
2.The Bond Insurer must consent tothe issuance of additional highway user
revenue bonds;and
3.The Registrar and Paying Agent mustbea commercial bankwithtrust
powers;and
WHEREAS,the agenda itemfor Resolution No.1998-33 incorrectly understated
theprincipalamountoftheBondsbytenthousanddollarsandtheMayorandCouncilnowdesire
toratifytheissuanceandsaleofthefullprincipalamountoftheBonds;
NOW,THEREFORE,BE IT RESOLyED BY THE MAYOR AND
COUNCIL OF THE TOWN OF FOUNTAIN HILLS,ARIZONA:
Section 1.ThechangestoResolutionNo.1998-33consistingoftheinclusion
ofthe provisions requested bytheBondInsurerfortheBondsassetforthinthesecond Whereas
paragraph ofthis Resolution is hereby ratified.The issuance andsaleof $1,075,000 aggregate
principal amount ofthe Bonds pursuant tothe terms of Resolution No.1998-33 as amended by
this Resolution ishereby authorized andratified.
Section2.Theimmediateoperationoftheprovisionsofthis Resolution is
necessary for the preservation ofthe public peace,health and safety and an emergency is declared to
exist,andthisResolutionwillbeinfullforceandeffectfromandafteritspassageandapprovalby
the Mayor and Council as required by law,and itis hereby exempt from the referendum provisions of
the Constitution and laws of the State of Arizona.
SWR:joy 273354.018/7/98
/PASSED,ADOPTEDAND APPROVED bythe Mayor and Council oftheTown
Vs*/ofFountainHills,Arizona,onAugust17,1998.
ATTEST:
Clerk
j^JJswl^J
APPROVED AS TO FORM:
GUST ROSENFELD PLC.
1 Bond Counsel °
CERTIFICATION
f I,Cassie Hansen,thedulyappointedandactingTownClerkoftheTownof Fountain
^^Hills,Arizona,do hereby certify that the above and foregoing Resolution No.1998-42 was duly
passed bytheTown Council oftheTownof Fountain Hills,Arizona,ata regular meeting held on
August 17,1998,and the vote was u>aye's and _D_nay's and that the Mayor and 3"~Council
Members were present thereat.
Laaa^Jq hL^L^J
Cassie Hansen,Town Clerk
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