HomeMy WebLinkAboutRes 1999-10RESOLUTION NO. 1999-10
RESOLUTION ORDERING AND CALLING A SPECIAL BOND ELECTION TO BE HELD
IN AND FOR THE TOWN OF FOUNTAIN HILLS, ARIZONA, ON MAY 18, 1999, TO
SUBMIT TO THE QUALIFIED ELECTORS THEREOF THE QUESTION OF
AUTHORIZING THE ISSUANCE AND SALE OF UP TO $3,700,000 PRINCIPAL AMOUNT
OF GENERAL OBLIGATION BONDS, PROJECT OF 1999, TO FINANCE A LIBRARY
AND /OR MUSEUM.
WHEREAS, the Mayor and Council of the Town of Fountain Hills, Arizona, believe it
to be in the best interest of the Town to authorize the issuance and sale of a total of up to $3,700,000
principal amount of General Obligation Bonds to complete two separate purposes; and
WHEREAS, it is necessary that the Mayor and Council submit the question of the
issuance and sale of such bonds to the qualified electors of the Town;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL
OF THE TOWN OF FOUNTAIN HILLS, ARIZONA:
Section 1. A special bond election in the Town of Fountain Hills, Arizona, hereinafter
referred to as the "Town ", is hereby called to be held on May 18, 1999, to submit to the qualified
electors of the Town the question as shown on the form of ballot attached hereto and marked Exhibit
A.
Section 2. The Clerk is hereby directed to cause the preparation and distribution of an
information pamphlet and sample ballot for the Town pursuant to A.R.S. § 35 -454. The officers of the
Town are hereby authorized to prepare and deliver or cause to be prepared and delivered to the Clerk .
the information necessary or appropriate for completing the information pamphlet, including, without
limitation, the estimated debt retirement schedule, estimated issuance costs, estimated tax rate impact
on an average owner- occupied residence and commercial industrial property, current outstanding debt
and debt limitation, an introductory statement on behalf of the Town, and a statement of the purpose
for which the bonds are to be issued.
Section 3. Notice of the special bond election is ordered to be given by causing the
information pamphlet to be mailed not less than ten (10) days and not more than forty (40) days before
the date of election to the residence of each registered voter of the Town as shown on the general
county register. The Clerk is hereby authorized and directed to cause the information pamphlet to be
prepared and mailed as required by law and in accordance with the provisions of this resolution and to
cause a copy of the information pamphlet to be submitted to the Arizona Department of Revenue
within thirty (30) days after the election.
Section 4. The Clerk is hereby directed to cause ballots to be printed and delivered to
the election boards to be furnished to the qualified electors offering to vote at the election.
Section 5. The election will be conducted and the poll lists kept, and the votes cast
• thereat shall be counted and tabulated and the returns thereof will be made in the manner provided by
law and only persons will be allowed to vote at the election who are qualiW electors�f t T —` V41
ASS/ AIL
ON
SWR:gmh 293698.01 719/99 SECOND
COUNT
The election may be consolidated with any other election conducted in or by the Town on May 18,
1999.
Section 6. Early voting will be permitted at the election in accordance with the
provisions of Title 16, Chapter 4, Article 8, Arizona Revised Statutes, as amended.
Section 7. The Council hereby authorizes all expenditures as may be necessary to
order, notice, hold and administer the special bond election. All actions of the members of the
Council, officers, employees and agents of the Town which are in conformity with the purposes and
intent of this resolution, whether heretofore or hereafter taken, shall be and are hereby ratified,
confirmed, authorized and approved.
Section 8. In order to comply with the Voting Rights Act of 1965, as amended, the
following proceedings pertaining to this election will be translated into Spanish and posted, published
and recorded in each instance where posting, publication and recording of such proceedings are
required, to -wit: information pamphlet, ballot, all early voting material and all instructions at the polls.
Section 9. As soon as the polls are closed, the election officials will canvass the votes
cast, enclose one list of the persons voting and one copy of the tally sheet in a cover and seal and direct
the same to the Mayor and Council of the Town. The Mayor and Council will meet at the Council
Chambers on June 3, 1999, which is a day within seven days from the twelfth day after the election
date to canvass the returns of the election. The Mayor and Council will be governed by the vote of the
majority on the question submitted.
PASSED, ADOPTED AND APPROVED by the Mayor and Council of the Town of
Fountain Hills, Arizona, on February 18, 1999.
A'�
Sharon Morgan, Mayor
ATTEST
Cassie B. Hansen, Town Clerk
APPROVED AS TO FORM:
Jeovr W 1 9L_
Scott Ruby, Bond Counsel
-2-
SWR:gmh 293698.01 2/9/99
CERTIFICATION
I, Cassie Hansen, the duly appointed and acting Town Clerk of the Town of Fountain
Hills, Arizona, do hereby certify that the above and foregoing Resolution No. 1999 -10 was duly passed
by the Town Council of the Town of Fountain Hills, Arizona, at a regular meeting held on February
18, 1999, and the vote was 7 aye's and 0 nay's and that the Mayor and 6 Council Members were
present thereat.
SWR:gmh 293698.012/9/99
CCU �
Cassie Hansen, Town Clerk
WIN
EXHIBIT A
OFFICIAL BALLOT
FOR SPECIAL BOND ELECTION IN AND FOR THE TOWN OF FOUNTAIN HILLS,
ARIZONA ON MAY 18, 1999.
Question
Shall the Mayor and Council of the Town of Fountain Hills, Arizona (the "Town "), be authorized to
issue and sell general obligation bonds of the Town in the principal amount of up to $3,700,000 to
provide funds: (1) to design, construct and improve a Town library and a museum; (2) to, if
necessary, acquire land or interests in land, furnishings, computers and equipment therefor; (3) to
acquire the initial collection of library books; and (4) to pay all environmental, financial, legal,
engineering and other costs incurred in connection with the purpose and the issuance of the bonds?
The bonds may be sold at a premium not to exceed the maximum amount permitted by law, will
bear interest at a rate or rates of not to exceed ten percent (10 %) per annum and will mature over a
period of not to exceed thirty (30) years from the date of their issuance. The bonds shall be in such
authorized denominations and bear such other terms as determined by the Mayor and Council of the
Town.
BONDS, YES D
BONDS, NO D
NOTICE TO VOTERS:
The voter shall place a mark in the square opposite the words "Bonds, Yes" or "Bonds, No ",
whichever words express the voter's choice. Only qualified electors of the Town of Fountain Hills
are eligible to vote at this election.
SWR:gmh 293699 2/9199 A -1
(1) (2)
pmjeaee
Scrandarp
Racal Asse=d
Ymr 1'01vallorT (1)
TOWN OF FOUNTAIN 1i1LLS2 ARIZONA
LIBItAItY/MUSEUM AND LAKBSIDE PROJECTS
Projected Debt Service Schedule and Impact on the Secondary T&YRa(e
$5,100,000
GENERAL OBLIGATION BONDS, SERFS 1999
(15 YEAR AMOR- ATI0N)
(6)
(7) (g) (9)
(1D) (11) (12)
(13) (14)
(3) (4) (S)
SO-17
0.23
S50,000
f80�D0
$0.06
S fdDD,OBB
53,70�,Bt79
5014
1499/00
tikt3f&Prai1w
LF. Gy1,,1rMwarn Project
Prajtdee
360,220
31,7LD,ODD
Sale Da1w 71199
Sale Dale: 7/7/99
.4 ILA
LRrrrertl Ba�cd IrLde6►edness
>T�ftirmiad
�i�d Secondary
DeZA Saconda ),
Amcal Sroondary
.Sa�r�ery
Princ4ml Wered (3) raxRare 12)
PriLtril►a1 IrLTQeti (3) rx3:a[r (2)
Sen- ce Tor Ralf (2)
wisest role rar Matt (2)
75.000
73,313
0.09
1998/99
$146.943,730
S150.000
S 195,730
5345,720
SO-17
0.23
S50,000
f80�D0
$0.06
3!50,000
5212,750
5014
1499/00
1S4 ,790_917
175,000
18.5 ,220
360,220
0.21
75,000
77,625
0.09
175.000
204,175
0.46
20DMI
162,005,462
867,780
347,970
347,970
337,970
010
75.000
73,313
0.09
175,000
194,063
0.22
2001102
110,105,735
180,000
157.970
114.690
349,690
020
75.000
69.0D0
0.08
2DO.ODO
184.000
0-21
200210
178.611.022
73
235.000
?35.000
103,645
358,645
0.19
73,ODO
64.688
0.07
200.00
171 j40
010
2003/04
167,541,
235,000
91,405
346.905
0.12
75,000
60 ,375
0.07
225.000
161.090
0.20
2004105
2D05R)6
196.919.652
196.918.652
275,000
79,910
353,910
0.18
75,090
56,063
0.07
225.000
148,063
135.125
0.19
020
2W&07
196,918.652
295,000
65.160
364160
0.18
100.000
51.750
46.000
D.08
0.07
250.00D
250,000
120'750
0. t9
2007108
196.919,652
315,000
50,410
365.410
0.19
0_17
100.000
100,000
4OX0
0.07
275,000
106,375
0_19
ZQOR/09
196,918.652
3101200
34.030
17,755
3x-1,0;0
3S�7SS
OAR B
100,00
34,500
0.07
275.000
90563
0.19
2009110
1 %918.652
335,OW
125,00O0
28.750
0.08
300,000
74,750
0.19
2010/11
1 %,918.652
125,000
21 63
0.07
325.000
57600
0.19
2011/12
196„9111.652
123,000
14 ,375
0.07
325.0D0
78.813
0.18
201 1113
196,918.652
125,ODO
7,188
0.07
350,000
20.125
0.19
2013114
196.918,652
r1,40`0,000
53,700.000
52.780 000
Projected Average Additional Tax Rate: SD.08
Projected Maximum Additional Tax Rasa: 50.09
(1) Fiscal Years 1999 +'00 thTough 2004!05 aswmc a 5.0% growth in jLmumTrA vat Lotion
per year and subsequent fiscal yaws axwMC no Bow2h
(2) PcrS100 orassessed valuation.
(3) Intevesa estimated at S.751 %k
Prrpamd by: PEACOCK, HISLGP, STALL -Y & G1VF.N. INC
?/12199
50.20
SO.24
(1S) (16)
Projftud
Co rnbinrd
V9& Secortdnry
.Senice TaS R" (2)
90.28
$0.33
S345,720
SO.17
54931
50.32
933.470
0S5
531,750
0.33
879.720
0.54
517,375
0 -30
855 -345
030
528.000
0.30
877,690
0.49
51.2,1 88
027
870,833
0.46
521,373
016
867,780
0A4
504.125
0:26
8S8,M5
0:44
536.875
D -27
897.035
0 A6
516,750
0.76
B92.160
0.45
521,625
0.26
80.655
044
500.067
025
852,818
0.43
528.500
0.27
528,5DO
0.27
529.063
027
529,063
D27
503,1118
036
503,188
0.26
502.313
016
502 .313
0]6
90.28
$0.33
TOWN OF FOUNTAIN RMLS, ARIZONA
LAKESIDE PROJECT ONLY
$1,400,000
GENERAL OBLIGATION BONDS, SERIES 1999
(15 YEAR AMORTIZATION)
projected Tax Rate Impact on Residential - Properties
Related to the Lakeside Project Only
RESIDENTIAL. PROPERTY
(Assessed at 10 %)
(1) Assessor's full cash value is the value of your property as it appears on your tax bill and does
not, necessarily represent fair market value.
(2) Cost based on the projected average additional lax -rate increase over the life of the bond issue.
Prepared by: PEACOCK, HISLOP, STALEY & GIVEN, INC.
2/12J99
Average
Average
Additional
Additional
Assessors
Annual Cost
Monthly Cost
Fu ll Cash
Assessed
cQ $0.08 Tax
@ $0.08 Tax
Value (Y)
Value
Increase (2)
increase (2)
$75,000
$7,500
$6.00
$0.50
ReQtesc11 the
cstimalea� �I
100,000
10,000
8.00
0.67
0.90
cash va {uz of a
135,000
13,500
10.80
1.17
ctsidtmewiNn
175,000
17,500
14.00
the Town
(1) Assessor's full cash value is the value of your property as it appears on your tax bill and does
not, necessarily represent fair market value.
(2) Cost based on the projected average additional lax -rate increase over the life of the bond issue.
Prepared by: PEACOCK, HISLOP, STALEY & GIVEN, INC.
2/12J99
The election may be consolidated with any other election conducted in or by the Town on May 18,
1999.
Section 6. Early voting will be permitted at the election in accordance with the
provisions of Title 16, Chapter 4, Article 8, Arizona Revised Statutes, as amended.
Section 7. The Council hereby authorizes all expenditures as may be necessary to
order, notice, hold and administer the special bond election. All actions of the members of the
Council, officers, employees and agents of the Town which are in conformity with the purposes and
intent of this resolution, whether heretofore or hereafter taken, shall be and are hereby ratified,
confirmed, authorized and approved.
Section 8. In order to comply with the Voting Rights Act of 1965, as amended, the
following proceedings pertaining to this election will be translated into Spanish and posted, published
and recorded in each instance where posting, publication and recording of such proceedings are
required, to -wit: information pamphlet, ballot, all early voting material and all instructions at the polls.
Section 9. As soon as the polls are closed, the election officials will canvass the votes
cast, enclose one list of the persons voting and one copy of the tally sheet in a cover and seal and direct
the same to the Mayor and Council of the Town. The Mayor and Council will meet at the Council
Chambers on June 3, 1999, which is a day within seven days from the twelfth day after the election
date to canvass the returns of the election. The Mayor and Council will be governed by the vote of the
majority on the question submitted.
PASSED, ADOPTED AND APPROVED by the Mayor and Council of the Town of
Fountain Hills, Arizona, on February 18, 1999.
Sharon Morgan,
ATTEST:
CW Z a:�4 J
Cassie B. Hansen, Town Clerk
APPROVED AS TO FORM:
Scott Ruby, Bond Counsel
-2-
SWR:gmh 294479.012/9/99