HomeMy WebLinkAboutRes 2001-31RESOLUTION NO.2001-31
RESOLUTION ORDERING THE SALE OF NOT TO EXCEED $6,000,000 PRINCIPAL
AMOUNT OF TOWN OF FOUNTAIN HILLS,ARIZONA,GENERAL OBLIGATION
BONDS,PROJECT OF 1997,SERIES 2001,AND DECLARING AN EMERGENCY.
BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE TOWN OF
FOUNTAIN HILLS,ARIZONA,as follows:
Section 1.Town of Fountain Hills,Arizona,General Obligation Bonds,Project
of 1997,Series2001(the "Bonds"),inthe principal amount of notto exceed $6,000,000,are
hereby ordered tobesold pursuant to Title 35,Chapter 3,Article 3,Arizona Revised Statutes,as
amended,and in accordance with the attached Order and Notice of Bond Sale.
Section 2.The Clerk is directed to execute the attached Order and Notice and,
unless another method of providing notice of thesaleis authorized bylawand utilized bythe
Town,as decided upon by the Town Manager,cause the attached Order and Notice tobe
published once a week fortwo(2)successive weeks prior tothe date setto receive bids in The
Times ofFountainHills,a newspaper of general circulation intheTown.The Town Manager is
authorized and directed to determine the date proposals shall be received,which dateshallbe
prior to December 31,2001.
Section 3.The Clerk is hereby further authorized and directed to cause a Notice
Inviting Proposals forthe Purchase of Bonds tobe executed and to be transmitted to Peacock,
Hislop,Staley &Given,Inc.,Financial Consultant tothe Town with respect tothe Bonds,tobe
circulated among potential bidders forthe Bonds.No defect or error in such Notice shall affect
or invalidate thesale of the Bonds,it being expressly determined by the Council that such Notice
is solely to supplement the required legal notice tobe given pursuant tothe preceding paragraph.
Section 4.The immediate operation of the provisions of this resolution is
necessary forthe preservation of the public peace,health and safety andan emergency is hereby
declared to exist,andthis resolution will beinfullforceand effect from and after its passage and
approval bythe Mayor and Council as required bylaw,anditis hereby exempt fromthe
referendum provisions of the Constitution andlaws of the State of Arizona.
PASSED AND ADOPTED on June 21,2001.
ATTEST:
J^AAaj^
Clerk
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•
APPROVED AS TO FORM:
c*s,
Bond Counsel
CERTIFICATION
I,Cassie Hansen,the duly appointed and acting Town Clerk of the Town of
Fountain Hills,Arizona,do hereby certify thatthe above and foregoing Resolution No.2001-31
wasdulypassedbytheTown Council of theTown of Fountain Hills,Arizona,ataregular
meeting held on June 21,2001,andthe vote was *7 aye's and Q nay's andthatthe Mayor
and (o Council Members were present thereat.
DATED:June 21,2001.
y/UKL*-^
Town Clerk
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ORDER AND NOTICE OF BOND SALE
NOTICE IS HEREBY GIVEN thatsealedor electronic unconditional proposals
willbereceivedtoandincludingthehour of 10:00a.m.,MountainStandardTime {Bidders are
putonnoticethatArizonaisexemptfrom Daylight SavingsTime),on ,2001,forthe
purchase of all,but not less than all,of $6,000,000 principal amount of the Town of Fountain
Hills,Arizona(the "Town")GeneralObligationBonds,Project of 1997,Series2001(the
"Bonds"),at which timebidswillbe opened and announced.Sealedproposals willbe received
atthe offices of Peacock,Hislop,Staley &Given,Inc.(the "Financial Consultant"),100
Concord Place,2999 North 44th Street,Phoenix,Arizona 85018,telephone number (602)952-
6800.Electronic bids will utilize the facilities of PARITY.The Town Council will meet on
,2001atthe hour of 6:30p.m.,to consider all bids received and,if an acceptable bid
is received,awardthe contract forthe purchase of the Bonds.
TheBondswillbearinterestatrates,noone of which willexceedten percent
(10%)per annum,tobe determined in accordance with the best bid for the Bonds at the time of
the award of the contract forthe purchase of the Bonds.Unless allbidsare rejected,the Bonds
willbe awarded tothe bidder whose proposal results inthe lowest true interest costtotheTown,
takingintoaccountany premium offered tobepaidfortheBonds.All proposals mustbeforall
of the Bonds and must offer topaynolessthantheface amount of the Bonds plus accrued
interest tothedate of delivery of the Bonds.
Further information,including copies of the Notice Inviting Proposals forthe
Purchase of Bonds andthe Preliminary Official Statement relating tothe bonds,may be obtained
from the Clerk of the Town or the Financial Consultant.
Dated:June 21,2001.
yf^AAsS*>
Clerk,Town of Fountain Hills,Arizona
Publish this Notice andthe resolution once a week fortwo successive weeks prior to
2001
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