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HomeMy WebLinkAboutRes 1991-03RESOLUTION NO. 1991 -03 A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE TOWN OF FOUNTAIN HILLS, ARIZONA, ORDER- ING AND CALLING A SPECIAL STREET AND HIGHWAY USER REVENUE BOND ELECTION TO BE HELD IN AND FOR THE TOWN OF FOUNTAIN HILLS, ARIZONA, ON MARCH 12, 1991, TO SUBMIT TO THE QUALIFIED ELECTORS THEREOF THE QUESTION OF AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $1,200,000 AGGREGATE PRINCIPAL AMOUNT OF TOWN OF FOUNTAIN HILLS, ARIZONA, STREET AND HIGHWAY USER REVENUE BONDS Councilmember Cutillo moved that the Resolution be adopted as introduced, and Councilmember Clark seconded the motion. Upon roll call, the following voted aye: John M. Cutillo, Mayor Wallace B. Hudson, Vice Mayor Frank Clark, Councilmember Charles E. Fox, Councilmember Mike Minarsich, Councilmember William J. O'Brien, Councilmember and none voted nay. The Mayor declared the Resolution adopted as introduced. After discussion, it was determined to be in order to adopt a resolution adopting a form of ballot and ordering notice of the special street and highway user revenue bond election to be given to the qualified electors of the Town. Thereupon, the following Resolution was introduced: 2 RESOLUTION NO. 1991 -03 A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE TOWN OF FOUNTAIN HILLS, ARIZONA, ORDER- ING AND CALLING A SPECIAL STREET AND HIGHWAY USER REVENUE BOND ELECTION TO BE HELD IN AND FOR THE TOWN OF FOUNTAIN HILLS, ARIZONA, ON MARCH 12, 1991, TO SUBMIT TO THE QUALIFIED ELECTORS THEREOF THE QUESTION OF AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $1,200,.000 AGGREGATE PRINCIPAL AMOUNT OF TOWN OF FOUNTAIN HILLS, ARIZONA, STREET AND HIGHWAY USER REVENUE BONDS BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE TOWN OF FOUNTAIN HILLS, ARIZONA, that a special street and highway user revenue bond election in the Town of Fountain Hills, Arizona (hereinafter referred to as the "Town "), be and the same is hereby ordered and called to be held on March 12, 1991, at the following precincts' polling places: Precinct Polling Place Fountain Hills No. 1 Fountain Hills Community Center 11445 North Saguaro Boulevard Fountain Hills, Arizona Fountain Hills No. 2 Shepherd of the Hills Lutheran Church Corner of E1 Lago & Fountain Hills Boulevard Fountain Hills, Arizona Fountain Hills No. 3 Fountain Hills School District Administration Building 14605 North Del Cambre Avenue Fountain Hills, Arizona Fountain Hills No. 4 McDowell Mountain Elementary School 14825 North Fayette Drive Fountain Hills, Arizona The polling places will be open at 6:00 a.m. and close at 7:00 p.m. Absentee voting shall be permitted in accordance with the provisions of Title 16, Chapter 4, Article 8, Arizona Revised Stat- utes, as amended. A qualified elector may vote absentee if: (1) the elector expects to be absent from the Town or his voting precinct at the time of holding the election; ( 2 ) the elector is physically unable to go to the polls; (3) the elector is 65 years of age or older; (4) the elector's place of residence is more than 15 road miles from the polling place for his precinct; (5) the elector cannot attend the polls on the day of the election because of the tenets of his religion; or (6) the elector is legally blind. Absentee voting information and absentee voting materials may be obtained by contacting the office of the Clerk of the Town of Foun- tain Hills, Arizona, 16836 South Palisades, Building C. Fountain Hills, Arizona 86269, telephone: (602) 837 -2003. The purpose of the election is to permit the qualified electors of the Town to vote on the question of whether Town of Fountain Hills, Arizona, Street and Highway User Revenue Bonds in the maximum principal amount of $1,200,000 should be issued, in one or more series, pursuant to Title 48, Chapter 4, Article 5, Arizona Revised Statutes, as amended, the proceeds of the sale of which shall be used for the purpose of improvement, construction, recon- struction, acquisition of rights -of -way or maintenance of streets and highways of the Town and to pay all legal, financial, engineer- ing and other necessary costs and expenses in connection therewith and with the issuance and sale of such bonds, such bonds to be pay- able as to principal and interest solely from taxes, fees, charges and other moneys collected by the State of Arizona and returned to the Town for street and highway purposes pursuant to law, such bonds to bear interest at a rate or rates of not to exceed twelve E percent (12 %) per annum, provided that each bond may be evidenced by one instrument or a succession of instruments and the interest may be payable or compounded semiannually or more or less frequent- ly than semiannually and at a variable rate or rates, none of which shall exceed twelve percent (12 %) per annum; to mature over a period of not to exceed twenty (20) years from the date of their issuance and to be in the denomination of $1,000 each or multiples thereof at maturity. PASSED, ADOPTED AND APPROVED by the Mayor and Common Council of the Town of Fountain Hills, Arizona, on January 17, 1991. Mayor, Town of Fountain Hills, Arizon ATTEST: 6. Clerk, Town of Fountain Hills, Arizona APPROVED AS TO FORM: u_ ) ................ O'Connor, Cavanagh, Anderson, Westover, Killingsworth & B "eshears, P.A., Bond Counsel 3