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RESOLUTION NO. 1991 -22
RESOLUTION AWARDING CONTRACT FOR THE PURCHASE
OF $3,530,000 PRINCIPAL AMOUNT OF TOWN OF
FOUNTAIN HILLS, ARIZONA GENERAL OBLIGATION
BONDS, SERIES 1991, AND DECLARING AN EMERGENCY.
WHEREAS, sealed proposals have been received pursuant to
a Notice Inviting Proposals For Purchase Of Bonds (the "Notice ")
duly published as provided by law, for the sale of $3,530,000 of
Town of Fountain Hills, Arizona General Obligation Bonds, Series
1991 (the "Bonds ") ; and
WHEREAS, the proposal of The Valley National Bank of
Arizona has been determined to result in the lowest net interest
rate to the Town and, in all respects, complies with the terms of
the Notice;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COMMON
COUNCIL OF THE TOWN OF FOUNTAIN HILLS, ARIZONA, THAT:
Section 1. The proposal of The Valley National Bank of
Arizona for the purchase of the Bonds be and hereby is accepted
and the Bonds be and hereby are awarded to The Valley National Bank
of Arizona (the "Purchaser ") .
Section 2. In accordance with the terms of the proposal
submitted by the Purchaser, the Bonds of the various maturities
shall bear interest from May 1, 1991, at the following rates:
Maturity Date
(July 1)
Amount
Interest Rate
Per Annum
1992
$ 50,000.00
10.00
1993
100,000.00
10.00
1994
100,000.00
10.00
1995
100,000.00
10.00
1996
125,000.00
10.00
1997
125,000.00
8.25
1998
150,000.00
7.00
1999
150,000.00
7.00
2000
175,000.00
7.00
2001
175,000.00
7.00
2002
175,000.00
7.00
2003
200,000.00
7.05
2004
225,000.00
7.10
2005
225,000.00
7.15
2006
250,000.00
7.20
2007
275,000.00
7.25
2008
300,000.00
7.25
2009
300,000.00
7.25
2010
330,000.00
7.25
Section 3. All actions heretofore taken relating to the
authorization, issuance and sale of the Bonds are hereby ratified
and affirmed.
Section 4.
the Town, or any of
deliver the Bonds
therefor.
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The Mayor, the Clerk or the Town Manager of
them, are hereby authorized and directed to
to the purchaser upon receipt of payment
Section 5. The Clerk or the Town Manager of the Town,
or either of them, be and hereby are authorized and directed to
return forthwith the good faith checks of all unsuccessful bidders.
Section 6. The immediate operation of this Resolution
is necessary for the preservation of the public health and welfare;
an emergency is hereby declared to exist; and this Resolution shall
be in full force and effect from and after its passage and approval
by the Mayor and Common Council of the Town as required by law.
This Resolution is hereby exempt from the referendum provisions of
the Constitution and laws of the State of Arizona.
PASSED, ADOPTED AND APPROVED by the Mayor and Common
Council of the Town of Fountain Hills, Arizona, on May 2, 1991.
Mayor, �o of Fountain Hills,
Arizona
�w ATTEST:
116 -
Clerk, Town of Fountain Hills,
Arizona
APPROVED AS TO FORM:
.............................
O'Connor, Cavanagh, Anderson,
Westover, Killingsworth &
Beshears, P.A., Bond Counsel
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