HomeMy WebLinkAboutRes 2000-20RESOLUTION NO.2000-20
RESOLUTION ORDERING THE SALE OF $3,700,000 PRINCIPAL AMOUNT OF
TOWN OF FOUNTAIN HILLS,ARIZONA,GENERAL OBLIGATION BONDS,
PROJECT OF 1999,SERIES B (2000),DESIGNATING AN OFFICER TO DECLARE
OFFICIAL INTENT OF THE DISTRICT WITH RESPECT TO REIMBURSEMENT
FROM BOND PROCEEDS PURSUANT TO TREASURY REGULATIONS SECTION
1.150-2;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 1999,Series B (2000)(the "Bonds"),inthe principal amount of notto exceed $3,700,000,are
hereby ordered tobesold pursuant toTitle35,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
causethe attached Order and Notice tobe published oncea week forfour(4)successive weeks
priortothedatesetto receive bidsin The Times of Fountain Hills,a newspaper of general
circulation in the Town.The Clerk and financial consultant to the Town are hereby authorized to
complete the Order and Notice.
Section 3.The Clerk is hereby further authorized and directed to cause a Notice
Inviting Proposals forthe Purchase of Bondstobe executed andtobe 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 bythe Council that such Notice
issolelyto supplement the required legalnoticetobegiven pursuant tothe preceding paragraph.
Section 4.For purposes of Treasury Regulation Section 1.150-2,either the
Managerorthe Accounting Supervisor of theTownareherebydesignatedtodeclaretheofficial
intention of theTownto reimbursement of certain expenditures with Bond proceeds.Such
declaration willbein writing in substantially theform attached hereto as Exhibit A.The Mayor
and Accounting Supervisor are hereby authorized totakeanyandall actions necessary tomeet
the requirements of Treasury Regulation Section 1.150-2.
Upon the issuance of theBonds,eitherthe Manager orthe Accounting Supervisor
is directed to cause a written allocation to be made that evidences the Town's use of Bond
proceedstoreimbursea prior expenditure.TheAccounting Supervisor willnotpermitBond
proceedstobeusedtoreimburseapriorexpenditureunlesssuchreimbursementismadewithin
the reimbursement time period setforthinTreasury Regulation Section 1.150-2 orunlessthe
requirements of suchsectionare otherwise satisfied.
Section 5.The immediate operation of the provisions of this resolution is
necessaryforthe preservation of thepublicpeace,healthandsafetyandan emergency ishereby
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declaredtoexist,andthis resolution willbeinfullforceand effect fromand after its passage and
approvalbythe 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 April 20,2000.
ATTEST:
Clerk
APPROVED AS TO FORM:
Bond Counsel 0
CERTIFICATION
I,Cassie Hansen,thedulyappointedandactingTownClerk of theTown of
Fountain Hills,Arizona,do hereby certify that the above and foregoing Resolution No.2000-20
wasdulypassedbytheTownCouncil of theTown of FountainHills,Arizona,ataregular
Seeting heldonApril20,2000,andthevotewas J_aye'sand b_nay'sandthattheMayorand
_CouncilMemberswere present thereat.
DATED:/Wm.c^C ,2000.:/W>Jt Je
Town Clerk
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ORDER AND NOTICE OF BOND SALE
NOTICE IS HEREBY GIVEN that sealed unconditional proposals willbe
received toand including thehour of 10:00a.m.,Mountain StandardTime {Bidders areputon
noticethatArizonaisexemptfrom Daylight SavingsTime),onJune1,2000,atthe offices of
Gust Rosenfeld P.L.C.,201 North Central Avenue,Suite 3300,Phoenix,Arizona 85073-3300;
forthe purchase of all,but notlessthanall,of $3,700,000 principal amount of General
Obligation Bonds,Project of 1999,Series B (2000)(the "Bonds"),at which time bids willbe
opened and announced.The Town Council willmeetonJune1,2000,atthe hour of 6:30p.m.,
to consider all bids received and,if an acceptable bid is received,award the contract forthe
purchase of the Bonds.
The Bonds will bear interest atrates,noone of which will exceed ten percent
(10%)per annum,tobe determined in accordance with the best bid forthe Bonds atthe time of
the award of the contract forthe purchase of the Bonds.Unless all bids are rejected,the Bonds
willbe awarded tothe bidder whose proposal results inthe lowest net interest cost tothe Town,
taking into account any premium offered tobepaidfortheBonds.All proposals must beforall
of the Bonds and must offer to pay nolessthantheface amount of the Bonds plusaccrued
interest to the date of delivery of the Bonds.
Further information,including copies of the NoticeInviting Proposals forthe
Purchase of Bonds andthe Preliminary Official Statement relating tothe bonds,may be obtained
fromthe Clerk of the Town of Fountain Hills,Arizona;orfrom Peacock,Hislop,Staley &
Given,Inc.,2999 North 44th St.,Suite 100,Phoenix,AZ 85018,telephone number (602)952-
6800,financial consultant to the Town with respect tothe Bonds.
Dated:April 20,2000
Clerk,Town of Fountain Hills,Arizona
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EXHIBIT A
DECLARATION OF OFFICIAL INTENT UNDER TREASURY REGULATION
SECTION 1.150-2 TO REIMBURSE AN EXPENDITURE WITH PROCEEDS OF TAX-
EXEMPT BONDS
The undersigned is the \Y\<XP&.<a (A of the Town of Fountain Hills,Arizona
(the"Town"),andhasbeen designated bytheMayorandCouncil of theTowntodeclareofficial
intenton behalf of the Town with respect tothe reimbursement of expenditureswithproceeds of
tax-exempt obligations.
Section 1.Declaration of Official Intent.The undersigned hereby declares
under Treasury Regulation Section 1.150-2 the official intent of theTownto reimburse the
capital expenditures madein connection withtheProjectdescribedinSection3 hereof withthe
proceeds of tax-exempt obligations.
Section 2.Timeliness of Declaration.This declaration is being made not
later than sixty (60)days after payment of the expenditure(s)tobe reimbursed.
Section 3.Project Description.The Project for which theabove
expenditures were made is described as follows:
Community Center and Library/Museum Facility
Section 4.Maximum Principal Amount.The maximum principal amount
of obligations expected tobe issued fortheprojectdescribedinSection3aboveis$7,200,000.
Section 5.Reasonable Expectation to Reimburse.This Declaration as of
itsdateis consistent with the budgetary and financial circumstances of the Town andtheTown
reasonably expects to reimburse the expenditures describedinSection1with proceeds of tax-
exempt bonds.
Dated:Apwl £p ^€Tb
POfl.Ka.4 (h.,Town of Fountain Hills,
Arizona <J
A-l
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