HomeMy WebLinkAbout1995-12-21 WUCFD MINUTESDISTRICT BOARD OF THE
WATER UTILITIES COMMUNITY FACILITIES DISTRICT
CITY OF APACHE JUNCTION, ARIZONA
DECEMBER 21,1995 -6:30 P.M.
MEETING MINUTES
BOARD OF DIRECTORS ROLL CALL:
Chairperson Douglas Coleman
Vice Chairperson Patricia Richmond
Mrs.Robin Barker
Mr.Joe Durbal a
Mrs.Grace Hagner
Mr.Keith Hendricks (Absent)
Mrs.Anne Surra
1.Call to order.
2.Roll call.
Others Present:
Doug Dobson,Public Works Director
Keith Lewis,District Treasurer
Glenn Gimbut,City Attorney
3.Approval of Resolution No. 1995-010, A resolution of the Board of Directors
of the Water Utilities Community Facilities District (City of Apache Junction,
Arizona) acknowledging and accepting its obligations for past due real property
taxes and customer deposits of the Apache Junction division of Consolidated Water
Utilities,Ltd.And expressing its intentions to the Arizona Corporation
Commission.
City Attorney Glenn Gimbut discussed the purchase agreement with Brooke Water and
stated that the Corporation Commission ordered a requirement that impound
accounts be set aside equal to the amounts for back taxes owed to Pinal County
and for customer deposits,meter advances,and advances in aid of construction.
That meant the amount of about $1.2 to $1.3 million which the District did not
borrow.He stated that the Board of Directors of the District has agreed to pass
a resolution assuring that it would honor those things and that it would treat
those funds in the similar manner as the Commission treats it under their rules
and regulations; that the Di strict would adopt regulations identical to the those
of the Commission that govern those areas;and that the District would not be
raising the rates to collect that money.He then briefed the Board on Resolution
No.1995-010.
Chairman Coleman asked clarification on Section 2 of the resolution.
Mr.Gimbut explained that as part of the loan agreement with First Interstate
Bank, a long-term bond facility is available for the District to borrow the money
to pay the Pinal County taxes.He stated that under the Bankruptcy plan the
interest rate has been reduced to 6%and there is the ability to pay it over a
period of five years, but the District hopes to negotiate an even lower rate for
an advanced payment.
Water Utilities Community Facilities District
Meeting Minutes of December 21,1995.
Page 1 of 2
Mr.Durbala moved for approval of Resolution No.1995-010.Vice Chairperson
Richmond seconded the motion.Motion passed unanimously.
Adjournment at 6:50 p.m.
Kathleen Connelly
District ClerkClerk
Water Utilities Community Facilities District
Meeting Minutes of December 21,1995.
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