HomeMy WebLinkAbout1984 10.27 City Council Special Agenda PQACI-It
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"9RIZONP cOity o pache C unction
NOTICE OF SPECIAL MEETING
Pursuant to A.R.S. §38-431 .02, notice is hereby given to the
members of the Apache Junction City Council and to the general
public that the Apache Junction City Council will hold a Special
Meeting open to the public on the 27th day of September, 1984,
at 7:00 p.m. , in the Apache Junction City Council Chambers, 1001
N. Idaho Rd. , Apache Junction, Arizona, to consider the following:
AGENDA
1 . ROLL CALL
2. PROPOSED RESOLUTION NO. 84-53, COMMEERCIAL REZONING MORATORIUM
3. EXECUTIVE SESSION, SEPTEMBER 27, 1984
4. RECESS SPECIAL MEETING AND CONVENE EXECUTIVE SESSION
5. ADJOURN EXECUTIVE SESSION
6. RECONVENE SPECIAL MEETING
7. ADJOURN SPECIAL MEETING
Copies of this agend aand additional information regarding any of
the items listed above may be obtained through the City Clerk's
office, 1001 N. Idaho Rd. , Apache Junction, Arizona, Monday through
Friday, excluding weekends and holidays, 8:00 a.m. through 5:00 p.m. ,
or by calling 982-8002.
Dated this 25th day of September, 1984.
1
(,if7 `` ; 1 %' ' ,ci,cit e' i tt7.-)
Kathleen Connelly v
City Clerk : , ; L�.j�, ',
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1001 NORTH IDAHO • APACHE JUNCTION,ARIZONA 85220-0190 • TELEPHONE(602)982-8002
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RESOLUTION NO 84-53
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION, ARIZONA, DIRECTING THE CITY MANAGER THAT
NO APPLICATION BY PETITION REQUESTING AMENDMENT TO THE
APACHE JUNCTION, ARIZONA, ZONING ORDINANCE BY AMENDING
THE ZONING MAP CHANGING THE ZONING DISTRICT CLASSIFICATION
TO A COMMERCIAL DISTRICT IS TO BE ACCEPTED FOR FILING OR
ACTED UPON BY THE CITY.
WHEREAS, the commercial district regulations, as set forth in
Article 15 and Article 16 of the Apache Junction, Arizona, Zoning Ordinance,
are inappropriate for the community development needs of the City of
Apache Junction, Arizona, and
WHEREAS, there is increasing commercial development activity
and applications for rezonings to commercial uses in the City, and
WHEREAS, the City's Zoning Ordinance Rewrite Committee is
formulating commercial district regulation amendments to the Apache Junction,
Arizona, Zoning Ordinance for presentation to the Planning and Zoning
Commission and the City Council, and
WHEREAS, the Zoning Ordinance Rewrite Committee is nearing completion
of their tasks with regard to commercial district regulations,
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of
the City of Apache Junction, Arizona, that henceforth until the adoption
of comprehensive amendments to the Apache Junction, Arizona, Zoning Ordinance's
commercial district regulations, or until such time as otherwise deemed
appropriate by this City Council, the City Manager is directed that no
application by petition requesting amendment to the Apache Junction, Arizona,
Zoning Ordinance by amending the Zoning Map changing the zoning district
classification to a commercial district is to be accepted for filing or
acted upon by the City
BE IT FURTHER RESOLVED, that this Resolution shall not be binding
upon any complete application for rezoning filed and advertised for public
hearing prior to adoption of this Resolution.
PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION, ARIZONA, THIS DAY OF , 19 .
Wendell J Clarke
Mayor
ATTEST•
Kathleen Connelly
City Clerk
APPROVED AS TO FORM
David F. Alexander
City Attorney
RECEIVED
CITY OF APACHE JUI., ?
1984 SEP 21 P
Sept. 27, 1984
To The City of Apache Junction,
�Sl
The undersigned hereby request the postponement of proposed # 84-53
We feel that additional Public Notification should be given before a Moratorium
on Commercial Zoning is considered.
Respectfully;
Name Date
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RECEIVED s ,
CITY OF APAC\E
1984 SU 21 P
Sept 27, 1984
To The City of Apache Junction,
45
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Lu ri /`�
The undersigned hereby request the postponement of proposed- -e r # 84-53
We feel that additional Public Notification should be given before a Moratorium
on Commercial Zoning is considered.
Respectfully,
Name Date
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ROLL CALL
ROLL CALL IPRESENT ( ABSENT00016.
MAYOR CLA KE
VICE-MAYOR EIDSON i 1
COUNCILMAN HILL
COUNCILMAN TAYLOR
COUNCILMAN SHANKS ! ✓ j
COUNCILMAN STEELSMITH
COUNCILMAN DAMIAN0
TOTAL I (P t 7
STAFF PRESENT
CITY MANAGER MICHAEL J. MCNULTY ✓
CITY CLERK Kathy Connelly
t .
,.� FINANCE CONTROLLER Keith Lewis
DIRECTOR OF PLANNING Chuck Newcomer ✓
DIRECTOR OF PUBLIC SAFTEY Bill McDaniel
DIRECTOR OF PUBLIC WORKS Rich Broman
CITY ATTORNEY Mr. Alexander Dec iff
ECONOMIC DEVELOPMENT SPECIALIST John Schoeph
J
ROLL CALL VOTE SHEE
/
NOTES
8
14.1
(20
0/1
(1°
ITEM #_ MEETING OF 0-7
MOTION BY : SECONDED BY :
YES NO ABSTAINED
COUNCILMAN SHANKS
000NCILrAr! DAMIANO
/11016.
VICE MAYOR EIDSON
COUNCILMAN TAYLOR
COUNCILMAN ICI L L
MAYOR CLARKE
�^ FAVOR OPPOSED ABSTAINED
U,IAtiI OUS IN
TOTAL
ROLL CAI7L VOTE SHEET
NOTES
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•
ITEM # ` MEETING OF //II
MOTION BY: SECONDED BY: 04/..)1ti'
Y S NO ABSTAINED
COUNCILMAN TAYLOR
COUNCILflAN HILL
CO UNC I L1 AN SHANKS 1111.1111111.1111111111
VICE_MAYOR i
COUNCILMAN DAMIANO
1 U 1 ► . A..t. w i;l►J►..
_MAYOR_CLARKF
UNANIMOUS IN FAVOR OPPOSED ABSTAINED
TOTAL
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ROLL CALL VOTE -diEET
NOTES
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ITEM ## MEETING OF qA7
)1 MOTION BY: , ' A'`' SECONDED BY:
Y S NO ABSTAINED
I ICU MAN IY4MIANO /
I LMANJI LL
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I _ ^ ILtAIL TAYLOR
.OUNC I I MAN SHANKS /
JIICF MAYOR EIDSON
1 . 1 fr-/' j .
MAYOR CLARKE
MAN PO S , IN FAVOR OPPOSED ABSTAINED
TOTAL
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ITEM NO. 2
BE IT RESOLVED BY THE
MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA, THAT
RESOLUTION NO. 84-53 , A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE
CITY OF APACHE JUNCTION, ARIZONA, DIRECTING THE CITY MANAGER THAT NO
APPLICATION BY PETITION REQUESTING AMENDMENT TO THE APACHE JUNCTION,
ARIZONA, ZONING ORDINANCE BY AMENDING THE ZONING MAP CHANGING THE
ZONING DISTRICT CLASSIFICATION TO A COMMERCIAL DISTRICT IS TO BE
ACCEPTED FOR FILING OR ACTED UPON BY THE CITY, BE AND HEREBY IS
APPROVED AND ADOPTED.
ITEM NO. 3
BE IT RESOLVED BY THE
MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA, THAT
THE CITY COUNCIL HOLD AN EXECUTIVE SESSION ON SEPTEMBER 27, 1984 , AT
70 P .M. , IN THE CITY HALL COMPLEX.
... _
A RESOLUTION APPROVING THE ISSUANCE OF $3 , 300 , 000
INDUSTRIAL DEVELOPMENT REVENUE BONDS,
(GENE E. LYNN WELLNESS CENTER PROJECT) ,
SERIES OF 1984
OF THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF APACHE JUNCTION, ARIZONA
WHEREAS, The Industrial Development Authority of the
City of Apache Junction, Arizona ( the "Authority" ) proposes to
issue its $3, 300 , 000 Industrial Development Revenue Bonds (Gene
E. Lynn Wellness Center Project) , Series of 1984 ( the "Bonds" ) ,
in accordance with and pursuant to the Industrial Development
Plans for Municipalities and Counties Act , Title 9 , Chapter 11 ,
Arizona Revised Statutes , as amended ( the "Act" ) ; and
WHEREAS, under Section 9-1171 . B of the Act , the pro-
ceedings under which the Bonds are to be issued require the
approval of the Mayor and Council of the City of Apache
Junction, Arizona for the issuance of the Bonds ; and
WHEREAS, the information regarding the project to be
financed from the proceeds of the Bonds has been presented to
the Mayor and Council of the City of Apache Junction, Arizona;
and
WHEREAS, a public hearing is to be held on November
1 , 1984 in the Council Chambers of the City Council Building ,
1001 North Idaho Road, Apache Junction, Arizona, following
reasonable public notice at least 14 days in advance of said
hearing for the purpose of satisfying Section 103 ( k ) of the
Internal Revenue Code of 1954 , as amended;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND
COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA:
That the issuance of the Bonds is hereby approved.
PASSED AND ADOPTED this 24th day of October , 1984 .
THE CITY OF APACHE JUNCTION,
ARIZONA
By:
( Seal) Mayor
Attest :
Clerk
CPQAC�F ✓G
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'�R:oNP city On ace &unction
NOTICE OF SPECIAL MEETING
OF THE
APACHE JUNCTION CITY COUNCIL
Pursuant to A.R.S. §38-431 .02, notice is hereby given to the Apache Junction
City Council and to the general public that the Apache Junction City Council
will hold a special meeting open to the public on Wednesday, October 24, 1984,
at 6:30 P.M. , in the Apache Junction City Council Chambers, 1001 N. Idaho Road,
Apache Junction, Arizona.
The agenda for the meeting is as follows:
1 . Call to Order --- Roll Call
2. Consideration and action on application submitted by
Mr. Gene E. Lynn for final approval of issuance of
not to exceed $3,500,000 in Industrial Development
Revenue Bonds (Apache Junction Wellness Center)
3. Adjournment
Copies of the agenda and additional information regarding any of the items
listed above may be obtained through the City Clerk's office, 1001 N. Idaho
Road, Apache Junction, Arizona, Monday through Friday, 8:00 a.m. to 5:00 p.m. ,
excluding holidays.
Dated this 18th day of October, 1984.
Kathleen Connelly, City Cle
1001 NORTH IDAHO • APACHE JUNCTION ARIZONA 85220 0190 • TELEPHONE(602)982-8002
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Pli,cu,t'id ac
of
ROLL CALL
ROLL CALL I PRESENT j ABSENT
w.s. w.
I) I� S. _.
( MAYOR CLAR 3 ✓
VICE—MAYOR EIDSON ! ✓ 1
COUNCILMAN HILL ! ✓
COUNCILMAN TAYLOR I ✓ ! !
LOUNCILMAN SFAX ✓ ` _
COUNCILMAN { f
COUNCILMAN DAMIANO
TOTAL 1 l I
STAFF PRESENT W.S.
CITY MANAGER MICHAEL J. MCNULTY ✓
CI
eTY CLERK -41F �onrretIy
.•. FINANCE CONTROLLER Keith Lewis
DIRECTOR OF PLANNING Chuck Newcomer
DIRECTOR OF PUBLIC SAFTEY Bill McDaniel •
DIRECTOR OF PUBLIC WORKS Rich Broman
CITY ATTORNEY . Alexande /Mr. Hirsch _ Ll
ECONOMIC DEVELOPMENT SPECIALIST John Schoeph ✓"
bdV/
1 .0
ROLL CALL VOTE SHEET
NOTES
ITEf1 II_ a MEETING OF /61.4
MOTION BY : 1k 2/7 SECONDED BY:
YES NO ABSTAINED
VICE MAYOR F ON ✓
COUNCILMAN. STtEdfl ITH `/
COUNCILMAN TAYLOR
COUNCILMAN HLI L
COUNCILMAN SHANKS
_COUNCILMAN DAMIANO ✓
MAYOR CLARKE v
UNANIF^OUS , IN FAVOR OPPOSED ABSTAINED
TOTAL
ROLL CALL VOTE SHEET
NOTES_
(„ :5.0 MEETING /a/�/
ITEM # OF
MOTION BY : c&id-416241 SECONDED BY : 44
YES NO ABSTAINED
COUNCILMAN SHANKS
C OUNCILMAll DAMIANO
a/
COUNCILMAN V
VICE MAYOR EIDSON
COUNCILMAN TAYLOR V
COUNCILMAN ftI L L
_ .MAYOR CLARKE
UNANIMOUS IN FAVOR k OPPOSED ABSTAINED
TOTAL -7
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1#1zoNP Dity &2unction
October 24 , 1984
MEMORANDUM TO: THE HONORABLE MAYOR AND
MEMBERS OF THE CITY COUNCIL
THROUGH: / CITY MANAGER
FROM: (�,�`�r ECONOMIC DEVELOPMENT SPECIALIST
SUBJECT: (Or
TO AUTHORIZE ISSUE OF
$3 . 3MILLION INDUSTRIAL DEVELOPMENT
REVENUE BONDS, SERIES 1984 .
(Gene E. Lynn Wellness Center Project )
This would be the second project to be financed by Industrial
Revenue Bonds in Apache Junction. An application for a Wellness
Center by Gene E. Lynn received preliminary approval from the
Apache Junction Industrial Development Authority on February 8,
1984 , and received final approval on October 22 , 1984 .
The Wellness Center is to be part of a health-care complex,
including a 120-bed skilled-care nursing center financed by a
$3 million bond issue approved by City Council, December 20,
1983. Since the project is a new concept , the financing pro-
cedures and requirements will differ from the previous project.
The bond issue in no way obligates the City or impacts on its
bonded indebtedness . As a municipal bond issue, the bonds are
retired from project revenues and bonds qualify for tax-exempt
status by the bond-holders .
Bonds for the Wellness Center are to be purchased by the Daily
Tax Free Income Fund, Inc. , New York. California First Bank,
San Diego, is to be the trustee for bond proceeds . The bonds are
to have a 25-year term at a 7% interest rate with special con-
vertability features . Bonds are to be secured by a letter of
credit from the Seattle First National Bank and backed by an
irrevocable letter of credit from the Bank of America, a AAA
rated financial instiutuion. Bonds also are secured through the
Indenture of Trust , Construction Deed of Trust, Loan Agreement ,
Assignment of Deed of Trust, and Bond Purchase Agreement .
Cont ' d.
Page One of Two
1001 NORTH IDAHO • APACHE JUNCTION.ARIZONA 85220-0190 • TELEPHONE(602)982-8002
Development Revenue Bonds Cont ' d
Page Two of Two
It is the conclusion of the Apache Junction Industrial Develop-
ment Authority that the proposed project is sound; would be an
economic and social benefit to the City of Apache Junction; that
the financial capability and previous experience demonstrated by
Mr. Lynn and his associates are an asset ; and that new employment
opportunities for the citizens of Apache Junction will result.
JS/lvc
ofift. Amok
RESOLUTION NO. 84-57
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION, ARIZONA, APPROVING THE ISSUANCE OF
$3,500,000 IN INDUSTRIAL DEVELOPMENT REVENUE BONDS,
(GENE E. LYNN WELLNESS CENTER), SERIES 1984, OF THE
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF APACHE
JUNCTION, ARIZONA.
WHEREAS, the Industrial Development Authority of the City of Apache
Junction, Arizona (the "Authority"), proposes to issue its Industrial
Development Revenue Bonds (Gene E. Lynn Wellness Center), Series 1984 (the
"Bonds"), in accordance with and pursuant to the Industrial Development
Plans for Municipalities and Counties Act, Title 9, Chapter 11, Arizona
Revised Statutes, as amended (the"Act"), and
WHEREAS, pursuant to Section 9-1171 (B) of the Act, the proceedings
of the Authority under which the Bonds are to be issued must require the
approval of the City Council of the City of Apache Junction, Arizona, of the
issuance of said Bonds; and
WHEREAS, a public hearing is scheduled by the Authority on
November 1, 1984, in the City Council Chambers, City Hall Complex, 1001
North Idaho Road, Apache Junction, Arizona, following public notice of the
hearing on October 18, 1984, for the purpose of satisfying Section 103 (k)
of the Internal Revenue Code of 1954 as amended, and
WHEREAS, this Council has had presented to it information regarding
the Bonds and is informed and advised in the premises with regard to the
Gene E. Lynn Wellness Center Project and the Bonds,
NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council of the
City of Apache Junction, Arizona, that the issuance of Industrial Development
Revenue Bonds (Gene E. Lynn Wellness Center Project), Series 1984, in the
principal amount of $3,500,000 by the Industrial Development Authority of
the City of Apache Junction, Arizona, be and hereby is approved.
PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION, ARIZONA, THIS DAY OF , 1984.
Wendell J. Clarke
Mayor
ATTEST.
Kathleen Connelly
City Clerk
APPROVED AS TO FORM•
David F. Alexander
City Attorney
RESOLUTION NO. 84-57
PAGE ONE OF ONE
I 1 ,,
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ITEM NO. 2
BE IT RESOLVED BY THE
MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA, THAT RESOLUTION
NO. 84-57, A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE
JUNCTION, ARIZONA, APPROVING THE ISSUANCE OF $3,500,000 IN INDUSTRIAL DEVELOPMENT
REVENUE BONDS, (GENE E. LYNN WELLNESS CENTER) , SERIES 1984, OF THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY OF APACHE JUNCTION, ARIZONA, BE AND HEREBY
IS APPROVED AND ADOPTED.
RESOLUTION
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE CITY OF APACHE JUNCTION, ARIZONA
AUTHORIZING THE ISSUANCE AND SALE OF INDUSTRIAL DEVELOPMENT
REVENUE BONDS (GENE E. LYNN WELLNESS CENTER PROJECT) , IN THE
PRINCIPAL AMOUNT OF $3 , 300 , 000 ; AUTHORIZING THE EXECUTION AND
DELIVERY OF A LOAN AGREEMENT, AN INDENTURE OF TRUST, A CON-
STRUCTION DEED OF TRUST, ASSIGNMENT OF RENTS, A SECURITY AGREE-
MENT, AN ASSIGNMENT OF THE DEED OF TRUST AND REQUEST FOR
SPECIAL NOTICE, AND OTHER DOCUMENTS REQUIRED IN CONNECTION
THEREWITH; AND AUTHORIZING THE TAKING OF ALL OTHER ACTIONS
NECESSARY FOR THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED
BY THIS RESOLUTION.
WHEREAS, The Industrial Development Authority of the
City of Apache Junction, Arizona ( the "Issuer" ) is authorized
by- the Industrial Development Plans for Municipalities and
Counties Act , Title 9 , Chapter 11 , Articles 1 through 5, of the
Arizona Revised Statutes , as amended ( the "Act" ) , to issue
revenue bonds for the purpose of providing funds to make
secured or unsecured loans to finance or refinance the cost of
acquiring, constructing, improving and/or equipping one or more
"projects, " as defined in the Act, including the acquisition,
construction and equipping of health care institutions (within
the meaning of Section 36-401, Arizona Revised Statutes, as
amended) ; and
WHEREAS, any bonds issued to provide funds for the
making of such loan or loans shall be payable solely from the
revenues received by the Issuer from the repayment of such
loans and from other revenues derived from the loan of such
moneys and from other security pledged therefor , and such bonds
shall never be construed to constitute an indebtedness of the
Issuer , the State of Arizona ( the "State" ) , the City of Apache
Junction, Arizona ( the "City" ) , or of any other political
subdivision of the State, within the meaning of any constitu-
tional or statutory provisions whatsoever ; and
WHEREAS, Gene E. Lynn, a single man ( the "Borrower" ) ,
has advised the Issuer that he is undertaking the acquisition,
construction and equipping of a health care facility ( the
"Project" ) located within the boundaries of the City, and has
requested that the Issuer issue and sell its bonds to be desig-
nated, "The Industrial Development Authority of the City of
Apache Junction, Arizona, Industrial Development Revenue Bonds
(Gene E. Lynn Wellness Center Project ) , Series of 1984" ( the
"Bonds" ) for the purpose of making a loan to the Borrower to
assist in the financing of the cost of acquisition, construc-
tion and equipping of the Project; and
WHEREAS, in order to promote industry, develop trade,
promote job opportunities and enhance the standard of living
within the County and the State, the Issuer will issue its
Bonds in the principal amount of $3, 300 , 000 pursuant to this
Resolution ( the "Resolution" ) and an Indenture of Trust, dated
as of November 1 , 1984 ( the "Indenture" ) , a form of which is
attached hereto as Exhibit A, which Bonds are to be payable
solely from the revenues and receipts derived by the Issuer
from the loan of the proceeds from the sale of the Bonds to the
Borrower pursuant to a Loan Agreement , dated as of November 1 ,
1984 ( the "Agreement" ) , a form of which is attached hereto as
Exhibit B, by and between the Issuer and the Borrower , which
revenues and receipts will be payable on such dates and in such
amounts as will provide for the payment of the entire principal
of and interest on the Bonds issued by the Issuer hereunder ;
and
WHEREAS, the Agreement and the Indenture provide that
the proceeds of the sale of the Bonds shall be used to make a
loan to the Borrower in the amount of $3 , 300, 000 ; and
WHEREAS, there have been presented to the Board of
Directors of the Issuer at this meeting ( 1) the proposed form
of the Indenture; ( 2 ) the proposed form of the Agreement , in-
cluding the exhibits thereto; ( 3 ) the proposed form of the Con-
struction Deed of Trust , Assignment of Rents and the Security
Agreement, dated as of November 1 , 1984 ( the "Deed of Trust"
and the "Security Agreement" , respectively) , among the Bor-
rower , the Issuer and California First Bank, as trustee ( the
"Trustee" ) , including the Exhibits thereto, the forms of which
are attached hereto as Exhibits C; ( 4 ) the proposed form of the
Assignment of the Deed of Trust and Request for Special Notice,
dated as of November 1, 1984 ( the "Assignment of the Deed of
Trust" ) , from the Issuer to the Trustee, a form of which is
attached hereto as Exhibit D; and ( 5 ) the proposed form of a
Bond Purchase Agreement ( the "Bond Purchase Agreement " ) from
the purchaser of the Bonds ( the "Purchaser" ) to the Issuer , a
form of which is attached hereto as Exhibit E.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
DIRECTORS OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY
OF APACHE JUNCTION, ARIZONA, THAT:
Section 1 . For the purpose of providing funds to be
loaned to the Borrower pursuant to the Agreement , there is
hereby authorized and created pursuant to the Act an issue of
bonds of the Authority to be designated, "The Industrial
2
Development Authority of the City of Apache Junction, Arizona
Industrial Development Revenue Bonds (Gene E. Lynn Wellness
Center Project ) , Series of 1984 . "
Section 2 . The Issuer hereby finds and determines
that the loan of the proceeds from the sale of the Bonds to the
Borrower pursuant to the terms of the Agreement is in further-
ance of the purposes of the Issuer and in the public interest
and that the acquisition, construction and equipping of the
Project and the financing thereof through the issuance and sale
of the Bonds by the Issuer will promote industry, develop
trade, promote job opportunities and enhance the standard of
living within the County and within the State.
The Bonds shall be issued as fully registered bonds,
in the principal amount of $3 , 300 , 000 , and the Bonds shall be
dated as provided in Section 2 . 02 of the Indenture.
The form, interest rate, terms and provisions of the
Bonds- and the provisions for signatures , authentication, pay-
ment , registration, transfer and redemption shall be as set
forth in the Indenture and are hereby approved.
The President or Vice President and the Secretary or
Assistant Secretary of the Issuer are each hereby authorized to
execute and attest, as appropriate, the Bonds, and each is
hereby authorized to deliver the Bonds to the Trustee for
authentication.
Section 3 . The Bonds are hereby authorized to be
sold pursuant to the Bond Purchase Agreement to the Purchaser
(as therein defined) at a purchase price of $3 , 300 , 000 , and
upon other terms and conditions contained in the Bond Purchase
Agreement .
Section 4 . The forms, terms and provisions of the
Bonds , the Indenture, the Agreement , the Deed of Trust , the
Assignment of the Deed of Trust , the Security Agreement and the
Bond Purchase Agreement , in the forms of such documents ( in-
cluding the exhibits thereto) presented at this meeting , are
hereby approved, with such insertions , omissions and changes as
shall be approved by the President or the Vice President of the
Issuer , the execution of such documents being conclusive evi-
dence of such approval; and the President or the Vice President
and the Secretary or the Assistant Secretary are hereby autho-
rized and directed to execute the Indenture, the Agreement , the
Deed of Trust, the Assignment of the Deed of Trust , the Bond
Purchase Agreement, the Security Agreement and other documents
in connection therewith and any related exhibits attached
thereto.
3
Section 5. The President or the Vice President is
hereby authorized to execute and deliver to the Trustee the
written order of the Issuer for the authentication and delivery
of the Bonds to the Trustee, in accordance with Section 2 . 05 of
the Indenture.
Section 6 . The officers of the Issuer shall take all
action necessary or reasonably required by the parties to the
Bond Purchase Agreement to carry out, give effect to and con-
summate the transactions contemplated thereby, including,
without limitation, the execution and delivery of any closing
and other documents reasonably required to be delivered in
connection with the sale and delivery of the Bonds.
Section 7 . Nothing contained in this Resolution or
in the Agreement, the Bonds, the Indenture, the Deed of Trust ,
the Assignment of the Deed of Trust, the Security Agreement ,
the Bond Purchase Agreement or any other instrument shall be
construed as obligating the Issuer , except to the extent pro-
vided- in such -documents or instruments, or as incurring a
charge upon the general credit of the Issuer , nor shall the
breach of any agreement contained in this Resolution, the
Bonds, the Indenture, the Agreement, the Bond Purchase Agree-
ment or any other instrument or document executed in connection
therewith impose any charge upon the general credit of the
Issuer .
Section 8 . California First Bank, a banking
association organized and existing under the laws of the State
of California, with its principal corporate trust office
located in San Diego, California, is appointed Trustee under
the Indenture.
Section 9 . After the Bonds are delivered by the
Trustee to the Purchaser, upon receipt of payment therefor ,
this Resolution shall be, and remain, irrepealable until the
Bonds and the interest thereon shall have been fully paid, can-
celled and discharged.
Section 10 . If any section, paragraph, clause or
provision of this Resolution shall, for any reason, be held to
be invalid or unenforceable, the invalidity or unenforceability
of such section, paragraph, clause or provision shall not
affect any of the remaining provisions of this Resolution.
Section 11 . The provisions of all bylaws, orders and
resolutions or parts thereof, inconsistent herewith, are hereby
waived to the extent only of such inconsistency.
Section 12 . The Secretary or his nominee is hereby
authorized and directed to obtain the approval of the issuance
4
of the Bonds by the Mayor and Council of the City of Apache
Junction, Arizona.
Section 13 . This Resolution shall be effective
immediately.
ADOPTED this 22nd day of October , 1984 .
Secretary, The Industrial
Development Authority of the
City of Apache Junction,
Arizona
5
A RESOLUTION APPROVING THE ISSUANCE OF $3, 300 , 000
INDUSTRIAL DEVELOPMENT REVENUE BONDS,
(GENE E. LYNN WELLNESS CENTER PROJECT) ,
SERIES OF 1984
OF THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE CITY OF APACHE JUNCTION, ARIZONA
WHEREAS, The Industrial Development Authority of the
City of Apache Junction, Arizona ( the "Authority" ) proposes to
issue its $3, 300 , 000 Industrial Development Revenue Bonds (Gene
E. Lynn Wellness Center Project) , Series of 1984 ( the "Bonds" ) ,
in accordance with and pursuant to the Industrial Development
Plans for Municipalities and Counties Act, Title 9, Chapter 11 ,
Arizona Revised Statutes, as amended ( the "Act" ) ; and
WHEREAS, under Section 9-1171 .B of the Act, the pro-
ceedings under which the Bonds are to be issued require the
approval of the Mayor and Council of the City of Apache
Junction, Arizona for the issuance of the Bonds; and
WHEREAS, the information regarding the project to be
financed from the proceeds of the Bonds has been presented to
the Mayor and Council of the City of Apache Junction, Arizona;
and
WHEREAS, a public hearing is to be held on November
1, 1984 in the Council Chambers of the City Council Building,
1001 North Idaho Road, Apache Junction, Arizona, following
reasonable public notice at least 14 days in advance of said
hearing for the purpose of satisfying Section 103 (k ) of the
Internal Revenue Code of 1954, as amended;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND
COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA:
That the issuance of the Bonds is hereby approved.
PASSED AND ADOPTED this 24th day of October , 1984 .
THE CITY OF APACHE JUNCTION,
ARIZONA
By:
(Seal) Mayor
Attest :
Clerk