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HomeMy WebLinkAboutRES 84-34RESOLUTION NO.84-34 A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION,ARIZONA,PROVIDING FOR THE ISSUANCE AND SALE OF $1,500,000 PRINCIPAL AMOUNT OF THE CITY OF APACHE JUNCTION,ARIZONA STREET AND HIGHWAY USER REVENUE BONDS, PROJECT OF 1984;PROVIDING FOR THE FORM OF THE BONDS; PROVIDING FOR THE PAYMENT OF THE BONDS;AND DECLARING AN EMERGENCY. WHEREAS,all requirements have been met in calling and conducting the special street and highway user revenue bond election held in the City of Apache Junction,Arizona (the "City"),on May 15,1984 relative to the issuance of an aggregate of $1,500,000 principal amount of City of Apache Junction, Arizona Street and Highway User Revenue Bonds,Project of 1984;and WHEREAS,the Mayor and Council of the City have heretofore convassed said bonds i n the aggregate principal amount of $1,-500,000, NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION,ARIZONA; Section 1.That $1,500,000 principal amount of City of Apache Junction,Arizona Street and Highway User Revenue Bonds,Project of 1984 (the "Bonds"),are hereby authorized to be issued and sold,which Bonds shall represent an aggregate voted issue of $1,500,000 principal amount voted at an election held on May 15,1984. Section 2.That the Bonds shall be dated August 1,1984,shall be numbered,by maturity,from 1 consecutively upward,shall be fully registered bonds without coupons,shall be in the denomination of $5,000 or any integral multiple thereof,shall bear interest from the most recent July 1 or January 1, to which interest has been paid or duly provided for,from their date,which interest shall be payable on January 1,1985,and semiannually thereafter on July 1 and January 1 of each year during the term of each of the Bonds.The principal of the Bonds shall be payable upon presentation and surrender thereof at the principal corporate trust office of First Interstate Bank of Arizona, N.A.,in Phoenix,Arizona,as Bond Registrar and Paying Agent.Interest on the TOTis shall be payable by check or draft mailed to the registered owner there- of,as shown on the registration books for this issue maintained by the Bond Registrar and Paying Agent at the address appearing therein at the close of business on the 15th day of the calendar month next preceding that interest payment date (the "regular record date").Any interest which is not timely paid or duly provided for shall cease to be payable to the holder thereof (or of one or more predecessor Bonds)as of the regular record date,and shall be payable to the holder thereof (or of one or more predecessor Bonds)at the close of business on a special record date shall be fixed by the Bond Registrar and Paying Agent whenever moneys become available for payment of the overdue interest,and notice of the special record date shall be given to holders not less than 10 days prior thereto.The principal of and interest on the Bonds shall be payable i n lawful money of the United States of America,the Bonds to mature on the dates and i n the amounts as follows: Maturity Date Amount, July 1,1985 $100,000 July 1,1986 100,000 July 1,1987 125,000 July 1,1988 125,000 July 1,1989 150,000 July 1,1990 150,000 July 1,1991 175,000 July 1,1992 175,000 July 1,1993 200,000 July 1,1994 200,000 The Bonds shall bear interest at the rate or rates fixed by the accepted bid but i n no event shall the interest rate on the Bonds exceed twelve percent (12%)per annum. RESOLUTION NO.84-34 PAGE 1 First Interstate Bank of Arizona,N.A.,Phoenix,Arizona i s hereby appointed as Bond Registrar and Paying Agent and the Clerk of the City is hereby authorized and directed to enter into a contract with said bank covering such services.The Bond Registrar,accompanied by a written instrument of transfer i n form and with guaranty of signature satisfactory to the Bond Registrar,duly executed by the owner of the Bond to be transferred or his attorney -in -fact or legal representative,containing written instructions as to the details of the transfer of such Bond.No transfer of any Bond shall be effective until entered on the registration books. In all cases upon the transfer of a Bond,the Bond Registrar will enter the transfer of ownership in the registration books and will authenticate and deliver in the name of the transferee or transferees a new fully registered Bond or Bonds of the denominations of $5,000 or any integral multiple thereof (except that no Bond shall be issued which relates to more than a single prin- cipal maturity)for the aggregate principal amount which the registered owner is entitled to receive at the earliest practicable time in accordance with the provisions of this Section.All costs and expenses of the registration and of payment of the Bonds will be borne by the City,but the City or the Bond Registrar will charge the owner of such Bond an amount sufficient to reimburse them for any tax or other governmental charge required to be paid with respect to such transfer,and may require that such tax or other governmental charge be paid before any such new Bond shall be delivered. The City and the Bond Registrar will not be required (a)to issue or transfer any Bonds during a period beginning with the opening of business on the 15th business day next preceding either any interest payment date or any date of selection of Bonds to be redeemed and ending with the close of business on the interest payment date or day on which the applicable notice of redemption is given or (b)to transfer any Bonds which have been selected or called for redemption. Bonds of this issue,maturing on or before July 1,1989,are not subject to call for redemption prior to maturity.Bonds of this issue, maturing on or before July 1,1989,are not subject to call for redemption prior to maturity.Bonds of this issue,maturing on or after July 1,1990,are subject to call for redemption prior to maturity,in whole or i n part,on July 1,1989,or on any interest payment date thereafter,at the option of the City, by the payment of the principal amount of each Bond called for redemption,plus accrued interest to the date fixed for redemption,plus a premium payable from any source lawfully available therefor,the premium to be computed as follows: Redemption Dates July 1,1989 through and including January 1,1990 July 1,1990 through and including January 1,1991 July 1,1991 through and including January 1,1992 and without premium thereafter Premium 3% 2% 1% Not more than 30 nor less than 15 days before any redemption date,the Bond Registrar shall cause a notice of any such redemption to be mailed by registered or certified mail to the registered owner of each Bond to be redeemed at the address shown on the registration books maintained by the Bond Registrar.Failure to mail notice to any holder of Bonds shall not affect the validity of the proceeding for the redemption of Bonds with respect to the owners of other Bonds. Section 3.That the Bonds shall be executed on behalf of the City by the Mayor and attested by the Clerk by the manual or facsimile signatures of such officers and by the imprinting of a facsimile of the seal of the City thereon,and such officials are hereby authorized and directed to execute the Bonds as aforesaid. RESOLUTION NO.84-34 PAGE 2 Section 4.That the Bonds will be in substantially the following form,allowing those executing the Bonds to make the insertions and deletions necessary to conform the Bonds to this Resolution and the Notice Inviting Proposals for the Purchase of Bonds: RESOLUTION NO.84-34 PAGE 3 (Form of Bond) REGISTERED REGISTERED NO. (Form of Face of Bond) UNITED STATES OF AMERICA STATE OF ARIZONA COUNTY OF PINAL CITY OF APACHE JUNCTION,ARIZONA STREET AND HIGHWAY USER REVENUE BOND,PROJECT OF 1984 Interest Rate:Maturity Date:Dated as of:CUSIP: %per annum August 1,1984 THE CITY OF APACHE JUNCTION,ARIZONA,(hereinafter referred to as the "City"),for value received,hereby promises to pay to or registered assigns,solely from the revenues hereinafter specified,the principal amount of Dollars ($)on the aforesaid Maturity Date,and to pay interest on the principal amount at -the aforesaid Interest Rate on January 1 and July 1 of each year ("interest payment date")from the date of this Bond to its maturity.The principal of this Bond i s payable upon presentation and surrender hereof at the principal corporate rate trust office of First Interstate Bank of Arizona,N.A.,in Phoenix, Arizona,as Bond Registrar and Paying Agent.Interest on this Bond i s payable by check or draft mailed to the registered owner hereof,as shown on the registration books for this issue maintained by the Bond Registrar and Paying Agent at the address appearing therein at the close of business on the 15th day of the calendar month next preceding that interest payment date (the "regular record date").Any interest which is not timely paid or duly provided for shall cease to be payable to the holder hereof (or of one or more predecessor Bonds)as of the regular record date,and shall be payable to the holder hereof (or of one or more predecessor Bonds)at the close of business on a special record date for the payment of that overdue interest.The special record date shall be fixed by the Bond Registrar and Paying Agent whenever money becomes available for payment of the overdue interest,and notice of the special record date shall be given to holders not less than 10 days prior thereto.The principal and interest on this Bond are payable in lawful money of the United States of America,on the respective dates when principal and interest become due. REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS BOND SET FORTH ON THE REVERSE HEREOF.THOSE PROVISIONS SHALL HAVE THE SAME EFFECT FOR ALL PURPOSES AS IF SET FORTH ON THE FACT HEREOF. I t i s hereby certified,recited and declared that all acts,con- ditions and things required to be done,exist and be performed precedent to and i n the issuance of this Bond in order to make i t a legal,valid and binding obligation of the City i n accordance with its terms,have been done,exist and have been performed i n regular and due time,form and manner as required by law. IN WITNESS WHEREOF,the City of Apache Junction,Arizona,has caused this Bond to be executed in the name of the City by the facsimile signature of its Mayor and attested by the facsimile signature of its Clerk,and has caused the facsimile of the seal of the City to be reproduced hereon. CITY OF APACHE JUNCTION ARIZONA By Mayor RESOLUTION NO.84-34 PAGE 4 I I I (SEAL) ATTEST: City Clerk (Form of Certificate of Authentication) Date of Authentication: RESOLUTION NO.84-34 PAGE 5 CERTIFICATE This Bond is one of the Bonds described in the within -mentioned Resolution and i s one of the City of Apache Junction,Arizona Street and Highway User Revenue Bonds,Project of 1984. First Interstate Bank of Arizona,N.A.,as Bond Registrar By Authorized Officer (Form of Reverse of Bond) This Bond i s one of an issue of Bonds limited to the principal amount of $1,500,000 issued by the City of Apache Junction,Arizona (the "City") pursuant to Resolution No.84-34 adopted on July 9,1984 (the "Resolution"), which Bonds represent an aggregate voted issue of $1,500,000 principal amount voted at an election held on May 15,1984,for the purpose of providing funds to finance the improvement,construction,reconstruction,acquisition of rights -of -way or maintenance of City streets and highways,under and in full compliance with the Constitution and laws of the State of Arizona,including specifically Title 9,Chapter 6,Article 5,Arizona Revised Statutes,and any amendments thereto. The City pledges for annual debt service all revenues received by the City from taxes,fees,charges and other moneys collected by the State of Arizona and returned to the City for street and highway purposes pursuant to Section 28-1598,Arizona Revised Statutes,as amended,except as to revenues which have been specifically allocated and pledged for the payment of any other indebtedness of the City,as authorized by the provisions of Title 9, Chapter 6,Article 5,Arizona Revised Statutes,and all amendments thereto. This Bond and the interest hereon are enforceable exclusively from the revenues above -recited and no holder hereof shall have the right to compel any exercise of the taxing power of the City within the meaning of any Consti- tutional or statutory limitation,unless upon a proper resolution submitted to the qualified electors of the City at a special bond election,the City i s authorized to pledge its full faith and credit for the payment of this Bond. At the date of this Bond,such election has neither been held,called nor contemplated. Bonds of this issue,maturing on or before July 1,1989,are not subject to call for redemption prior to maturity.Bonds of this issue, maturing on or after July 1,1990,are subject to call for redemption prior to maturity,in whole or i n part,on July 1,1989,or on any interest payment date thereafter,at the option of the City,by the payment of the principal amount of each Bond called for redemption,plus accrued interest to the date fixed for redemption,plus accrued interest to the date fixed for redemption,plus a premium payable from any source lawfully available therefor,the premium to be computed as follows: Redemption Dates Premium July 1,1989 through and including January 1,1990 3% July 1,1990 through and including January 1,1991 2% July 1,1991 through and including January 1,1992 1% and without premium thereafter Not more than 30 nor less than 15 days before any redemption date, the Bond Registrar shall cause a notice of any such redemption to be mailed by registered or certified mail to the registered owner of each Bond to be redeemed at the address shown on the registration books maintained by the Bond RESOLUTION NO.84-34 PAGE 6 Registrar.Failure to mail notice to any owner of Bonds shall not affect the validity of the proceeding for the redemption of Bonds with respect to the owners of other Bonds. The Bond Registrar will maintain the books of the City for the registration of ownership of each Bond as provided in the Resolution. This Bond may be transferred on the registration books upon delivery hereof to the Bond Registrar,accompanied by a written instrument of transfer i n form and with guaranty of signature satisfactory to the Bond Registrar,duly executed by the owner of this Bond or his attorney -in -fact or legal repre- sentative,containing written instructions as to the details of the transfer. No transfer of this Bond shall be effective until entered on the registration books. In all cases upon the transfer of a Bond,the Bond Registrar will enter the transfer of ownership in the registration books and will authenticate and deliver i n the name of the transferee or transferees a new fully registered Bond or Bonds of the denominations of $5,000 or any integral multiple thereof (except that no Bond shall be issued which relates to more than a single principal maturity)for the aggregate principal amount which the registered owner i s entitled to receive at the earliest practicable time in accordance with the provisions of the Resolution.All costs and expenses of the regis- tration and of payment of the Bonds will be borne by the City,but the City or the Bond Registrar will charge the owner of such Bond an amount sufficient to reimburse them for any tax or governmental charge required to be paid with respect to such transfer,and may require that such tax or other governmental charge be paid before any such new Bond shall be delivered. The City and the Bond Registrar will not be required (a)to issue or transfer any Bonds during a period beginning with the opening of business on the 15th business day next preceding either any interest payment date or any date of selection of Bonds to be redeemed and ending with the close of business on the interest payment date or day on which the applicable notice of redemption i s given or (b)to transfer any Bonds which have been selected or called for redemption. This Bond shall not be entitled to any security or benefit under the Resolution or be valid or become obligatory for any purpose until the certi- ficate of authentication hereon shall have been signed by the Bond Registrar. RESOLUTION NO.84-34 PAGE 7 (LEGAL OPINION) (FORM OF ASSIGNMENT) Assignment For value received,the undersigned sells,assigns and transfers unto the within Bond and irrevocable consti- tutes and appoints attorney to transfer the within Bond on the books kept for registration thereof,with full power of substitution in the premises. Dated: Signature Signature Guaranteed: (Commercial Bank,Trust Company Notice:The assignor's signature to this or Member of a National assignment must correspond with the Securities Exchange)name as i t appears upon the face of the within Bond in every particular,without alteration or any change whatever. The following abbreviations,when used in the inscription on the face of the within Bond,shall be construed as though they were written out in full according to applicable laws or regulation. TEN COM -as tenants in common TEN ENT -as tenants by the entireties JT TEN -as joint tenants with right of survivorship and not as tenants in common. UNIF GIFT MIN ACT -Custodian (Cust)(minor) underunder Uniform Gifts to Minors Act (State) Additional abbreviations may also be used though not included in above list. Section 5.That upon receipt of payment for the Bonds or any part thereof when the Bonds have been duly sold by the City,the Clerk shall set aside and deposit the proceeds received from such sale,including any premium but exclusive of accrued interest,in a separate fund to be used solely to aid in the improvement,construction,reconstruction,acquisition of rights -of -way or maintenance of City streets and highways.The moneys in the special fund shall not be commingled with any other moneys in the hands of the Clerk but shall be deposited in a separate bank account in the name of the City. Section 6.Subject to the provisions allowing the issuance of parity bonds,the Bonds shall be secured by a prior and paramount lien on and by a first pledge of taxes,fees,charges or other moneys collected by the State of Arizona and returned to the City for street and highway purposes pursuant to Section 28-1598,Arizona Revised Statutes,as amended except such revenues which have been specifically allocated and pledged for the payment of any other indebtedness of the City,as authorized by the provisions of Title 9,Chapter 6,Article 5,Arizona Revised Statutes,as amended.All of the Bonds of this issue shall be equally and ratably secured without priority by reason of number,date of Bonds,sale,execution or delivery,by such lien upon the aforesaid revenues as i n this Resolution provided.No bonds or other evidences of indebtedness payable in whole or i n part,directly or indirectly from the aforesaid revenues,shall be issued by the City nor any charge of any kind RESOLUTION NO.84-34 PAGE 8 created thereon having any priority over the Bonds herein authorized to be issued with respect to payment of principal or interest,except as hereinafter set forth. During each year that the indebtedness hereby authorized continues, i t will be the duty of the Clerk to set aside in a separate fund,moneys returned to the City pursuant to Section 28-1598,Arizona Revised Statutes,as amended,as the same is received during each of such years from the State of Arizona,an amount sufficient to pay the principal of and interest on the Bonds herein authorized and all bonds on a parity with the Bonds. Section 7.The City,for itself,its successors and assigns, covenants and agrees with the holders of the Bonds herein authorized that so long as any of the Bonds remain outstanding and the principal thereof or interest thereon i s unpaid or unprovided for,any additional bonds payable from the pledged revenues shall be issued only when: (A)All of the payments of principal and interest on the then outstanding Bonds are current; (B)The moneys subject to pledge for payment of the Bonds for the preceding twelve-month period exceeds by two times the highest annual principal and interest to be paid on the outstanding Bonds and the bonds to be issued during any one-year period; (C)The bonds sought to be issued shall mature and the principal and interest shall be payable at the same time as the outstanding Bonds;and (D)The proceeds from the sale of the bonds shall be used for the improvement,construction,reconstruction,acquisition of rights -of -way or maintenance of City streets and highways. Section 8.On behalf of the City,the Mayor and Council hereby covenant with holders of the Bonds that the City will comply with every law or regulation or procedural guideline heretofore or hereafter enacted or promul- gated with respect to Title 28,Chapter 9,Articles 4 and 5,Arizona Revised Statutes,as amended,including,without limitation,compliance with all procedural guidelines established by the Arizona Department of Transportation and the standards established by the technical advisory committee created pursuant to Title 28,Chapter 9,Article 4,Section 28-1595,Arizona Revised Statutes,as amended with respect to submitting of needs data and all infor- mation concerning the status of transportation systems for all modes to the Arizona department of Transportation in accordance with Title 28,Chapter 9, Article 5,Section 28-1598,Arizona Revised Statutes,as amended.In addition to the foregoing,the Mayor and Council also further covenant with the holders of the Bonds that,beginning with the fiscal year 1984-85,the City will budget and expend local revenues,as defined in Article IX,Section 20,Constitution of Arizona,for street and highway purposes other than distributions from the Arizona highway users revenue fund or the local transportation assistance fund in an amount equal to at least the average amount of local taxes,other than distributions from the Arizona highway users revenue fund or the local trans- portation assistance fund budgeted and expended for street and highway purposes for any four of the immediately preceding five fiscal years. Section 9.All of the provisions of this Resolution shall constitute a contract between City and the holder or holders of the Bonds and no amendments,alterations or modifications of this Resolution will be made which will in any manner impair,impede or lessen the rights of the holders of the Bonds then outstanding. PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION,ARIZONA THIS 9TH DAY OF JULY,1984. Mayor,City Arizona pache Junction, RESOLUTION NO.84-34 PAGE 9 ATTEST: ) City Clerk,City of Apache yfiction, Arizona APPROVED AS TO FORM: av -RFF:lklexa`ricrw,---city --Attot:ney, City\of Apache 46ction,Arizona RESOLUTION NO.84-34 PAGE 10