HomeMy WebLinkAboutRES 85-41RESOLUTION NO.85-41
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION,ARIZONA,RELATING TO INDUSTRIAL DEVELOP-
MENT;APPROVING AND AUTHORIZING THE ISSUANCE BY THE INDUS-
TRIAL DEVELOPMENT AUTHORITY OF THE CITY OF APACHE JUNCTION,
ARIZONA,OF ITS MEDICAL FACILITIES REVENUE BONDS (EYE TOOTH
ENTERPRISES PROJECT)SERIES 1985.
BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION,ARIZONA,AS FOLLOWS:
WHEREAS,the Mayor and City Council of the City of Apache Junction,
Arizona,(the "City")have heretofore approved the incorporation of the
Industrial Development Authority of the City of Apache Junction,Arizona,
(the "Issuer");and
WHEREAS,the Issuer has granted preliminary approval of the
issuance and sale of its Medical Facilities Revenue Bonds (Eye Tooth Enter-
prises Project),Series 1985 (the "Bonds")in an aggregate principal amount
not to exceed $2,500,000,the proceeds of which will be used to assist Eye
Tooth Enterprises,an Arizona general partnership,in financing the
acquisition,construction and equipping of a medical and dental center of
approximately 14,200 square feet to be situated on approximately 0.9 acres
of land at 110 South Idaho Road,Apache Junction,Arizona,(the "Project"),
Eye Tooth Enterprises being the initial owner and developer of the Project;
and
WHEREAS,the Mayor and City Council of the City of Apache Junction,
at its meeting on August 20,1985,granted preliminary approval to the issuance
of the Bonds by the Issuer to assist in the financing of the Project;and
WHEREAS,Section 103(k)of the Internal Revenue Code of 1954,as
amended (the "Code"),requires that the "applicable elected representative"
of the City approve the issuance of the Bonds after a public hearing fol-
lowing reasonable public notice;and
WHEREAS,a public hearing with respect to the proposed issuance of
the Bonds to assist in financing the Project was held by the Issuer in
accordance with the requirements of the Code on August 30,1985,and the
results thereof have been reported to the Mayor and City Council;and
WHEREAS,the Industrial Development Plans for Municipalities and
Counties Act,being Title 9,Chapter 11,Arizona Revised Statutes,as amended
(the "Act"),requires that the proceedings of the Issuer pursuant to which
the Issuer proposes to issue bonds include a requirement for the approval
by the governing body of the City of the issuance of bonds;and
WHEREAS,the Mayor and Council of the City have duly considered
the proposed issuance and sale of the Bonds by the Issuer and the loan of
the proceeds thereof to Eye Tooth Enterprises to assist in financing the
Project,and the Mayor and Council of the City deem i t appropriate to
approve the issuance of the Bonds by the Issuer;and
WHEREAS,i t is necessary for the immediate preservation of the
peace,health and safety of the City that this resolution become immediately
effective.
NOW,THEREFORE,BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE
CITY OF APACHE JUNCTION,ARIZONA,AS FOLLOWS:
RESOLUTION NO.85-41
PAGE ONE OF TWO
SECTION 1.The issuance of the Bonds by the Issuer in an aggregate
principal amount not to exceed $2,500,000 and the loan ofthe proceeds of the
Bonds to Eye Tooth Enterprises to assist in the acquisition,construction and
equipping of a medical and dental center of approximately 14,200 square feet
to be situated on approximately 0.9 acres of land st 110 South Idaho Road,
Apache Junction,Arizona (the "Project")are hereby approved by the Mayor and
Council of the City,in accordance with the requirements of the Act and of
Section 103(k)of the Code,subject to the final aciton to be taken by the
Issuer approving the issuance and sale of the Bonds.
SECTION 2.Each of the facilities comprising the Project and the
plan of financing the Project through the issuance of the Bonds are hereby
approved by the Mayor and Council of the City in accordance with the require-
ments of the Act and of Section 103(k)of the Code,subject to the final
action to be taken by the Issuer approving the issuance and sale of the Bonds.
SECTION 3.The various CIty officers and employees are authorized
and directed to take all actions necessary to effectuate the purposes of this
resolution.
SECTION 4.All resolutions or ordinances,or parts thereof,in
conflict with the provisions of this resolution are,to the extent of such
conflict,hereby repealed.
SECTION 5.I t is necessary for the preservation of the peace,health
and safety of the City of Apache Junction,Arizona,that this resolution
become immediately effective,an emergency is hereby declared to exist,and
this resolution shall be effective immeidately upon its passage and adoption.
PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION,ARIZONA,THIS 3RD DAY OF SEPTEMBER ,1985.
ATTEST:
KATHLEEN CONNELLY
City Clerk
APPROVED AS TO FORM:
DAV ITrr:-AtEXAND
City Altorney
RESOLUTION NO.85-41
PAGE TWO OF TWO
NORMAN S.HILL
Mayor