HomeMy WebLinkAboutRES 86-36RESOLUTION NO.86-36
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION,ARIZONA,RELATING TO FINANCE;AUTHORIZING
PARTICIPATION IN ARIZONA MUNICIPAL FINANCING PROGRAM AND
EXECUTION OF AGREEMENTS AND INSTRUMENTS IN CONNECTION
THEREWITH;AND DECLARING AN EMERGENCY.
WHEREAS,the City of Apache Junction,Arizona,is required
from time to time to acquire capital assets for use i n performing its
governmental purposes;and
WHEREAS,the 'acquisition of such assets may be financed by the
issuance and sale of general obligation or revenue bonds and/or by the execution
and delivery of lease -purchase agreements;and
WHEREAS,the Arizona Municipal Financing Program has been established
pursuant to an Intergovernmental Agreement,dated July 16,1986,among the City
of Goodyear and the various Participants named in Annex I thereto,a Program
Lease Agreement and a Trust Agreement (copies of which have been presented to
the Mayor and City Council)to provide pooled financing for the reasonably
expected capital expenditures of Arizona municipal corporations and political
subdivisions during the period ending June 30,1989 i n order to reduce the
financing and transaction costs associated with such capital expenditures;and
WHEREAS,the City desires to participate in the Arizona Municipal
Financing Program by becoming a "Participant"for the purposes of the Inter-
governmental Agreement;and
WHEREAS,i t is necessary that this City take immediate official
action to establish its participation in the Program i n order to preserve certain
of the benefits available thereunder,which benefits could become unavailable
under the provisions of Federal tax reform legislation presently pending i n
the Congress of the United States,
NOW,THEREFORE,be it,and i t i s hereby resolved by the Mayor and
City Council of the City of Apache Junction,Arizona,as follows:
1.This City hereby elects to participate i n the Arizona Municipal
Financing Program.
2.The appropriate officers of the City are hereby authorized
and empowered to execute and deliver such agreements and
instruments as may be necessary for this City to become a
participant i n the Intergovernmental Agreement i n
substantially the form presented to this meeting.
3.This City hereby designates Snell &Wilmer,Attorneys -at -Law,
as special counsel to the City for purposes of approving its
participation i n the Intergovernmental Agreement.
4.The immediate effectiveness of this Resolution being essential
to insure to the City the maximum benefits of the Arizona
Municipal Financing Program,an emergency is declared to
exist and this Resolution shall be effective immediately upon
the adoption hereof in accordance with applicable law.
PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION,ARIZONA,THIS 16TH DAY OF SEPTEMBER ,19 86 .
SIGNED AND ATTESTED TO THIS 17TH DAY OF SEPTEMBER ,19 86
7)077~ %,‘-•
NORMAN S.HILL
MAYOR
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ATTEST:
rL-Z6e,d)
KATHLEEN CONNELLY
CITY CLERK
APPROVED AS TO FORM:
DAVID\F.AEXANDE
CITY ATTORNEY
RESOLUTION NO.86-36
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