HomeMy WebLinkAboutRES 03-23RESOLUTION NO.03-23
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE
JUNCTION,PINAL AND MARICOPA COUNTIES,ARIZONA,AUTHORIZING AN
APPLICATION TO THE GREATER ARIZONA DEVELOPMENT AUTHORITY FOR
FINANCIAL ASSISTANCE PURSUANT TO TITLE 41,CHAPTER 10, ARTICLE 8,OF
THE ARIZONA REVISED STATUTES.
WHEREAS,in Chapter 208 of the Laws of 1997 ("the Act")the Arizona
Legislature established the Greater Arizona Development Authority ("GADA")and
authorized GADA,among other things,to provide financial assistance to political
subdivisions,special districts and Indian tribes to finance or refinance
infrastructure projects;and
WHEREAS,A.R.S.§41-1554.06 defines financial assistance as including
"loans as provided in this section and credit enhancements purchased for a
political subdivision's,special district's or Indian tribe's bonds or other
forms of indebtedness";and
WHEREAS,A.R.S.§41-1554(6)defines "infrastructure"as "any facility
located in this state for public use owned by a political subdivision,special
district or Indian tribe that retains ultimate responsibility for its operation
and maintenance";and
WHEREAS,applicants for financial assistance must file applications in
accordance with the requirements of the Act and of rules promulgated by GADA;and
WHEREAS,the City of Apache Junction has determined that it will file an
application with GADA for financial assistance for the City Hall/City Court
Complex and the Multi-generational/Recreation Center development projects;and
WHEREAS,A.R.S. § 41-1554.04(G)(4)requires that applications for financial
assistance "include a resolution from the governing body of the political
subdivision,special district or Indian tribe that the project is in the best
interests of the residents".
NOW,THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION,PINAL AND MARICOPA COUNTIES,ARIZONA,AS FOLLOWS:
RESOLUTION NO.03-23
PAGE 1 OF 3
SECTION I:
That the City of Apache Junction capital facility projects described above are in
the best interests of the residents of the City of Apache Junction.
SECTION II:
That $5,437,051 of funds of the City of Apache Junction are committed to the
projects.
SECTION III:
That the Mayor and Council of the City of Apache Junction hereby acknowledge and
confirm its irrevocable pledge of state shared revenues for the life of the loan
and repayment of the loan i n the event of default,as defined and provided in
A.R.S.Title 41,Chapter 10,Article 8.
SECTION IV:
That the City Manager or his designee is authorized to file the above -described
application for financial assistance with GADA,and any other required documents.
PASSED AND ADOPTED BY the Mayor and City Council of the City of Apache Junction,
Arizona,this 7th day of October ,2003.
SIGNED AND ATTESTED TO THIS 7th DAY OF October ,2003.
ATTEST:
KATHLEEN CONNELLY
City Clerk
RESOLUTION NO.03-23
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DOUGLAS OLEMAN
Mayor