HomeMy WebLinkAboutRES 06-56RESOLUTION NO. 06-56
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF APACHE JUNCTION, ARIZONA, AUTHORIZING
SUBMITTAL OF AN APPLICATION TO THE GREATER
ARIZONA DEVELOPMENT AUTHORITY FOR FINANCIAL
ASSISTANCE PURSUANT TO ARIZONA REVISED
STATUTES TITLE 41, CHAPTER 10, ARTICLE 8.
WHEREAS, pursuant to Chapter 208 of Session Laws 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 to
include "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 Library Expansion Project; 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"; and A.A.C. R20-8-202(D)(3)(b) and (c) requires in
addition that the resolution state "[t]he commitment of local
funds, if applicable"; and "...[i]f a political subdivision,
then confirmation of the pledge of the state -shared revenues".
RESOLUTION NO. 06-56
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NOW, THEREFORE, BE IT RESOLVED by the Mayor and City Council
Of the City of Apache Junction, Arizona, as follows:
SECTION I:That City of Apache Junction infrastructure
project desCribed above is in the best interests of the residents
of the City of Apache Junction.
SECTION II:That the City commits $1,500,000 in city
funds for the project.
SECTION III:That the City Council hereby acknowledges and
confirms its irrevocable pledge of state shared revenues for the
life of the loan and for repayment of the loan in 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 or her designee.
is authorized to file the above -described application for
financial assistance with GADA.
PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF APACHE
JUNCTION, ARIZONA, THIS 5TH DAY OF DECEMBER , 2006.
SIGNED AND ATTESTED TO THIS 57H DAY OF DECEMBER , 2006.
DOUGLAS
Mayor
ATTEST:
KATHLEEN CONNELLY
'-City Clerk
APPROVED AS TO FORM:
I 120 -06
R. JOEL STERN
City Attorney
RESOLUTION NO. 06-56
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LEMAN