HomeMy WebLinkAboutRES 10-44RESOLUTION NO. 10-44
A RESOLUTION OF THE MAYOR AND 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, ARIZONA REVISED STATUTES AND DECLARING AN
EMERGENCY.
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;
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
districts or Indian tribe's bonds or other forms of
indebtedness";
WHEREAS, A.R.S. § 41-1554(6) defines "infrastructure" as
"any land, building or other improvement and equipment of other
personal property that will make up part of a facility that is
located in this state for public use and that is owned by a
political subdivision,special district or Indian tribe that
retains ultimate responsibility for its operation and
maintenance";
WHEREAS, applicants for financial assistance must file
applications in accordance with the requirements of the Act and
of rules promulgated by GADA;
WHEREAS, the City of Apache Junction has determined that it
will file an application with GADA for financial assistance to
improve streets and roads.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE CITY OF APACHE JUNCTION, PINAL AND MARICOPA COUNTIES,
ARIZONA, AS FOLLOWS:
Section 1:The projects described above are in the best
interests of the residents of the City of Apache Junction.
Section 2:The City of Apache Junction intends to
borrow up to $10,000,000 to finance the projects.
RESOLUTION NO. 10-44
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Section 3:The Mayor and 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 4:The Assistant City Manager for the City of
Apache Junction is authorized to,file the above -described
application for financial assistance with GADA.
Section 5:The Mayor and Council hereby acknowledges
and confirms that all reviews and approvals will be completed
and required permits secured in a timely manner with respect to
the projects and the GADA financial assistance.
Section 6:Whereas, the immediate operation of the
provisions of this Resolution is necessary for the preservation
of the public peace, health and safety, an emergency is hereby
declared to exist, and this Resolution shall be in full force
and effect from and after its passage by the Mayor and Council
of the City of Apache Junction.
PASSED AND ADOPTED BY THE MAYOR AND COUNCIL OF THE CITY OF
APACHE JUNCTION, PINAL AND MARICOPA COUNTIES, ARIZONA, THIS 7th
DAY OF DECEMBER, 2010.
SIGNED AND ATTESTED TO THIS 7TH DAY OF DECEMBER, 2010.
[C)kIN S. INSALACO
Mayor
ATTEST:
KATHLEEN CONNELLY
City Clerk
APPROVED AS TO FORM:
/2 171 /6
RICHARD J. STERN
City Attorney
RESOLUTION NO. 10-44
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