HomeMy WebLinkAboutRES 24-38 RESOLUTION NO. 24-38
A RESOLUTION OF THE MAYOR AND CITY COUNCIL OF THE CITY
OF APACHE JUNCTION, ARIZONA, AUTHORIZING THE APPLICATION
FOR A LOAN FROM THE GREATER ARIZONA DEVELOPMENT
AUTHORITY.
WHEREAS, the City of Apache Junction, Arizona ("City") , has
identified a need for certain capital improvement projects
relating to drainage including, without limitation, the
acquisition of certain real property (collectively, the
"Project") ; and
WHEREAS, in accordance with State of Arizona ("Arizona" or
"State") law, City may obligate certain excise tax revenues and
State shared revenues of City as the source of repayment for a
loan from the Greater Arizona Development Authority ("GADA") ; and
WHEREAS, City certifies that the population of City is less
than 50, 000 persons as of the most recent United States Decennial
Census date; and
WHEREAS, it is in the best interest of City to pursue and
apply for financial assistance from GADA in an amount not to exceed
$10, 000, 000 for the Project; and
WHEREAS, City has determined -that the Project is in the best
interests of its residents.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL
OF THE CITY OF APACHE JUNCTION, ARIZONA, AS FOLLOWS:
Section 1 . The manager, deputy manager and the finance
director of City (collectively, the "Authorized City
Representatives") are each hereby authorized to act on behalf of
City to apply for financial assistance from GADA.
Section 2 . The Authorized City Representatives are hereby
directed to take such actions as are necessary to apply for
financial assistance from GADA in an amount not to exceed
$10, 000, 000, and to identify that loan repayments will be payable
from excise tax revenues and State shared revenues of City.
RESOLUTION NO. 24-38
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Section 3 . City hereby determines that the Project is in the
best interests of City' s residents .
Section 4 . For purposes of an application for financial
assistance from DADA, City confirms that pursuant to this
resolution the excise tax revenues and State shared revenues are
committed as the source of loan repayments; provided that City, if
approved by DADA to receive financial assistance, shall adopt a
separate resolution to approve the terms and repayment
requirements, and any form of loan agreement to be entered into
between City and GADA. Furthermore, for purposes of an application
for financial assistance from DADA, pursuant to this resolution
City confirms its intent to pledge State shared revenues as a
source of loan repayments, including, as applicable, for such State
shared revenues of City to be subject to an intercept upon certain
events of default to be described in more detail in a loan
agreement between City and GADA.
Section 5. If any section, paragraph, subdivision, sentence,
clause or phrase of this resolution is for any reason held to be
illegal or unenforceable, such decision will not affect the
validity of the remaining portions of this resolution. The mayor
and council of City hereby declares that they would have adopted
this resolution and each and every other section, paragraph,
subdivision, sentence, clause or phrase hereof and authorized the
execution and delivery of the DADA financial assistance
application pursuant hereto irrespective of the fact that any one
or more sections, paragraphs, subdivisions, sentences, clauses or
phrases of this resolution may be held illegal, invalid or
unenforceable. All ordinances, resolutions or parts thereof,
inconsistent herewith, are hereby waived to the extent only of
such inconsistency. This waiver shall not be construed as reviving
any ordinance or resolution or any part thereof.
Section 6. All actions of the officers and agents of City
including the mayor and council of City which conform to the
purposes and intent of this resolution and which further the
preparation, execution, delivery and submittal of the DADA
financial assistance application as contemplated by this
resolution, whether heretofore or hereafter taken, are hereby
ratified, confirmed and approved. The proper officers and agents
of City are hereby authorized and directed to do all such acts and
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things and to execute and deliver all such documents on behalf of
City as may be necessary to carry out the terms and intent of this
resolution.
PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF
APACHE JUNCTION, ARIZONA, THIS DAY OF 2024 .
SIGNED AND ATTESTED TO THIS DAY OF 2024 .
WAFTER "CHIP" WALSO)
Mayor
ATTEST:
NNIFER PENA
City Clerk
APPROVED AS TO FORM:
RICHARD JOEL STERN
City Attorney
RESOLUTION NO. 24-38
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