HomeMy WebLinkAboutMinutes - Municipal Property Corporation Board - 11/5/2003 MINUTES OF THE
ORO VALLEY MUNICIPAL PROPERTY CORPORATION
ANNUAL MEETING
KACHINA ROOM
ADMINISTRATION BUILDING
11,000 N. LA CANADA DRIVE
NOVEMBER 5, 2003
CALL TO ORDER: 4:00 p.m.
PRESENT: Steve Lucas, President
Tom Vetrano, Treasurer
Bob Horn, Secretary
APPROVAL OF JULY 16,2003 MINUTES
Bob Horn MOVED to approve the minutes of the July 16, 2003 meeting. MOTION
SECONDED by Tom Vetrano. MOTION carried 3 —0.
ELECTION OF BOARD OF DIRECTORS
A MOTION was made by Tom Vetrano to elect the Board of Directors as follows:
Bob Horn, Secretary
Tom Vetrano, Treasurer
Steve Lucas, President
MOTION SECONDED by Bob Horn. Motion carried 3 —0.
RESOLUTION NO. MPC (R)03-02 AUTHORIZING THE ISSUANCE OF TOWN
OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION, SENIOR LIEN
WATER PROJECT REVENUE BONDS, SERIES 2003
Finance Director David Andrews reviewed his staff report and reviewed the following
projects that would be financed through the issuance of Town of Oro Valley Municipal
Property Corporation, Senior Lien Water Project Revenue Bonds:
Project Description Amount Financed Amoritization Period Interest Rates
Reclaimed Water System $12,640,000 25 years 4.84%
Water System Imp/Existing 7,220,000 25 years 4.83%
Water System Imp/Expansion 5,540,000 25 years 4.83%
Water Impact Fees/Refinancing 3,675,000 20 years 4.54%
City of Tucson Settlement 3,980,000 9 years 3.32%
Agreement
Totals $33,055,000 4.73%
11/05/03 Minutes,Oro Valley Municipal Property Corporation 2
Mr. Andrews explained that the financed amounts include construction costs, capitalized
interest (reclaimed water system), cost of issuance, underwriter fees,bond insurance and
a debt service surety fund policy.
Water Utility Director Alan Forrest explained the status of the Tucson Settlement
Agreement.
Financial Advisory Mark Reader reviewed the Rating Agencies and Insurance
Presentations Document dated October 21, 22, 2003. He explained that Oro Valley
received an underline rating of A+ from Fitch and an A from Standard &Poors, which
allows the town to sell bonds on a AAA basis.
Legal Counsel Mike Cafiso reviewed the legal process and the documents that the Board
would be adopting.
A MOTION was made by Tom Vetrano to adopt Resolution No. MPC (R)03-02,
authorizing the issuance of Town of Oro Valley Municipal Property Corporation, Senior
Lien Water Project Revenue Bonds, Series 2003. MOTION SECONDED by Bob Horn.
MOTION carried 3 —0.
ADJOURNMENT
Bob Horn MOVED to adjourn the annual meeting of the MPC at 5:05 p.m. MOTION
SECONDED by Tom Vetrano. MOTION carried 3 —0.
Respectfully submitted,
1
Ka� yn Cuvelier, CMC
Town Clerk