HomeMy WebLinkAboutMinutes - Municipal Property Corporation Board - 5/19/1999 •
TOWN OF ORO VALLEY
MUNICIPAL PROPERTY CORPORATION
BOARD MEETING
MAY 19, 1999,
MINUTES
UNDER ARIZONA REVISED STATUTES UPON NOTICE LEGALLY GIVEN SECTION
38-431, AS AMENDED, THE TOWN OF ORO VALLEY MUNICIPAL PROPERTY
CORPORATION, MET ON WEDNESDAY, MAY 19, 1999 AT 5:00. P.M. AT THE TOWN OF
ORO VALLEY TOWN HALL.
The meeting was called to order at 5:00,p.m. by Steve Lucas , President.
Board Members Present: Wendell Cheek, Secretary
Thomas Vetrano, Treasurer
Board Member Absent:
Town Staff Members Present: Charles Sweet,Town Manager
David Andrews, Finance Director
Others: Fred H. Rosenfeld, Bond Counsel
Mark Reader, Underwriter's Representative
WAIVER MOTION: N/A
Motion was made by ,seconded by
,to waive the reading in full of the minutes of
presented for approval at this meeting. Motion carried unanimously.
APPROVAL OF MINUTES OF APRIL 5 1999 BOARD MEETING:
Motion was made by Thomas Vetrano and seconded by
Wendell Cheek to accept the minutes of the Annual Meeting of the Board of Directors of
the Corporation held on April 5, 1999
DISCUSSION REGARDING MPC BOND FINANCING: Mark Reader of Peacock, Hislop, Staley &
Given explained that the average interest is currently at 4.85%. He also explained that
the total Revenue Bonds were in the amount of $4.4 million but the $5 million amount was
to cover any possible last minute changes that may occur.
DOCUMENTS PRESENTED:
Fred H. Rosenfeld, Bond Counsel, presented draft copies of(1)a Corporation Resolution,
(2)First Amendment to Lease-Purchase Agreement,(3)First Supplement to Indenture,(4)Agency
Agreement,(5)Continuing Disclosure Undertaking,(6)a proposed City Resolution, and(7)Facilities
Lease,all pertaining the financing of the Series 1999 Project.
FHR:rwr 301933.02 4/30/1999
MOTION:
After discussion, Sidetiffilyareasurer Thomas Vetrano moved and
Secretary Wendell Cheek seconded that the following captioned Resolution be adopted:
RESOLUTION APPROVING THE FORM OF AND AUTHORIZING THE EXECUTION AND
DELIVERY OF THE FIRST AMENDMENT TO THE LEASE-PURCHASE AGREEMENT
AMONG THIS CORPORATION,THE TOWN OF ORO VALLEY AND NORWEST BANK
ARIZONA,N.A.; APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF THE
FIRST SUPPLEMENT TO THE INDENTURE BETWEEN THIS CORPORATION AND
NORWEST BANK ARIZONA,N.A.;AUTHORIZING THE ISSUANCE OF MUNICIPAL
PROPERTY CORPORATION IMPROVEMENT AND REFUNDING BONDS,SERIES 1999 BY
THIS CORPORATION; APPROVING THE FORM AND AUTHORIZING THE EXECUTION
OF AN AGENCY AGREEMENT PERTAINING TO THE CONSTRUCTION OF THE
FACILITIES TO BE CONSTRUCTED WITH THE PROCEEDS OF SUCH BONDS ;
APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF A PURCHASE
CONTRACT WITH RESPECT TO THE SERIES 1999 BONDS; AUTHORIZING THE
PREPARATION AND APPROVAL OF PRELIMINARY AND FINAL OFFICIAL
STATEMENTS PERTAINING TO THE SERIES 1999 BONDS; AUTHORIZING THE CITY
MANAGER OF THE TOWN OF ORO VALLEY,ARIZONA TO DEEM SUCH PRELIMINARY
AND FINAL OFFICIAL STATEMENTS "FINAL"; AUTHORIZING THE TAKING OF ALL
OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTIONS
CONTEMPLATED BY THIS RESOLUTION; AND DELEGATING CERTAIN DUTIES , and that
Thomas Vetrano be appointed as Assistant Secretary for the purposes as set forth in the
Resolution. Upon roll-call vote the President declared the Resolution adopted by a vote of=votes
aye, 0 votes nay and_votes absent. Motion carried unanimously.
ADJOURNMENT:
There being no further business to come before the Board,the meeting was adjourned at
5:23 p.m.
Respectfully submitted,
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Roxana Garrity, Deputy Town Clerk
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FHR:rwr 301933.02 4/30/1999