HomeMy WebLinkAboutMinutes - Municipal Property Corporation Board - 4/5/1999 MINUTES OF THE
ORO VALLEY MUNICIPAL PROPERTY CORPORATION
STUDY SESSION
APRIL 5, 1999
ORO VALLEY TOWN COUNCIL CHAMBERS
11,000 N. LA CANADA DRIVE
CALL TO ORDER: 5:10 p.m.
PRESENT: Steve Lucas, President
Wendell Cheek, Secretary
Tom Vetrano, Treasurer
Staff present: Chuck Sweet, Town Manager
David Andrews, Finance Director
David Hook, Water Utility Director
Tobin Sidles, Town Prosecutor
Dan Dudley, Town Attorney
Mark Reider, Financial Advisor, Peacock, Hislop, Staley&Given
Fred Rosenfeld, Bond Counsel, Gust &Rosenfeld
Tom Berk, Bond Counsel, Gust &Rosenfeld
OVERVIEW OF MUNICIPAL PROPERTY CORPORATION (MPC) STATUTE
AUTHORITY AND HISTORY
Fred Rosenfeld, Bond Counsel with Gust Rosenfeld, gave the background of how the
municipal property corporation was formed and why cities and towns use a municipal
property corporation. Mr. Rosenfeld stated that 70% of the cities and towns in Arizona
have municipal property corporations.
REVIEW OF MUNICIPAL PROPERTY CORPORATION (MPC) ACTIVITIES
REGARDING UPCOMING TOWN PROJECTS: A) ORO VALLEY WATER
IMPROVEMENT DISTRICT NO. 1 PROJECT B) NEW DEVELOPMENT
SERVICES BUILDING
Mark Reider, Bond Advisor with Peacock, Hislop, Staley& Given, Inc. reviewed the
MPC debt financing and reviewed the proposal for issuance of approximately$4,435,000
of municipal facilities revenue bonds for Oro Valley Water Improvement District#1
Project; the new Development Services Building and repayment of the Tucson Settlement
Agreement.
ADJOURNMENT
A MOTION was made by Wendell Cheek and SECONDED by Steve Lucas to adjourn
the meeting at 5:55 p.m. Motion carried 3 —0.
Respectfully submitted,
-1A-cui-dtt'L
Kath yn Cuvelier, CMC
Town Clerk