HomeMy WebLinkAboutMinutes - Municipal Property Corporation Board - 2/21/1996 MINUTES
ORO VALLEY MUNICIPAL PROPERTY CORPORATION
MEETING
FEBRUARY 21, 1996
TOWN COUNCIL CHAMBERS
11,000 N. LA CANADA DRIVE
CALL TO ORDER: 2:35 P.M.
PRESENT: Wendell Cheek, President
Leslie Olson, Treasurer
Frank Butrico, Secretary
STAFF PRESENT: Tobin Sidles, Town Attorney
David Andrews, Finance Director
Scott Ruby, Bond Counsel
Mark Reider, Financial Advisor
RESOLUTION NO.(R)MPC96-03-AUTHORIZING THE EXECUTION AND DELIVERY
OF A LEASE-PURCHASE AGREEMENT RELATIVE TO THE LEASE OF ONE OR
MORE DOMESTIC WATER SYSTEMS WITH AN OPTION TO PURCHASE, A TRUST
INDENTURE, AND A CONTINUING DISCLOSURE AGREEMENT; AUTHORIZING
THE PREPARATION AND APPROVAL OF PRELIMINARY AND FINAL OFFICIAL
STATEMENTS; APPROVING THE ISSUANCE OF NOT TO EXCEED $29,000,000
TOWN OF ORO VALLEY MUNICIPAL PROPERTY CORPORATION MUNICIPAL
WATER SYSTEMS ACQUISITION BONDS, SERIES 1996, SECURED BY RENTAL
PAYMENTS MADE PURSUANT TO A LEASE-PURCHASE AGREEMENT BETWEEN
THE TOWN OF ORO VALLEY, ARIZONA AND THE TOWN OF ORO VALLEY
MUNICIPAL PROPERTY CORPORATION, SAID LEASE-PURCHASE AGREEMENT
TO BE ASSIGNED TO A TRUSTEE; VERIFYING THE PURCHASE PRICE;
AUTHORIZING THE TAKING OF ALL OTHER ACTIONS NECESSARY TO THE
CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS
RESOLUTION; AND DELEGATING CERTAIN DUTIES
Town Clerk Kathryn Cuvelier read the caption to Resolution No. (R)MPC96-03 for the record.
Scott Ruby, Bond Attorney, with Gust Rosenfeld explained the purpose of the resolution and
addressed questions by members of the MPC. He explained there will be one more meeting to
give the final "blessing" of the Asset Purchase Agreement for both water companies. All Exhibits
will be ready at final approval.
Treasurer Leslie Olson MOVED to APPROVE Resolution No. (R)MPC96-03. MOTION
SECONDED by Secretary Frank Butrico. MOTION UNANIMOUSLY carried 3 - 0.
ADJOURNMENT
Meeting adjourned at 2:58 p.m.
Respectfully submitted,
Kathryn Cuvelier, CMC
Town Clerk