HomeMy WebLinkAboutMinutes - Municipal Property Corporation Board - 3/6/1996 ft
MINUTES
ORO VALLEY MUNICIPAL PROPERTY CORPORATION
MEETING
MARCH 6, 1996
TOWN COUNCIL CHAMBERS
11,000 N. LA CANADA DRIVE
CALL TO ORDER: 4:00 P.M.
PRESENT: Wendell Cheek, President
Leslie Olson, Treasurer
EXCUSED: Frank Butrico, Secretary
STAFF PRESENT: Chuck Sweet, Town Manager
Tobin Sidles, Town Attorney
David Andrews, Finance Director
David Hook, Town Engineer
Scott Ruby, Bond Counsel
Mark Reider, Financial Advisor
RESOLUTION NO. (R)MPC96-04 -APPROVING THE FORM OF AND 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, A CONTINUING DISCLOSURE
AGREEMENT,A BOND PURCHASE AGREEMENT AND A PRELIMINARY OFFICIAL
STATEMENT; AUTHORIZING THE PREPARATION AND APPROVAL OF A FINAL
OFFICIAL STATEMENT; APPROVING THE ISSUANCE OF TOWN OF ORO VALLEY
MUNICIPAL PROPERTY CORPORATION("CORPORATION"),MUNICIPAL WATER
SYSTEM ACQUISITION BONDS, SERIES 1996, SECURED BY RENTAL PAYMENTS
MADE PURSUANT TO THE LEASE-PURCHASE AGREEMENT BETWEEN THE
TOWN OF ORO VALLEY, ARIZONA AND THE CORPORATION, SAID LEASE-
PURCHASE AGREEMENT TO BE ASSIGNED TO A TRUSTEE; ACCEPTING THE
PLEDGE OF EXCISE TAXES AND NET REVENUES OF THE WATER SYSTEMS AS
SECURITY FOR THE RENTAL PAYMENTS; RATIFYING THE ESTABLISHMENT OF
ESCROW ACCOUNTS FOR PURPOSES OF CLOSING THE WATER COMPANY
ACQUISITION TRANSACTIONS CONTEMPLATED BY THE ASSET PURCHASE
AGREEMENT BETWEEN THE CORPORATION AND CANADA HILLS WATER
COMPANY LIMITED PARTNERSHIP, DATED FEBRUARY 6, 1996, AND THE ASSET
PURCHASE AGREEMENT BETWEEN THE CORPORATION AND RANCHO VISTOSO
WATER COMPANY, DATED FEBRUARY 22, 1996; AUTHORIZING THE TAKING OF
ALL OTHER TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION;
DELEGATING CERTAIN DUTIES; AND DECLARING AN EMERGENCY.
Scott Ruby, Bond Attorney, with Gust Rosenfeld explained the purpose of the resolution and
addressed questions by members of the MPC.
Mark Reider, Financial Advisor distributed a Bond Pricing Summary Brochure and gave an
overview of the contents of the brochure.
Treasurer Leslie Olson MOVED to APPROVE Resolution No. (R)MPC96-04. MOTION
SECONDED by President Cheek. MOTION UNANIMOUSLY carried 2 - 0.
ADJOURNMENT
Meeting adjourned at 4:45 p.m.
Respectfully submitted,
Kathryn Cuvelier, CMC
Town Clerk