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HomeMy WebLinkAboutMunicipal Property Corporation - Resolutions (16) AGENDA Town of Oro Valley Municipal Property Corporation Special Meeting Kachina Room 11,000 N. La Canada Drive Oro Valley, Arizona Monday, May 11 , 2009 4:00 p.m. Special Meeting at or after 4:00 p.m. Call to Order Roll Call 1 . Approval of October 27, 2008 Minutes 2. Resolution No. MPC 09-01 Authorizing and providing for the defeasance and redemption of the outstanding Town of Oro Valley Municipal Property Corporation Excise Tax Revenue Bonds, Series 1999; ratifying the actions of all Officers and Agents of the Corporation and others with respect to the defeasance and redemption Adjournment The Town of Oro Valley complies with the Americans with Disabilities Act (ADA). If any person with a disability needs any type of accommodation, please notify the Town Clerk's Office prior to the meeting at 229-4700. Posted: 05/07/09 2:00 p.m. ekf • MINUTES OF ME ORO VALLEY MUNICIPAL PROPERTY CORPORATION ANNUAL MEETING OCTOBER 27,UK 4;30 P.M. KAMM CONFERENCE ROOM 11,000 N. LA CANADA DRIVE CALL TO ORDER: 4:30 p.m. PRESENT: C.Kent Russell,President Tom Vetrano,Treasurer Donald Taylor,Secretary ALSO PRESENT:, Tobin Rosen,Town Attorney Kathryn Cuvelier,Town Clerk 1. OPEN MEETING LAW/CONFLICT OF INTEREST REFRESHER BY TOWN ATTORNEY TOBIN ROSEN Town Attorney Tobin Rosen reviewed the Arizona Open Meeting Law and Conflict of Interest Law with The members of the Municipal Property Corporation. 2. APPROVAL OF MARCH 14,2007 MINUTES Tom Vetrano MOVED to approve the minutes of the March 14, 2007 UPC meeting,as submitted, MOTION SECONDED by Kent%melt. MOTION carried 3 -0. 3, ANNUAL ELECTION OF BOARD OF DIRECTORS Tom Vetrano nominated Kent Russell as President of the WC. Nomination seconded by Kent Russel Kent Russell nominated Tom Vetrano as Treasurer of the MPC. Nomination seconded by Tom Vetrano,Tom Vetrano nominated Donald Taylor as Secretary of the MPC. Nomination seconded by Kent Russell. Kent Russell -President Tom Vetrano-Treasurer Donald Taylor- Secretary Motion carried 3 -O. ADJOURNMENT A MOTION was made by Torn Vetrano to adjourn the annual meeting at 5:02 p.m. MOTION seconded by Kent Russell. MOTION carried 3-0. . . 10/27/08 Minutes,Oro Valley Municipal Plop 1 y Corpor tiQn- ;2 Prepared by:c'. et,{41,614,04''' Kithryn E ei vcl er,CMC: Town Clerk TOWN OF PRO VALLEY MUNICIPAL PROPERTY CORPORATION COMMUNICATION MEETING DATE: MAY 11, 2009 TO: MUNICIPAL PROPERTY CORPORA-1104(MPC)BOARD OF DIRECTORS FROM: Stacey Lemps, Finance Director SUBJECT: Resotution,No. MPC oi Authorizing and providing for the defeasance and redemption of the outstanding Town of Om Valley Municipal Property Corporation Excise Tax Revenue Bonds,,Series 1999; ratifying the actions of all Officers and:Agents ofthe-.Corporation.'andsothers,with respect to the defeasance and redemption SUMMARY: On.,May.6,2009, the Town Council approved a resolution authorizing Town staff to take the appropriate*steps necessary to defease the remaining outstanding bonds from the Series 1999MPG Excise Tax bonds that were originally issued to fund construction of the Tom Development Services< Building and water systenl. improvements. Since these ;ponds were originally MPC-authorized bonds,. the:MPG Board must also take action to approve the defeasance of these bonds. More detailexplainingthe financial impacts of early defeasance of these bonds is included in the. attached Town Council Communication.that'was prepared for their May 6th meeting, along with:a. copy of the reolkttions, amemorandom from the Town's financial advisor, Mr. Mark Reader with the firm of Stone &Youngberg, LLC; and‘a breakdown of the debt service totals on the Series 1999 bonds. SUGGESTED MOTION. I-move to approve Resolution MPC 09- 01 ATTACHMENTS: 1, Resolution MPC 09- 01 2. .Copy of the May 6, 2009 Town Council Communication and Resolution of the Mayor and Council Authorizing the Defeasance of the Series-1999 MPC Excise Tax Bonds and related attachments Stacey.1.0fri , Finance Di '-dor GAsTAcEmouficii ComtnunisAMPCComral 999BondsDerea 5,11-09Mtgidot . . . . • ••••••••••••. • , • •• • . • , TOWN OF ORO Va4EY Page 1.øt2 COUNCIL COMMUNICATION 1!.01Nit 4209 .,...:.. . . , , UONQRAFLE ti'ibt.YOlt.AND COUCIL Philip C.Said ,P.L:Water Utility.Director • $thoey SUBJECT: RESOLUTION:0409- 23 RESOLUTION::AUnioRiplO PROADRIO rot Tlitt TRANSFEr.CA:W. TOWN WATER:MirtY 7r()PREPAY AMOUNTS DUE MIMI A LtAS't4VRCX44,: A9004:Pr M.COSARY, :TO :DEFUSE AND ODOM THE OUTSTANOW0110W$10...ORO VALLEYNMNICIPAL PROPERTY CORPORATION EXCISE TAX:REVENUE BONDS:,SERIES :1999; RATIFYING THE ACTIONS OF ALL OFFICERS AND,AGENTS OF-TOE:TOWN AM).OTHERS WITH RESPECT' TO THE TRANSFEI4.0tgpompilmusoct AND 11$DEIWTION; '*• ANOOKI441s10.,!4$.WI:EV0MM, • .SUMMARY:: The following is brief higtityoftii6Eitik Tax Revenue BOO*Series 1999: .T.08tia:Oto.vitilopitted.tht.SbXki1999:Exti§e'Tax'RevenueBp4ds on Juno 11, 1999 Bonds were for tostruotion.tiftho.Doelottott.Service Building (General Fund) and for water system itOrovernotitg:telatodto the Oro Valley Water Improvement District#1 (Water Utility) Series 1999 Bonds were refinanced in 200716,0brain4,1tAit, etiaerest rate . , , . , „ , • General Fund's portion of the bonds will be paid in f141 witkthe,paymentdoeloty 1,2009 Water Utility's portiogOthe:1)onds are not sciteduled to bepaid in full until'My 10-'20119 . addition-to the Debt Service Reserve Fund, the Water Utility has 4.0001001140 balance that W0014 petItapayine0t.orthe outstanding bonds in full on July 1,2009 >, The portion ofthe bonds the Utility would 40.to 404:174.4ady'li.4$1,83500O 00 00,1:440ie4t.0i0.4 !On,the bonds from January 1,2009 to July 1,.2009' Redemption of these.boodsvatostat in anitittrOstlavbwitit$4,90;165.00 TOlt,revie0ied andapproved by'the'Munic4pal'f!ropmly.CorpqrOpn the week'of May 11i:2009 > All funds • required to: redeem the Series 1999 bonds will be deposited with the Trustee (Wells • Fargo Bank)prior to July 1,499 The:TroStee will notify tht-bOrid.hOlds6tt.:-attiettOy*4006w pu.rpto#01.,944.mypApis::: • FISCAL IMPACT: Redemption of the Series 1999:4On:4:WM result in a.tOt4141tOtta savings of and will eliniinate, an average debt service payment of annually, Reduotjqn in debt service payments facilitates the • Utility moth*its debt service coverage requirement In oider to redeem these bonds,funds need to be. ilepoSited,with the Trustee prior to My 1, 2009,. therefore,ifinal payment will aittie from the Water Utility's FY 2008-09 cash balance.: . •• ,•• : 04,44.444.• . • ••S s; .1 • • •, . . , e r. : . . TOWN OF 014.0VALLEY Page 2 of COMIVIVNJOATION $ WS 61 2009 EOM Th6, Oto ‘141.1 .y Viatet Utility Commission voted unanimously . 0to� recommend redemption� t�,� 1,999 fonds. Staff respcreconimends'adOption of gtsolUtIon No. (R) 09 2 I ATTR HM NTS: I. Resolution No.( R)0923 - 2{ MemoranclumMemorandum fromMarkReader,Managing Director,Stone&YoungbergLLC 3. Excise..T Revenue BondSeries's,Serics 1999 aymer4 Schedules SUGGESTED mooN I move`to adopt Re i do o, 09- 23 Or t irtote-to •‘ ett Stacey �:os mance Dir or , )1, Philip C. Sal. a,P. .,Water Utility. ireVtcr t :- ..,71)4,141H/Ltt,,,,2„ David Andrews,Tom.:Manager f . RESOLUTION.MI . , . RESOLUTION OF.THE:MAYOR AND, OW ' i o VALLEY,ARIZONA,.....AUTHORIZING A O IN F. , F o TOWN WATtit U .rormir AMOUNT D .'UNDER ► L S.: P : A GEE T SAY O.DEF4ASE ANWREDEEK'THE OUTSTANDING..TOWN F onto V ► E I RT :CORIVRATION:11XCIS.t. ,TAX.:REVENUE BONDS SERIES 1p.p : 4 1 OF ALL 'OFFA‘CERS AND AGENTS oF' THS TOWN : O :RvispgCT ...�:...5RER PREPAYMENT, DEFEASANCE AND .REDS. TION;,:AND DECLARING AN EMERGENCY. WHE* EAS,the Town of: ' l municipalotn aotia i vested the : �. , r il�:es and: benefits and.: is erttled to -the:iip*Oiand ,;axem .ons granted to:.rc aties andpolitica �� �� lo��Wider tie �o �atutio�idlaws of the State of ArizonaAtid:eft•Uhittd:States; and ` S • Tom of.ora V. ley Muriicipi4 Property Corporation .e " o oration' as d e Bonds,Sees 1 9 in the original p 'neial:aino .t of$4P30,000 the"Bonds" and .; r W R AS: the.Bonds:were executed and delivered by Wells Farg0 Y(as tititetkifto NorwestNorweSt Bank-. Arizona, .A) (the"Trustee" trust o voilOrthe Trust Indenture.dated as of'Apia 10996 (the 1996:Indenture") between.the Corporation and,t4e the:Trustee, as supplemented:b the. :First Supplementto: e:TIndenture dated as , e11999 -the e SeonSu lem ent to:Trust 1n4:et3tUt.e datod : 001 (the ISecond apple nt ), the Ted 4 _le ent to Tr b40•01..0.;..dated of October 1, 2003 (the " i Suplentr ant.the:..Fatth,.Soppittioitto: TWO Indenture„,.dated as of April 1., 2007 -.e�: p .. � , '"Ecog03. Sulernett't_ d.4'tngo *ith.41 0 Indenture, the :Fist:-.:$u lettent, the :Sec nd uppl r e at and: ',the l..ane `"Indenture .�,.and � `fid •u��a n the .WW. REAS, Donds are secuured r...01:441 payer o e ��#� a a the �: �f rt ` alle ,Ai.4pAg(the . own )pursuant to the terms f t ie Lease-Purchase Agreement dated:as of April 1, 1996'(the "11996 .Lease-Purchase Agreement" First Amendment:� Leases as arn�ended by �e 0 Purchase A reen ent,.dated if.0 of June :,: Adie "First. + dme t"),thecnd mend ent to. :Leasenrchase Agreement dated ;as of Apr 1, 1, 001' (he "Second ► dment"), #1 e Third Amendment to 010 1Leas -POtthase A. rOe a ,dated: of October 1,: : 003 Ole "Thir4 Amendment"), and theFourthend, ent to` Lease-Purchase A. : en: dated.as of Aptil:1 2007 (the "" ou h Amendment" and, together.:with the tease-Purchase Agreement, tl0, Amendment,. a ond:Ax endme:nt and a `hAns.Admetg,the"Town Lease") and. n... . .� the: Mayor 444 council' of the.Tom the Tam financial 'ilt d:achiev ..certain: y gs if:an amount:is trans fend from the To'wn's water utility funds ao tl e tee, hi is su cent to d fe a and.redOeni iniatiVatice of maturity thtit.,pcttioitbttho. ;Bonds'molting.on July I of the years '201 and .70:1% in the aggregate ri •di Amount f : $1.,:i 5,000(coll tively the Bonds:Being Defamed".... > i 11,X$01;;Vg0.., :140:IYA10.-104..C.000.0.!*or.tho.170*.iii:br..01* Valley, na tit Sermon nth r a o ''`he moor d,Counc l a th a and d t the ' �€Jt�it��. at r ty" irector:.and:the Finance ro aoor to er fro. to the Trusto.0;.:.4.0.,-omont' ' ti .�,: ���� i ��n��toe othertmotintsf.held by the Trustee aar�d� available r such purpose,and take any ste s.04.#004Sarrto a: f the outstandin Boil Defeat on July 1, 2009.and t costs n of�the Boil* _ #.40$40000, Agy $0001.: remaining afterofter:symont of all amounts due shall be paid-over to the Town. Sections . u o ds. Pursuant to 4 seon of the i ndenture, the Corporation hereby dieted to.:,redeem all of the o = a Bonds Defeased on July I, 2009. The Corporation shall pt a solation to red t Bonds Being Defeased and shall gionotice thereofthottoito. the Trustee Trustee to take all actions necessary to causes h.:rede p .ons i on v hili if any.,section tta. subd viion, s ten clause or phrase o resolution is for any reason held to h illegal or foreaftO decision will not erect tho validity of the re aini4g portions of this resolutit . The IVfayor and Council nethers.hereby declare that this resolut on would:.have been enacted and each and every other$ectio w arag.:a:h:: subdivision .. _ _. �,� �' � � ; . .� ec��` od-the se.�t�n�, ia.�se or phr��se and att of fads:and defeasance and redemptiontheBonds ds Being I feaa :: uant hereto ire; spe ve • of t acct that any one or.more;sections,:paragraphs subdivisions,snees,clnses o gases ' this resolution nays::'be:held'ilegal, wa orunOfgrqq01 ..e. ection: c on of Actiorns. All actions of the officials and'agen . of the Town,;tie Corporation•ani.the Trustee.:which are aux::,ca o t wi; the purposes and intent of this resolution and in furtherance of t .e tr er- prepayment,.: defeasance-,:and redemption:.of e-. Bonds l eing Defeased as co stern l ted this re on shall e•An Are. hereby ratified, confirmed and approved. The proper officialsAtia*goots:tit the Tom the orpo tion: t e Trustee are hereby authorized aid directed tt ch acts and.things and to execute and el v ` >a .:such.documents as may be necessary to carr out•the:terms and::intent of this resolution. Section . e en. Due;to the tine gpired to notify the _ . ,ion, • e.Trustee and the+owners cif the Bonds Bei: ef:..a and to.:have-. fads.:de .. with-the •'trustee ti..ti -e . � ..,t0:-..$04.21000.0 tOthe:o*iittsof the :ond .�eig ; � tion .. ,� ares©�� utst'r'b effective immediately... The immediate operation:of the provisions hereotiis necessary for the preservation..Otte publi pea .health sand.:safety:at :an:-timer y is herb 'declared to exist and this resolution Will be in f ..free 4 effect from and mer its ..-assage b the May9r.pd. Council and it is hereby a mpt from the referendum provisions oft Constitution oft .State of Ari zona.:. 2 1'lfndixkbrd Fi c:Lsstx�.R+�ovi,orizl'`oeri t ro Vat* DOC Try tti.o Oro Vont A 'pftWlC.i/04:1'04 P. SED ' :ADOPTED .e by M, rir and Council o tie To .off` 0 y, Aria, MAY : . . 009. TOWI'Sti:OV ORO..V.OLEY H.Loomis,Mayor ATT ST. APPROVED TO:.FORM Kathryn E. Cavelier, Town Cie* Tobi Rose,Town Attorney. CZOMCATION , the duly appointed'arid: acting Town Clerk of the Town of Oro Valley,Arizona do reby certify that the above and foregoingResolut on No. (R) 09-23 was dui passed:and adopted Eby the a y or the Council of thee'.Town Oro Valle Arizo� b h 1 . at : n g e d the: a 2009, and the c to s aye's c nay's aid that ae:Mayor r and o o 'members were present thereat. C r n of Qro Va:ley..Mzo . 3 �;1 i seat iwsscnote....onikdpoyskitJc :Rrsotuticx�.t)t}G �'tc��.of�oro'Va1�:A�aWs Oiltatiti041109 f Q •To s Sammy:TAmos,CPA, nam Director . tie ..Dtor• ` Reader, agi. r+e rr,.;Stone o gb LLQ; Early Payoff,of Town.of oto. 'a11e r,Excise T' cenue.: c ,Series::1.9 : ;April 202009 • n connection with Ole Tam o ora Vie ':s intern offtho outstandingun .ftperty Corporation, Excite. Tax .eve• n s 1999 .its the principalamour 1,835,000, tie purposed s tOitiiii4itititiOt to..:.o e e required steps pessary t -: achieve- s j ve. :Bond Redemption 'ro rs s • At.the tine of:issuance, the Town:incorporated--the Ito in Redemption r s ns int e . :Series T 9 :Bond transaction: • Bonds maturing be, re or::ortazre not subject to redemption prior .maturity,ate. ; o r after J a 1 .2010,.:may be'redeer d prioro m u ,'4twkole or in part, on 0V, int rest payment c to at the redemption prices set fort below: 1.1111113:' Ykr .S.���3. � F y`i§.\ �y 1Trc` .y.t-.,.t ': ....c. %"Qe•: 3 .. ::o-,A :,.d e 'b s `.'y�•-a'`..,.-r"s s .. : ::. if- -.•t"i :. , Y Z"I� . .c�: «'-ac'`,* .. .se. ;iA` J 0,4 January )0:20). 4.5 •.• 1: 2010 and Th•ereafter Wont 'era • Notice of Redemption equirements: 'Once::the Towir notifies ie-Trus e f its intention to pay e bends,the Trustee is required:.to... mail: 010 resPectiY.Prespective owners designated.for re nptio .. . 3U da s. but not more than:sixty(60).days prig.to theredemptionat ce tine nest bond,payment dates,is July 1, 2009, ilii Tt ou eta of:the O** tiiild be..regniiFed td4nat a n+otines.,of redemption or•befog. June:1 le no o eia1 ion: beent�sen` a�o tli- �onne�l, a 70shop1d •.contact the Tius ;: or toinform film oft a r' ntion to pn o f:bonds, Materialve e. te�q i e en : Sin4e t e'Town entered into a o tinui Di losureunde u, °at t e Mme ofissuing a bons,: .the: prepayment of bonds rthe Tp "to notify _ o l Ree z Mi_::un i q tion:Rep roes ..0vn0Aes 'it tn:: re nable period of tie following the:payoff,. .* 4 • Calendar of Events The following represents-4 calendar of eve*which will lead to the successful defeasance of bonds: April 17th Draft Defeasance Resolution Subnlitted to Gust Rosenfeld Financing Tann for Review and Comments Week of April 7,Notify Trustee of Intentions to Defeasance Bonds Town,trustie-‘(Wolts 20th Fargo) May 6th Town Council. Adopts Resolution to Decease Town Bondi Week of May nth 'Municipal Property Corporation (MPC) Board MPC Board,Town meeting to adopt Itesoluiipn to deitilise bonds,: Week Town Wires Interest, Prepayment Penalty and . - *• (confirm with Principal Amountt.the Trustee Trustee) On or 13etoreinne Trustee Mails Notice of Redemption to Bond Trustee t, I 2009 Holders' , Jul I 2009 Bonds Redeemed Town,Trustee Week of July 13' File Defeasance Notice with Nemesis's or EMIVIA Town Wee*of July 13th Update all Records to Reflect the Defeasance Town,Gust Rosenfeld, Stone it Youngberg LLC Week of AugustDeliver Transcript of Proceedings to the Torn Gust Rosenfeld 3rd , . We trust the above is helpful in outlining tbanecessaty procedures to,completethe early payoff of the Series 1999 bonds. We look forward to working with you and please don't hesitate to contact us if you have any questions, •„4: .... •• 4,,,,,,. • ' • . ••,oz.. ••••8 •:.0 -•••••::.8 ' , • ..... ,R .L,•. •: :,'•:. . 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' :. .'.••i.:.,:.:. ..-•,- : ':•",,•' :...",. . 2 ..r.....7.-", :.::.2..,"•Tn.... t''..r.;..:1",:';.r.:.',ZZ. -5..I't V.'.14-"•77,:•::•7 . ..41:.".V‘4.7i.. ..t:r..:-„tz, It.... , -.-,I......,..,-,..ip i.,.,....7....1.,,p,t,,E.T.,s,:., r,,.i.r.,.,,,r.:,,,,,.r,0,,,,,p.•-•,P,.. ,--.- .,,, - 4; ..:::. -1.. '.. 1. :,i: . :::., :1. . :-. :: ,I k.,•: .. ,c.1 4 M RESOL ` ION, RESOLUTION `O.. ' 9.:. RESOLUTION AUT LORIZENO,AND PRO'' G F DEFEASANCE REDEMPTIONF OUTS hPER'S CO PO ATIO TAXVENO B.. . ,.. _ IPA �'�o .SERIES. 1999;.,RA . THE .. . .C� ...: , .: �►.�� :;�►'� o������AND.:.AGENTS O F TM CORrOgNriON'. AND. OTHERS. Tux D EFEASANCE AND. EDene WHEREAS',tho Town of oro valloyis municipalo. r t .: ?� : - t e o bona:an d est' 1 the t s posted h ail the ghts, ,p ..ite d .. and .::. : . o pdg � a�:en�..tt� : exemptions.grantedto political subdvisons uderthe Constitution:anti law. of the State of Arizona and the United t to►;and .. . ���::: .... ,. . oration (the�'�Co bion" :his � edWHEREAS, :the Town of Valley 1 un l Apert Corp . s . .Excise Tax. even't Bonds,Series 1999 in the:::original principal amount of$4,930,000(0.1g.-"Bonds;and to . � �i� t�►:s, the.Bonds were executed and delivered by 7 '�1ls...Pargo _. �;•A. .: .: successor• Norwest ..: . r ,A (the:-"Trtustee" as trustee'under the `rust•Indent ire dated as of`:April 1: X1996 (the Bank Ari�a�na, � � " .:e" s . t stee su : le ented bythe First Su lenient to the 19'9 Indenture ).het een the corporation anad the.Tru ,as ppP1 Trust Indenture dated as of June 1, 19990110;.$0004 Supplement to Trust Indenture, dated as of April , " ... �n..Su lement the Third Su lement to.`T st indenture,dated as of October 1,2003(the 2001 tt�e.: :�eeo.* . PP _. �i �� '" : _ rn . Indenture dated as of April l, 2007 the tFour "Third Supplement )and the FOurth supplement ''. st Su:Pp nt"lemeand,together wit the Trust Indenture,;the First Supplement,the Land Supplement an. the Th d Supplement,the"Indenture"),and . . .::: .: . .....::::.:� � ale , Ari ►na (the 'WHEREAS, such Bonds,are secured: by rental,payments.'nade:by the Town o. ro:' y, "Towle!) . nt.to.'..the. terms of the Lease-Purchase Agreement dated.,.ash of.April� 1., 199 (the "1996 pursuant. : .+� .... . . . :. �' ease-Purchase A eenent,dated Lease1, urehoe grcenoent'') as amended the First Amend en't tQ L " of )140.0,...1.,,:1999(the•Fxrst.Atnendtnent_") theSecondAmendment:to:LeasePurchaseA eem te: a : of A 1. 1, 2001 (thee: " ecoud Amendment' : the Third Amendment the Lie-Purchase Agreement, da ed as of.'October.t.,2003 (the "Third. endruent"), and the Fourth.Amendment to the,Lease-Purchase a ; ril 1 2007 (the 'Fourth. Amend ent". d, l _ t, dated..aas Qf�p �•� �► :een3en � .aogether w the urthase osLLnenthe FYrstAmendrnerit,the Second Annendrneo,400 he- ird Amendment.,the TonwLe ); and. pursuant.to Section 4.Ot of`the 1990 Indenture, '' RE:�5,-the,l�+�aor and Council of the Town hav`e p ditt he Co oration 0:redeem redeemon July 1:,2 9 all Of the tben outstanding. Bonds,which n attire,on •1. of he.years 013 and 201p„ :the aggregate principal amount pf the 13000s. Being Vie..e e ). AREAS, moot ay r;and. Council.have au hot zed:the transfer:of funds to the Trustee;to:defease ;Bonds Being feas�ed to redeem them on July 1,2009 and`:to play.the:costs the°transaction;and corporation wishes to aid the To in:reducing Its financialIia it ty. Fri Extijc Tuc Reva.+r s.Town cf Ong V„il►Defeaktitt;.:Cay RiidutiOn: AOC RESOLUTION NOWt THEREFORE,- RESOLVED by 00 Board of Directors of the Town..of.Oro Valley Municipal Properly Corporation that: Section 1. Authorization The Corporation :hereby aUthorizes.. and ,.directs the Trustee to accept the transfer.froniti*'"TOWA 007 amount which is sufficient,together with other amounts held by the Trustee *14 available therefor, to,.defease.:the outstanding Bonds Being to .redeem Itkpmpo'14,1.,2009 and to pay the costs and txpet$0.otth .ttanStiOtiom Section2. ApplicatiowolVione 57 The:proceeds of the transfer of funds received from the Town,,afterOtiyinent of the costs and expenses of the shall be held by the Trustee to be used, together with'Oho amounts held by the Trustee and available'therefor, for the redemption the D000 Being Wowed. Any amounts remaining after,payment of all amounts due.0)411be,paid.oyer:'to the City. Section 4, Redemption of Bonds. All the outstanding Bonds Being Defeased are hereby J0000*04.00d. to be called for redemption on July I, 2009.:: The Trusteewill cause noticeof redemption babeOpen,asrequiredth.:010dontor0. Section 5. Severability. If any section,.paragraph,subdivision, sentence;'clause or phrase of this resolution is any reasop:liel4I..o.be illegal or unenforceable,such decision will not affect the validity of the remaining portions of this resolution. The President and Board members hereby declare. that this resolution would have been enacted and.eachand every other section, paragraph, sentence;clause or phrase hereof andautheritedithe transfer of funds and defeasance and redemption.'of the Bonds Being„Ddeased.purstiant hereto irrespective of the fact that any one or more sectiotis„.;paragraphS, subdivisions,sentences,clauses or phrases.or this resolution:10y be held illegal, invalid or unenforceable. ,Section 6," Ratification of AttiOns. All.actions of the officials aod.agents of the. :Corporation, the To** and the Trustee which are in conformity':with the purposes and intent of:this resolution and:.44 furtherance of the defeasance and-:redemption the Bonds ,B0i0g..;00:04:seit as contemplated by this resolution shall be and are hereby ratified, confirmed s.and :approved,. The proper officials and agents of::.tho Corporation,the Town..and the Trustee are hereby authorized and directed to Op 011 such:acts and things andte.:eltecute and deliver all such may•be necessary'to carry out The terms and intent of this resolution., PASSED AND-ADOPTED by th0.1300d.:-Of Th.e Town of Qro yoloy::Nt*ioipkit:ProperV Corporation on this :nth day of .•244y. 42009; TOWN OF-ORO vaLty MUNICIPAL PROPERTY CORPORATION' President spw,..i.A.andAmpc rOctis0 Tati:.44.icriOe BondOES of Om Vialey Dertatance=Corporation Rmolu tion_DOC MPC RESOLUTION A171%$T: Secretary APPROVED AS TO FORM: Gust Rosenfeld, Bond Counsel CERTIFICATION 1, , the duly eappointed-and acting Secretary of the Town of Oro Valley Municipal, Property Corporation, do hereby certify that the above and foregoing Resolution No. MPC 99-ja_____ was duly passed by the Board of Directors'of the Town of Oro Valley Municipal Propetty Corporation at a regularly scheduled meeting held,on May 11 , 2009 and the vote was aye's and nay's and absent,that the President and Secretary were present and therat. A I Secretary,Town of Oro Valley Municipal Property Corporation Fifinanixt8orids1MPC Excise Tax Itoycnne BoridARO TOwn of Coro Milky Dotraisanoe Corporation itesolution,DOC