HomeMy WebLinkAboutResolution 2011-052 authorizing the defeasance of payment obligations with respect to the fourth supplement to amended and restated town lease and series 1982 town lease RESOLUTION NO. 2011 -52
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF
MARANA, ARIZONA, AUTHORIZING THE DEFEASANCE OF
PAYMENT OBLIGATIONS OF THE TOWN WITH RESPECT TO
THE FOURTH SUPPLEMENT TO AMENDED AND RESTATED TOWN
LEASE AND SERIES 1982 TOWN LEASE WITH TOWN OF
MARANA MUNICIPAL PROPERTY CORPORATION AS DETER-
MINED BY THE FINANCE DIRECTORS & PROCUREMENT
MANAGER OF THE TOWN; AUTHORIZING THE TAKING OF
OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE
TRANSACTIONS CONTEMPLATED BY THIS RESOLUTION AND
DECLARING AN EMERGENCY
WHEREAS, the Mayor and Council of the Town of Marana,
Arizona (the "Town ") , have determined to pay an amount (the "Deposit ")
pursuant to the Fourth Supplement To Amended and Restated Town Lease
and Series 1982 Town Lease, dated as of August 1, 2008, by and between
the Town and the Town of Marana Municipal Property Corporation (the
"Corporation "), which, by giving effect to the earliest prepayment
allowed thereby, results in the obligations of the Town thereunder
with respect to the Municipal Facilities Revenue Bonds, Series 2008B
(the "Bonds ") of the Corporation being considered paid in part under
the terms provided hereby;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE TOWN OF MARANA, ARIZONA, THAT:
Section 1 . The Finance Director & Procurement Manager of the
Town is hereby authorized to determine the amount (but not to exceed
$2,000,000.00) and date of payment of the Deposit [Note: No deposit ... wire
to redeem selected bonds on July 1, 2011 redemption date - - -NO SLGS], the
payments of the Bonds to which the Deposit are to be applied and the
disposition of the Deposit until applied to make such payments of the
Bonds.
Section 2 . The Mayor or, in the absence thereof, Vice Mayor
and Clerk of the Town are hereby authorized and directed, for and on
behalf of the Town, to sign and attest and deliver, respectively, any
documents necessary in connection with the purpose hereof.
Section 3 . (A) If any section, paragraph, clause or provision
of this Resolution shall for any reason be held to be invalid or
unenforceable, the invalidity or unenforceability of such section,
paragraph, clause or provision shall not affect any of the remaining
provisions of this Resolution.
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(B) All orders and resolutions or parts thereof,
inconsistent herewith, are hereby waived to the extent only of such
inconsistency. This waiver shall not be construed as reviving any order
or resolution or any part thereof.
(C) The immediate operation of this Resolution is
necessary for the defeasance on the most attractive terms available to
the Town of portions of the amounts due with respect to the Town Lease
and the resulting preservation of the public health and welfare; an
emergency is hereby declared to exist. This Resolution shall be in full
force and effect from and after its passage and approval by the Mayor
and Council of the Town, as required by law and this Resolution is
hereby exempt from the referendum provisions of the constitution and
laws of the State of Arizona pursuant to Section 19- 142(B), Arizona
Revised Statutes, as amended.
PASSED AND ADOPTED this 18 day of May, 2011.
Ed Honed, Mayor, Town of Marana,
Arizona
ATTEST:
AMR
W
ocelyn onson, Clerk, Town of �W-C `
aran rizona = = S FAL w
APPROVED AS TO FORM: ,4l110�,�
r F k Cassidy, Town Attorney,
wn of Marana, Arizona
329814824.1 - 4/21/2011
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