HomeMy WebLinkAboutResolution 2013-050 defeasance of payment obligations for the series 1982 town leaseiure�:i_��i_�i��Y��i���i � �, • � � �
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
DETERMINED BY THE FINANCE DIRECTOR OF THE TOWN;
AUTHORIZING THE TAKING OF OTHER ACTIONS NECESSARY
TO THE CONSUMMATION OF THE TRANSACTIONS
CONTEMPLATED BY THIS RESOLUTION
E��&�GF�NE�F
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 l, 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 MAR_ANA, ARIZONA, THAT:
Section l . The Finance Director of the Town is hereby
authorized to determine the amount (up to the full principal amount of
the bonds, currently $6,165,000) and date of payment of the Deposit, 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.
(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.
( 'mmediate
necessary for the defeasance on the most attractive terms av ' e to
the Town of portions of the amounts due with respect e Town Lease
and the resulting preservation of the public th and welfare; an
emergency is hereby declared to exist. T' esolution shall be in full
force and effect from and after it assage and approval by the Mayor
and Council of the Town, a equired by law and this Resolution is
hereby exempt from eferendum provisions of the constitution and
laws of t ate of Arizona pursuant to Section 19-142(B), Arizona
PASSED AND ADOPTED this 22 day of May, 2013.
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Ed Honea, Mayor, Town of Marana,
Arizona
ATTEST:
�
cel Bronson, Clerk, Town of
arana, Arizona
APPROVED AS TO FORM:
�C � � G=--'�%�/
k C sidy, Town At rney,
o Marana, �iz a
Resolution 2013-050 5/13/2013
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