HomeMy WebLinkAboutResolution 2013-053 defeasance of payment obligations for the amended and restated town lease and series 1982 town lease with the MMPCMARANA RESOLUTION NO. 2013-053
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 CONSUNIl�lATION 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; and
WHEREAS, this resolution was originally presented to the
Mayor and Common Council of the Town at its May 22, 2013 meeting as
Marana Resolution No. 2013-050, where it was approved by a vote of
five in favor and none opposed with two Council members absent, which
did not meet the three-fourths vote requirement of A.R.S. § 19-142
paragraph B for the adoption of an emergency measure; and
WHEREAS, this resolution is intended to readopt Marana
Resolution No. 2013-050 with a sufficient vote to enable it to be
adopted as an emergency measure;
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF
THE TOWN OF MAKANA, ARIZONA, THAT:
Section 1. 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.
(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.
(D) Upon the adoption of this Resolution by a vote
sufficient to satisfy the three-fourths vote requirement of A.R.S.
§ 19-142 paragraph B for the adoption of an emergency measure, Marana
Resolution No. 2013-050 shall be replaced by this Resolution.
PASSED AND ADOPTED this 4 day of June, 2013.
�
Ed Honea, Mayor, Town of Marana,
Arizona
ATTEST:
Jocelyn ronson, Clerk, Town of
Marana, rizona
APPROVED AS TO FORM:
E
CERTIFICATION
I hereby certify that the foregoing Resolution No. 2013-053 was duly
passed and adopted by the Mayor and Common Council of the Town of
Marana, Arizona, at a regular meeting held on the 4th day of June,
2013, and the vote was 6 ayes and 0 nays and 1 absent or not voting.
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