AUTHORIZING THE EXECUTION, DELIVERY AND SALE OF SUBORDINATE LIEN WATER AND SEWER REVENUE AND REFUNDING OBLIGATIONS, SERIES 2016 RECOMMENDATION: ADOPT RESOLUTION NO. 16-1744 APPROVING THE FOURTH SUPPLEMENTAL RESOLUTION SUPPLEMENTING AND AMENDING THE CITY OF GOODYEAR, ARIZONA, RESOLUTION NO. 99-662, DATED JANUARY 25, 1999, AS THEREAFTER AMENDED AND SUPPLEMENTED, (WHICH AUTHORIZES THE INCURRENCE OF WATER AND SEWER REVENUE REFUNDING AND IMPROVEMENT INDEBTEDNESS); AUTHORIZING THE EXECUTION AND DELIVERY OF CITY OF GOODYEAR, ARIZONA SUBORDINATE LIEN WATER AND SEWER REVENUE AND REFUNDING OBLIGATIONS, SERIES 2016, AND THE SALE THEREOF TO THE PURCHASER THEREOF; PRESCRIBING THE FORM AND OTHER DETAILS OF THE 2016 SUBORDINATE OBLIGATIONS; PROVIDING THAT SUCH 2016 SUBORDINATE OBLIGATIONS SHALL BE SUBORDINATE OBLIGATIONS AS DEFINED IN RESOLUTION NO. 99-662, AS AMENDED AND SUPPLEMENTED; APPROVING AND AUTHORIZING THE EXECUTION AND DELIVERY OF A 2016 TRUST AGREEMENT, A 2016 AGREEMENT, A 2016 OBLIGATION PURCHASE CONTRACT, A 2016 CONTINUING DISCLOSURE CERTIFICATE, A 2016 OFFICIAL STATEMENT AND RELATED DOCUMENTS; DELEGATING CERTAIN AUTHORITY TO THE FINANCE DIRECTOR AND OTHER OFFICERS OF THE CITY; AUTHORIZING THE TAKING OF ALL OTHER ACTIONS NECESSARY TO THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS FOURTH SUPPLEMENTAL RESOLUTION; AND DECLARING AN EMERGENCY. PURPOSE: This request is to authorize the sale of the 2016 Subordinate Obligations that shall be executed in the aggregate principal amount of not to exceed $20,000,000. The 2016 Subordinate Obligations shall bear interest at the rates per annum set forth in the 2016 Subordinate Obligation Purchase Contract, provided that the 2016 Subordinate Obligations, in the aggregate, shall have a yield not exceeding 6.00%. The 2016 Subordinate Obligations shall mature on July 1 in any or all of the years 2016 through 2045, inclusive. (Larry Lange, Finance Director)

Committee

City Council Regular Meeting

Introduced

March 22, 2016

On agenda

March 28, 2016