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Public Hearing July 9, 2019 on Gila County Finance Proposal

Gila County Board of Supervisors will hold a public hearing to consider a long-term debt proposal to finance and refinance projects throughout Gila County; the hearing will occur during the Board of Supervisors meeting Tuesday, July 9, 2019, at 10:00 a.m.  in the Supervisors meeting room in the west wing of the Gila County Courthouse at 1400 East Ash Street, and simultaneously at the Supervisors' office in Payson. The public is invited to comment on this issue at the public hearing or by emailing: 
Marian Sheppard, Clerk of the Board
msheppa@gilacountyaz.gov
You may also mail comments to
Marian Sheppard, Clerk of the Board
1400 East Ash Street
Globe, AZ  85501

 

The long-term debt will be used
(A) to finance the costs of acquisition, construction, renovation and improvements to new and existing County facilities, and
(B) to refinance (for savings purposes) a Purchase Agreement by and between the County and The Bank of New York Mellon Trust Company, N.A.

The total estimated financing cost will be $16,295,667, consisting of an estimated principal amount of not to exceed $10,000,000 and total estimated interest of $6,295,667.

Complete text of the required public notice is shown below:

For purposes of Section 11-391, Arizona Revised Statutes, the Board of Supervisors (the “Board”) of Gila County, Arizona (the “County”), will hold a public hearing on July 9, 2019, at 10:00 a.m. in the Board of Supervisors Hearing Room, 1400 East Ash Street, Globe, Arizona, regarding a purchase agreement (the “Agreement”) to be secured by a pledge of amounts of all unrestricted transaction privilege (sales) taxes that the County now or hereafter levies, except for any taxes hereafter levied for an inconsistent purpose, and excise taxes and transaction privilege (sales) taxes imposed and collected by the State of Arizona, or any agency thereof, and returned, allocated or apportioned to the County, except the County’s share of any such taxes which by State law, rule or regulation must be expended for other purposes, (A) to finance the costs of acquisition, construction, renovation and improvements to new and existing County facilities, and (B) to refinance (for savings purposes) a Purchase Agreement by and between the County and The Bank of New York Mellon Trust Company, N.A.  (More detail about the foregoing will be provided in analysis provided to the Board at the hereinafter described hearing.)  The Agreement is estimated to be in the principal amount of not to exceed $10,000,000 and, with total estimated interest of $6,295,667 to have a total estimated financing cost of $16,295,667.

The Board will receive oral comments at the hearing and will receive written comments at any time before adopting the resolution of intention with respect to the Agreement which will be considered no earlier than July 24, 2019 (the “Resolution”).

The Board’s mailing address is:

Gila County Board of Supervisors

 

1400 East Ash Street

Globe, Arizona 85501

Marian Sheppard, Clerk, Board of Supervisors