Pinal County proposes long-term debt for economic development

The Pinal County Board of Supervisors will be looking at a long-term debt proposal to finance a project in Pinal County.

The long-term debt will be used to acquire land (or interests in land) for economic development purposes, which would be utilized for future industrial, manufacturing, distribution or similar activities and projects. In accordance with Section 11-254.04, Arizona Revised Statutes, the county could then provide assistance or undertakings, improvements, leasing or future conveyance to spur industrial growth by attracting business and corporate development, expansion or relocation to enhance the economic welfare and job growth for the County’s inhabitants.

The total estimated financing cost will be $73,428,125, not to exceed $31,800,000 principal amount and total estimated interest of $41,628,125.

A public hearing is scheduled to take place during the Board of Supervisors’ meeting on Jan. 4 at 9:30 a.m.  The hearing will be part of the regularly scheduled meeting.

The public is invited to comment on this issue at the public hearing or by emailing:  [email protected] or mailing comments to:

Pinal County Board of Supervisors
c/o Sheri Cluff, Clerk of the Board
P.O. Box 827
Florence AZ 85132

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The complete text of the required public notice is shown below:

 

NOTICE OF HEARING ON PROPOSAL OF THE BOARD OF SUPERVISORS OF PINAL COUNTY, ARIZONA, TO INCUR A LONG-TERM OBLIGATION NOT SECURED BY THE FULL FAITH AND CREDIT OF SUCH COUNTY

For purposes of Section 11-391, Arizona Revised Statutes, the Board of Supervisors (the “Board”) of Pinal County, Arizona (the “County”), will hold a public hearing on January 4, 2017, at 9:30 a.m. in the Board of Supervisors’ Hearing Room, Administrative Complex, 135 North Pinal Street, Florence, Arizona, regarding a purchase agreement (the “Agreement”) to be secured by a pledge of amounts of certain general excise taxes which the County now or hereafter imposes, except for any taxes hereafter imposed for an inconsistent purpose; 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 and vehicle license taxes distributed or deposited to the County’s general fund, except the County’s share of any such tax which by State law, rule or regulation must be expended for other purposes, to acquire land (or interests in land) for economic development purposes which would be utilized for future industrial, manufacturing, distribution or similar activities and projects so that, in accordance with Section 11-254.04, Arizona Revised Statutes, the County can provide assistance or undertakings, improvements, leasing or future conveyance of the same to spur industrial growth by attracting business and corporate development, expansion or relocation to enhance the economic welfare and job growth for the County’s inhabitants.  (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 $31,800,000 and, with total estimated interest of $41,628,125, to have a total estimated financing cost of $73,428,125.

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 January 19, 2017 (the “Resolution”).  The Board’s mailing address is Pinal County Board of Supervisors, c/o Sheri Cluff, Clerk of the Board, P.O. Box 827, Florence, Arizona 85132.  The notice of such hearing posted on the website of the County includes an electronic link for submitting electronic comments at any time before adoption of the Resolution.

Dated:  December 15, 2016

/s/ Sheri Cluff

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Clerk, Board of Supervisors