Discussion and possible action on any and all matters regarding Resolution No. 2007.  A resolution of the Mayor and City Council of City of San Luis, Arizona, approving the sale and execution and delivery of pledged excise tax revenue refunding obligations in one or more series evidencing a proportionate interest of the owners thereof in a second excise tax purchase agreement; approving the form and authorizing the execution and delivery of such purchase agreement, a second excise tax trust agreement, an escrow trust agreement, a continuing disclosure undertaking, an obligation purchase contract and other necessary agreements; delegating authority to the Mayor, City Manager and Director of Finance of the city to determine certain matters and terms with respect to the foregoing; adopting post-issuance tax compliance procedures in connection with issuance of obligations of the city; authorizing the taking of all other actions necessary to the consummation of the transactions contemplated by this resolution and declaring an emergency.  (Mark Reader,  Underwriter, a Managing Director in Public Finance for Stifel, Nicolaus & Company, Inc.)

Staff followed the directions from the Work Session on August 16, 2017 to proceed with refinancing the debt which includes the debt on the building known as the Price Center and to proceed with the alternative described at the work session as Alternative 2, Accelerated Debt (pay-off early) with a portion of the taxable debt converted to tax-exempt..

This item is now before City Council for consideration and possible adoption of a resolution approving the form and authorizing the execution and delivery of a second excise tax purchase agreement, a second excise tax trust agreement, an escrow trust agreement and other necessary agreements, instruments and documents; approving the sale and execution and delivery of pledged excise tax revenue refunding obligations, in one or more series; delegating authority to determine certain matters with respect to the foregoing and declaring an emergency.


The purpose of the emergency clause is so that the Resolution may become effective immediately so that the city may refinance on the most attractive terms available to the city.