TITLE
Resolution of the Mayor and City Council of the City of Maricopa, authorizing and providing for the sale and issuance of City of Maricopa, general obligation refunding bonds, series 2020; delegating the authority to approve certain matters with respect to the refunding bonds and the bonds being refunded; authorizing the selection of a bond registrar and paying agent; approving the form of the refunding bonds, a bond registrar and paying agent agreement, a continuing disclosure undertaking, a purchase agreement, a preliminary official statement and an official statement, and authorizing completion, execution and delivery thereof; delegating the authority to approve and deem final a form of official statement; and ratifying all actions taken and to be taken with respect to the refunding bonds in furtherance of this resolution. Discussion and Action.
AGENDA ITEM DESCRIPTION
The City of Maricopa, Arizona (the “City”) previously issued its General Obligation Bonds (Projects of 2008), Series A (2010) (the “Prior Bonds”); and the Mayor and Council of the City have determined that it is in the City’s financial interest and expedient to sell its General Obligation Refunding Bonds, Series 2020, in one or more series (the “Refunding Bonds”), to refund the outstanding Prior Bonds (the “Bonds Being Refunded”) and pay the costs of issuance of the Refunding Bonds;
The Bonds are being issued to provide funds for the purposes of (i) refunding the City’s outstanding General Obligation Bonds (Projects of 2008) Series A (2010) (the “Bonds Being Refunded”); and (ii) paying costs relating to the issuance of the Bonds. .
STAFF RECOMMENDATION
Staff recommends that the Mayor and City Council approve the Resolution, authorizing the sale and issuance of the City of Maricopa's general obligation refunding bonds series 2020.