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File #: 16-017    Version: 1 Name:
Type: Resolution Status: Agenda Ready
File created: 1/7/2016 In control: Town Council
On agenda: 1/14/2016 Final action:
Title: Authorization to issue debt in an amount not to exceed $7,900,000
Attachments: 1. 011416 Resolution to Issue Debt Obligations Not to Exceed 7900000, 2. 011416 AGR -Paradise Valley ET Rev Rfg Obligations 2016- Agreement, 3. 011416 AGR - Paradise Valley ET Rev Rfg Oblig Sr 2016- Trust Agreement, 4. 011416 AGR - Town of Paradise Valley ET Rev Rfdg 2016- Obligation Purchase Agreement, 5. 011416 OPN - Paradise Valley ET Rev Obligs 2016 - Approving legal opinion, 6. Paradise Valley Municipal Facilities Revenue Obligations, Series 2016 - Request for Funding - 5TH DRAFT, 7. CIP FY 15 16 5 Year for Reimbursement Resolution, 8. CIP WorkPaper for Debt Resolution
TO: Mayor Collins and Town Council Members

FROM: Kevin Burke, Town Manager
Dawn Marie Buckland, Director of Administration & Govt Affairs

DATE: January 14, 2016

DEPARTMENT: Administration and Government Affairs Department

Staff Contact
Dawn Marie Buckland, Director of Administration & Govt Affairs, 480.348.3555
End

AGENDA TITLE:
Title
Authorization to issue debt in an amount not to exceed $7,900,000
Body

Council Goals or Statutory Requirements:
Develop a long term sustainable budget
Develop and advance a Capital Improvement Program

RECOMMENDATION:
Recommendation
Adopt Resolution 16-001 authorizing the execution and delivery of an agreement, a trust agreement and an obligation purchase agreement; approving the sale, execution and delivery of excise tax revenue obligations, Series 2016 (bank qualified) in one or more series, evidencing a proportionate interest of the owners thereof in an agreement between the Town of Paradise Valley, Arizona and a trustee; authorizing and ratifying the taking of all other actions necessary to the consummation of the transactions contemplated by this resolution; and declaring an emergency.
Background

SUMMARY STATEMENT:
The FY 2016 Capital Improvement Program includes a series of infrastructure projects for streets, traffic signals, sidewalks, public safety, technology, facilities, and stormwater to maintain and enhance the quality of life of Paradise Valley residents. The adopted budget anticipated the issuance of $8.5 million in debt as a primary funding source for this critical program. On September 10, 2015, Council approved Reimbursement Resolution 1339 providing the ability to begin many of these projects temporarily using fund balance, with the intent of reimbursing fund balance with the proceeds of the future issuance.

In the subsequent weeks, staff have continued to review projects, recognize savings, and hone estimates. As a result, staff recommends reducing t...

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