Board of Supervisors will Consider a Long-Term Debt Proposal

The long-term debt will be used to fund all or a portion of the County’s unfunded liabilities with respect to the Arizona Public Safety Personnel Retirement System.

The total estimated financing cost will be $24,001,952, consisting of an estimated principal amount of not to exceed $18,075,000 and total estimated interest of $5,926,952.

The public hearing is scheduled to take place during the Board of Supervisors’ meeting on Tuesday, March 2, 2021, at 9:00 a.m., Arizona time. The Supervisors will hear this item as part of a public hearing during the regularly scheduled meeting via webinar technology using Zoom (Zoom information below).

The Board will receive oral comments at the hearing and will receive written comments at any time before 8:00 a.m., Arizona time, on the day on which the resolution of intention with respect to the Agreement will be considered, which will be no earlier than March 17, 2021 (the “Resolution”).  The Board’s mailing address is Coconino County Board of Supervisors, c/o Lindsay Daley, Clerk of the Board, 219 E. Cherry Ave., Flagstaff, Arizona 86001. Written comments may also be submitted to the Clerk of the Board at boardcomments@coconino.az.gov.  Please include your full name with the written comment.

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

NOTICE OF HEARING ON PROPOSAL OF THE BOARD OF

SUPERVISORS OF COCONINO 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 Coconino County, Arizona (the “County”), will hold a public hearing on March 2, 2021, at 9:00 a.m., Arizona time, via webinar technology using Zoom (Zoom information below), regarding a purchase or lease agreement (the “Agreement”) to be secured by a pledge of some or all of the following: the revenues from excise taxes that the County now or hereafter levies, except for any taxes hereafter levied for an inconsistent purpose; excise taxes and transaction privilege (sales) taxes imposed and collected by the State of Arizona (the “State”), 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; 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; and amounts remitted to the County by the U.S. Department of Interior (or any successor entity) pursuant to the federal Payment in Lieu of Taxes program, to fund all or a portion of the County’s unfunded liabilities with respect to the Arizona Public Safety Personnel Retirement System.  (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 $18,075,000 and, with total estimated interest of $5,926,952, to have a total estimated financing cost of $24,001,952.

The Board will receive oral comments at the hearing and will receive written comments at any time before 8:00 a.m., Arizona time, on the day on which the resolution of intention with respect to the Agreement will be considered, which will be no earlier than March 17, 2021 (the “Resolution”).  The Board’s mailing address is Coconino County Board of Supervisors, c/o Lindsay Daley, Clerk of the Board, 219 E. Cherry Ave., Flagstaff, Arizona 86001.  Written comments may also be submitted to the Clerk of the Board at boardcomments@coconino.az.gov.  Please include your full name with the written comment.

To join the Zoom meeting, please use the following url: https://zoom.us/j/97098367220 Or Telephone: Dial 888 788 0099 (Toll Free), Webinar ID: 970 9836 7220.

Additional information regarding meetings of the Board can be found at the following url: https://www.coconino.az.gov/AgendaCenter.