COCONINO COUNTY — In June, The Coconino County Board of Supervisors will be considering a long-term debt proposal in Coconino County.
The long-term debt will be used to finance the costs of road, transportation, and public safety projects in and for the County, acquisition of equipment, land and buildings, and construction, maintenance and improvements to County facilities, properties, and infrastructure.
The total estimated financing cost will be $89.9 million consisting of an estimated principal amount of $80 million and total estimated interest of $9.9 million.
The public hearing is scheduled to take place during the Board of Supervisors regular meeting on Tuesday, June 6, 2023, at 3:00 p.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 Teleconference.
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 which the resolution of intention with respect to the Agreement will be considered, which will be no earlier than June 21, 2023.
The Board’s mailing address is:
Coconino County Board of Supervisors
c/o Lindsay Daley, Clerk of the Board
219 E. Cherry Ave.
Flagstaff, Ariz. 86001
Written comments may also be submitted to the Clerk of the Board at boardcomments@coconino.az.gov. Residents must include their full name for their written comments to be considered.
The full text of the Public Notice follows below:
NOTICE OF PUBLIC 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 June 6, 2023, at 3:00 p.m., Arizona time, via webinar technology using Zoom (Zoom information below), regarding a purchase agreement (the “Agreement”) to be secured by a pledge of 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; 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 finance the costs of road, transportation and public safety projects in and for the County, acquisition of equipment, land and buildings, and construction, maintenance and improvements to County facilities, properties and infrastructure. (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 $80,000,000 and, with total estimated interest of $9,941,153, to have a total estimated financing cost of $89,941,153.
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 June 21, 2023. 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://us06web.zoom.us/j/83163671115
Or Telephone: Dial 888 788 0099 (Toll Free), Webinar ID: 831 6367 1115.
Additional information regarding meetings of the Board can be found at the following url: https://www.coconino.az.gov/AgendaCenter.