RESOLUTION 6_ - PC 2043 -130TH ST. PID_BOND AUTHORIZING_FINAL.DOCX
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RESOLUTION NO. 6 RESOLUTION PROVIDING FOR THE ISSUANCE OF MARICOPA COUNTY, ARIZONA, IMPROVEMENT BOND FOR THE 130th STREET & CHANDLER HEIGHTS ROAD PAVEMENT IMPROVEMENT DISTRICT (THE “DISTRICT”) WHERAS, the Superintendent of Streets of this District has levied and recorded an assessment for the 130th Street & Chandler Heights Road Pavement Improvement District Project No. TZ2201 (the “Project”) and the Superintendent of Streets has executed, and the Chair of the Board of Directors of this District (the “Board”) has countersigned, a warrant to collect the several assessments, and WHEREAS, the warrant and assessment has been returned, and a certified list of unpaid assessments has been filed with the Clerk of the Board and presented to this Board; and WHEREAS, Arizona Revised Statutes (“ARS”) Section 48-935, provides that the Board may direct that an improvement bond be issued in an amount which shall not exceed the aggregate amount of unpaid assessments exceeding $25 as may be shown on the certified list of unpaid assessments and cause such bond to be delivered to the contractor or their nominee as payment for all remaining amounts owed such contractor for work done with respect to the Project; and WHEREAS, such certified list has been filed with the Clerk of the Board by the Superintendent of Streets, and the Board may cause a bond to be issued; and WHEREAS, by this Resolution the Board desires to (1) authorize the issuance of an improvement bond payable from unpaid special assessments levied against lots or parcels of land benefiting from such improvements, (2) prescribe the form of the bond in a form alternative to the form prescribed in A.R.S. Section 48-936, (3) appoint the Treasurer as custodian for the bond and as registrar, transfer agent and paying agent for the bond, and authorizing an annual payment of $350 to the Treasurer for the above mentioned services, paid for from the assessments levied against the District, (4) provide for issuance and delivery of the bond to the custodian and registrar (hereinafter referred to as the “registrar”), (5) provide a form of certificate of confirmation and authorize the registrar to open books for a book entry system of ownership by participants in the bond, and (6) ratify and confirm all prior acts of this Board, of the Superintendent of Streets and of the Clerk of the Board with respect to the Project. NOW, THEREFORE, BE IT RESOLVED BY THE GOVERNING BODY OF THE 130th STREET & CHANDLER HEIGHTS ROAD PAVING IMPROVEMENT DISTRICT OF MARICOPA COUNTY, ARIZONA, THAT: Section 1. One improvement bond is hereby authorized to be issued. Said bond to be dated the 15th day of April, 2026, in a total principal amount, bearing interest on the unpaid balance at the rate and payable in installments of principal on the dates and in the amounts as set forth in Exhibit “A” attached hereto. Said bond shall be in the form of Exhibit “A” attached hereto, allowing those executing said bond to make such insertions or deletions as may be necessary to conform the bond to Arizona law. Principal on the bond shall be payable in installments as set forth on the face of the bond form. Pursuant to A.R.S. Section 35-491, the bond form shall be an alternative to the form of bond prescribed by A.R.S. Section 48-936. The bond is not subject to call for redemption in advance of maturity. Section 2. The Treasurer is hereby named custodian, registrar, transfer agent, and paying agent for the bond. The registrar is directed to open registration books for the purpose of a book entry system evidencing ownership in the bond. The registrar’s books shall be the sole and only evidence of ownership; provided, however, that the registrar is authorized and directed to issue certificates of confirmation in the form set out as Exhibit “B” attached hereto. The certificates of confirmation shall not be valid unless executed by an authorized officer of the registrar. The certificates of confirmation may be in any denomination, so long as the entire certificate matures on the same date. Section 3. All payments of principal and interest on the bond shall be made to the Treasurer as paying agent, who shall cause the payments of principal and interest to be made to the owners as shown on the books of the registrar in the manner set forth on the form of bond. Section 4. The Treasurer shall maintain an office where certificates of confirmation may be presented for registration of transfer and an office for payment of principal and interest. The registrar shall keep a register of the bond and its transfer. The Board may appoint one or more successor registrars or custodians or one or more additional paying agents. Each such paying agent shall be required to agree, in writing, that the paying agent will hold in trust for the benefit of the various owners of the bond all moneys held by the paying agent for the payment of principal and interest on the bond. The Registrar and paying agent may make reasonable rules and set reasonable requirements for their respective functions with respect to the owners of the bond. Section 5. The Board hereby authorizes the Chair to execute the bond and the Clerk of the Board to attest such signature and further authorize the Treasurer, as ex officio Treasurer of the District, to receive the bond as custodian, upon receipt of instructions from the construction contractor or his designee, of the names and addresses of the registered owners of participating interest in the bond and the denomination of each respective certificate of confirmation to be initially issued. Section 6. All actions heretofore taken by the Board, of the Superintendent of Streets, and of the Clerk of the Board with respect to the Project, are hereby ratified and confirmed. PASSED AND ADOPTED on this 8th day of April, 2026. ATTEST: ________________________________ __________________________________ Clerk Chair, Board of Directors EXHIBIT A $189,327.01 130th STREET & CHANDLER HEIGHTS ROAD PAVING IMPROVEMENT DISTRICT OF MARICOPA COUNTY, ARIZONA Registered bond supporting fully registered Certificate of Ownership on 130th Street & Chandler Heights Road Pavement Improvement District of Maricopa County, Arizona, Improvement Bond, Project No. TZ2201, Series 2026. Registered Holder: The Treasurer of Maricopa County, acting as Custodian, Registrar and Paying Agent. KNOW ALL MEN BY THESE PRESENTS: That 130th Street & Chandler Heights Road Pavement Improvement District of Maricopa County, Arizona (the “District”), a duly organized municipal corporation promises to pay as hereinafter stated to the above-captioned Custodian and Registrar, for payment to registered holders of bond entry certificates on the date and in the amount indicated as follows: $10,312.85 July 1, 2027 $19,503.13 July 1, 2032 $14,335.40 July 1, 2028 $21,063.42 July 1, 2033 $15,482.23 July 1, 2029 $22,748.49 July 1, 2034 $16,720.82 July 1, 2030 $24,568.34 July 1, 2035 $18,058.49 July 1, 2031 $26,533.84 July 1, 2036 Together with interest on said sum, at the rate of eight percent (8%) per annum on the unpaid portion thereof, payable semiannually on the first dates of January and July each year. The first interest payment dated is January 1, 2027. This bond is issued in pursuance of law to finance certain improvements in said Improvement District, initiated by Resolution No. 2 of the governing board of the District, and is payable only out of the special fund to be collected from special assessments imposed on the lots or parcels of land fronting on or benefited by said improvement. Said special fund is set apart by law for the payment of said bond, and can be used for no other purpose. The District will transfer so much money from said special fund to the custodian and registrar in sufficient times and in sufficient amounts to allow the paying agent to pay maturing principal and interest on Certificates of Confirmation issued to show ownership in this bond. This bond is not subject to prepayment in advance of maturity. It is hereby certified and declared that the improvement for which this bond is issued is authorized by law, that all the acts, conditions and things required to be done precedent to and in the issuing of this bond, have been done and performed in regular and due form as required by laws of the State of Arizona, and all ordinances and resolutions thereof, that the special assessments out of which this bond is to be paid are first liens on the property assessed, subject only to the lien for general taxes and prior special assessments, and any bona fide purchaser for value of this bond has the right to rely on the recitals herein contained. For the assessment or reassessment, collection and payment of said special assessment, the full faith and diligence of said municipality are hereby irrevocably pledged. IN WITNESS WHEREOF, the 130th Street & Chandler Heights Road Pavement Improvement District of Maricopa County, Arizona by its governing board has caused this bond to be executed by its Chair and attested by its Clerk by their manual signatures and under its corporate seal, as of the 15th day of April, 2026. ________________________________ __________________________________ Clerk Chair, Board of Directors (SEAL) EXHIBIT B REGISTERED REGISTERED NO. R-1 $______________ THIS IS A CONFIRMATION RECEIPT ONLY AND IS NOT A NEGOTIABLE INSTRUMENT. THE INTEREST IN THE BOND HELD BY THE CUSTODIAN MAY BE TRANSFERRED ONLY ON THE OPEN ACCOUNT BALANCE BOOKS OF THE REGISTRAR. THIS RECEIPT DOES NOT EVIDENCE THE OBLIGATION REPRESENTED BY THE BOND. United States of America State of Arizona County of Maricopa CERTIFICATE OF CONFIRMATION OF AN INTEREST IN 130th STREET & CHANDLER HEIGHTS ROAD PAVEMENT IMPROVEMENT DISTRICT BOND, SERIES 2026 Bond Date: Interest Rate: Maturity Date: April 15, 2026 8.00% _______, 20__ REGISTERED HOLDER: RUMMEL CONSTRUCTION, INC. PRINCIPAL AMOUNT: _____________________ AND NO/100 DOLLARS KNOW ALL MEN BY THESE PRESENTS: That the 130th Street & Chandler Heights Road Pavement Improvement District of Maricopa County, Arizona (the “District”), a duly organized municipal corporation, has promised to pay as hereinafter stated to the registered owner stated above, the principal amount shown above, with interest on said sum at the rate shown above from the last previous date interest has been paid or, if no interest has been paid from the original issue date, payable semiannually on the first days of January and July of each year until the maturity date set forth above. The first interest payment date shall occur not earlier than 90 days after the original issue date. Semiannual interest and the principal, when due on the bond to which this certificate of confirmation relates will be paid by check drawn on the paying agent and mailed to the registered owners as shown on the registration books maintained by the registrar at the close of business on the 15th day of the calendar month next preceding the interest payment date. This Certificate is issued in pursuance of law and represents an ownership interest in that certain improvement district bond bearing the original issue date set forth above, to finance certain improvements in said municipality. The governing board of the District has caused to be executed and issued one bond evidencing the entire series of improvement district bonds mentioned herein and has caused said bond to be delivered to the Maricopa County Treasurer (the “Treasurer”), as custodian and registrar, and has caused the Treasurer to issue this confirmation certificate to confirm book entry registration of the registered owner’s interest in said bond in the amount and maturity set forth on the face hereof. Principal and interest on the bond are payable only out of the special fund to be collected from special assessments imposed on the lots of parcels of land fronting on or benefited by said improvement. By law, said special fund is set apart for the payment of said bond and interest thereon and can be used for no other purpose. By issuing the aforesaid bond, the District has agreed to transfer money from said special fund to the Treasurer in sufficient times and in amounts to allow the Treasurer, as paying agent, to pay maturing principal and interest to the owner shown hereon the amount and at the rate of interest shown hereon. In the bond the District has certified and declared that the improvement for which the bond, as issued, is authorized by law, that all the acts, conditions and things required to be done precedent to and in the issuing of said bond, have been done and performed in regular and due form as required by the laws of the State of Arizona, and all ordinances and resolutions thereof, that the special assessments out of which said bond is to be paid are first liens on the property assessed, subject only to the lien for general taxes and prior special assessments, and any bona fide purchaser for value of this certificate has the right to rely on the recitals herein contained and that, for the assessment or reassessment, collection and payment of said special assessment, the full faith and diligence of said municipality are hereby irrevocably pledged. The ownership interest in the bond to which confirmation receipt relates may be transferred on the registrar’s books upon delivery to the registrar, of written instructions (accompanied by a bond power or assignment) duly executed by the registered owner of such bond (as shown on the registrar’s books) or their attorney-in-fact or legal representative and payment of the costs of transfer and transfer taxes, if any. A form of bond power, containing all the information necessary for the registrar, is printed below. In the case of the transfer of interest in such bond, the registrar shall enter the name of the transferee and cause such ownership interest to be, at the earliest practicable time, a new bond registered in the name of the transferee(s) on the registrar’s books. Upon such transfer a new certificate of confirmation of the same maturity and interest rate will be issued to the transferee in exchange. The registrar may require a holder, among other things, to furnish appropriate endorsements and transfer documents and to pay all fees of transfer and applicable taxes (if any). The registrar, custodian or paying agent may be changed at any time without notice to the registered owner. This certificate shall be authenticated by an authorized signature of the registrar, without which authentication this certificate shall not be valid. [Remainder of Page Intentionally Left Blank.] REGISTRAR’S AUTHENTICATION CERTIFICATE The registrar, acting through its duly authorized representative, confirms that the books reflect the ownership of a bond registered in the name of the owner named above in the principal amount stated above as of the date of registration shown above. Registration Date: April 15, 2026 MARICOPA COUNTY TREASURER, as Registrar By Authorized Officer The following abbreviations, when used in the inscription on the face of the within Certificate, shall be construed as though they were written out in full according to applicable laws or regulations: TEN COM - as tenants in common TEN ENT - as tenants by the entireties JT TEN - as joint tenants with right of survivorship and not as tenants in common UNIF GIFT MIN ACT - (Cust) Custodian (Minor) under Uniform Gifts to Minors Act (State) Additional abbreviations may also be used, though not included in the above list. ASSIGNMENT PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE FOR VALUE RECEIVED, the undersigned sells, assigns and transfers unto __________________________________________________________________________ (Name and Address of Assignee) the within Certificate and does hereby irrevocably constitute and appoint ______________________________ or its successor as Bond Registrar to transfer said ownership interest on the books kept for registration thereof, with full power of substitution in the premises. Dated: Signature Guaranteed: Notice: The signature to this assignment must correspond with the name of the registered owner as it appears upon the face of the within Bond in every particular, without alteration or enlargement or any change whatever.