O23-31

ACTIVE 689953103v1 
 
 
 
[FORM OF EXCISE TAX NEW MONEY ORDINANCE] 
ORDINANCE NO. O23-31 
AN ORDINANCE OF THE MAYOR AND COUNCIL OF THE 
CITY OF GLENDALE, MARICOPA COUNTY, ARIZONA 
(1) APPROVING THE SALE, EXECUTION AND DELIVERY 
OF EXCISE TAX REVENUE OBLIGATIONS IN ORDER TO 
FINANCE 
VARIOUS 
CITY 
IMPROVEMENTS 
CONCURRENTLY 
WITH 
PREVIOUSLY 
AUTHORIZED 
EXCISE TAX REVENUE REFUNDING OBLIGATIONS THAT 
WOULD OTHERWISE HAVE BEEN PAID FROM CURRENT 
FUNDS; (2) DELEGATING TO AN AUTHORIZED OFFICER OF 
THE CITY THE LIMITED AUTHORITY TO APPLY CURRENT 
FUNDS TO THE DEFEASANCE OF CERTAIN EXCISE TAX 
BONDS AND (3) AUTHORIZING THE TAKING OF ALL 
OTHER ACTIONS NECESSARY TO THE CONSUMMATION 
OF THE TRANSACTIONS CONTEMPLATED BY THIS 
ORDINANCE, INCLUDING THE EXECUTION OF CERTAIN 
DOCUMENTS AND DECLARING AN EMERGENCY. 
WHEREAS, the City of Glendale, Arizona (the “City”) has caused to be executed 
and delivered Senior Lien Excise Tax Revenue Refunding Obligations, Series 2015A and Senior 
Lien Excise Tax Revenue Refunding Obligations, Series 2016 (collectively, the “Prior Senior 
Refunding Obligations”); and 
WHEREAS, the City has included in its budget for the current fiscal year funds (the 
“Current Capital Project Funds”) for pay-as-you-go capital projects (the “Current Capital 
Projects”); and 
WHEREAS, it may be financially advantageous to the City to apply the Current 
Capital Project Funds to the defeasance of all or a portion of the Prior Senior Refunding 
Obligations and finance the Current Capital Projects through the sale, execution and delivery of 
the Obligations (as defined herein); and 
WHEREAS, the Mayor and Council of the City adopted Ordinance No. O23-09 on 
April 11, 2023 (the “Prior Refunding Ordinance”) authorizing the execution and delivery of excise 
tax revenue refunding obligations (the “Refunding Obligations”) in order to refund certain Excise 
Tax Revenue and Excise Tax Revenue Refunding Bonds issued by the City of Glendale Municipal 
Property Corporation in order to achieve debt service savings; and

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ACTIVE 689953103v1 
WHEREAS, the Prior Refunding Ordinance authorized the execution and delivery 
of certain financing documents and the use of a preliminary and final official statement in 
connection with the execution and delivery (collectively, the “Financing Documents”). 
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND COUNCIL 
OF THE CITY OF GLENDALE AS FOLLOWS: 
SECTION 1.  The City hereby approves the issuance of excise tax revenue 
obligations (the “Obligations”) in an amount sufficient to finance the Current Capital Projects and 
related delivery costs pursuant to the Financing Documents to be utilized in connection with the 
sale, execution and delivery of the Refunding Obligations.  The Obligations may be executed, 
delivered and sold as part of one combined series of obligations with the Refunding Obligations 
or as a separate series, in each case pursuant to the same Financing Documents and secured on the 
same basis. 
SECTION 2.  The City Manager, the Assistant City Manager or the Director of 
Budget and Finance, whether acting, interim or actual are authorized to apply the Current Capital 
Project Funds to the defeasance of the Prior Senior Refunding Obligations and to execute and 
deliver all necessary documents and agreements in connection therewith. 
SECTION 3.  If any section, paragraph, clause or provision of this Ordinance shall 
for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such 
section, paragraph, clause or provision shall not affect any of the remaining provisions of this 
Ordinance. 
SECTION 4.  All orders and Ordinances or parts thereof inconsistent herewith are 
hereby waived to the extent only of such inconsistency.  This waiver shall not be construed as 
reviving any order or Ordinance or any part thereof. 
EMERGENCY CLAUSE 
SECTION 5.  The immediate operation of the provisions of this Ordinance is 
necessary for the public peace, health, and safety of the residents and citizens of the City for the 
reason that the obligations herein authorized must be sold at the earliest possible time in order to 
obtain the most advantageous interest rate; an emergency is, therefore, declared to exist, and this 
Ordinance shall be in full force and effect immediately upon its passage and adoption by the Mayor 
and Council of the City of Glendale, and it is hereby exempt from the referendum provisions of 
the Constitution and laws of the State.

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ACTIVE 689953103v1 
PASSED, APPROVED AND ADOPTED by the Mayor and Council of the City of 
Glendale, Maricopa County, Arizona, this 26th day of September, 2023. 
 
 
 
____________________________________ 
Jerry P. Weiers, MAYOR 
 
ATTEST: 
 
 
 
 
Julie K. Bower, City Clerk  
APPROVED AS TO FORM: 
 
 
 
Michael D. Bailey, City Attorney 
REVIEWED BY: 
 
 
 
Kevin R. Phelps, City Manager