O24-19

ORDINANCE NO. O2419
AN ORDINANCE OF THE MAYOR AND COUNCIL OF THE
CITY OF GLENDALE, MARICOPA COUNTY, ARIZONA
(1) AUTHORIZING THE EXECUTION AND DELIVERY OF A
DEPOSITORY TRUST AGREEMENT, INCLUDING THE
DEFEASANCE OF CERTAIN TRANSPORTATION EXCISE
TAX 
REVENUE 
OBLIGATIONS 
WITH 
LAWFULLY
AVAILABLE FUNDS (2) 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
(3) DECLARING AN EMERGENCY.
WHEREAS, the City of Glendale, Maricopa County, Arizona (the “City”) has
caused to be executed and delivered Transportation Excise Tax Revenue Obligations, Series 2007
(the “2007 Obligations”) pursuant to a Trust Agreement, dated as of November 1, 2007,
evidencing proportionate interests of the owners of such 2007 Obligations in payments to be made
by the City pursuant to a First Purchase Agreement, dated as of November 1, 2007 (the “2007
Purchase Agreement”); and
WHEREAS, the City has caused to be executed and delivered Transportation
Excise Tax Revenue Refunding Obligations, Series 2015 (the “2015 Obligations”) pursuant to a
Trust Agreement, dated as of June 1, 2015, evidencing proportionate interests of the owners of
such 2015 Obligations in payments to be made by the City pursuant to a Second Purchase
Agreement, dated as of June 1, 2015 (the “2015 Purchase Agreement”) in order to prepay a portion
of the obligations disbursed pursuant to the 2007 Trust Agreement; and
WHEREAS, the City has caused to be executed and delivered Transportation
Excise Tax Revenue Refunding Obligations, Series 2017 (the “2017 Obligations”) pursuant to a
Trust Agreement, dated as of June 1, 2017, evidencing proportionate interests of the owners of
such 2017 Obligations in payments to be made by the City pursuant to a Third Purchase
Agreement, dated as of June 1, 2017 (the “2017 Purchase Agreement”) in order to prepay a portion
of the obligations disbursed pursuant to the 2007 Trust Agreement; and
WHEREAS, it may be financially advantageous to apply funds which may be
lawfully applied (“Lawfully Available Funds”) to the defeasance of Obligations pursuant to a
depository trust agreement with the trustee for such obligations (a “Depository Trust Agreement”);
and
WHEREAS, there has been placed on file with the City Clerk the proposed form
of the Depository Trust Agreement; and

WHEREAS, this Council desires to authorize the execution and delivery of the
Depository Trust Agreement and the application of Lawfully Available Funds pursuant to the
Depository Trust Agreement.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND
COUNCIL OF THE CITY OF GLENDALE AS FOLLOWS:
SECTION 1.  The City Council of the City hereby authorizes the City Manager,
Assistant City Manager or the Budget and Finance Director (each, an “Authorized Officer”), to
apply Lawfully Available Funds to the defeasance of any or all of the 2015 Obligations or the 2017
Obligations if such Authorized Officer determines it is financially advantageous to do so and to
execute and deliver the Depository Trust Agreement in connection therewith.
EMERGENCY CLAUSE
SECTION 2.  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
take advantage of current favorable interest rates; 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, and it is hereby exempt from the referendum provisions of the
Constitution and laws of the State.
[Signatures on the following page]

PASSED, APPROVED AND ADOPTED by the Mayor and Council of the City of
Glendale, Maricopa County, Arizona, this 11th day of June, 2024.
          
Mayor Jerry P. Weiers
ATTEST:
                                                             
Julie K. Bower, City Clerk             (SEAL)
APPROVED AS TO FORM:
                                                             
Michael D. Bailey, City Attorney
REVIEWED BY:
                                                             
Kevin R. Phelps, City Manager