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Navajo County to Consider Refinancing Debt to Achieve Interest Savings

  • 8 January 2021
  • Author: Tom Franklin
  • Number of views: 131
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For purposes of Section 11-391, Arizona Revised Statutes, the Board of Supervisors (the “Board”) of Navajo County, Arizona (the “County”), will hold a public hearing on January 26, 2021, at 9:00 a.m. via Zoom (Zoom information below), regarding a purchase agreement (the “Agreement”) to be secured by a pledge of amounts of certain general excise taxes which the County now or hereafter imposes, except for any taxes hereafter imposed 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 refinance all or a portion of the payments due pursuant to a Second Purchase Agreement, dated as of August 1, 2012, between the County and Wells Fargo Bank, N.A., and a Third Purchase Agreement, dated as of August 1, 2013, between the County and The Bank of New York Mellon Trust Company, N.A., the proceeds of each of which financed and refinanced the costs of certain capital projects in and for the County.  (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 $9,950,000 and, with total estimated interest of $1,935,777.78, to have a total estimated financing cost of $11,885,777.78.

The Board will receive oral comments at the hearing and will receive written comments at any time before adopting the resolution of intention with respect to the Agreement which will be considered no earlier than February 10, 2021 (the “Resolution”).  Due to COVID restrictions, we currently are hosting Board meetings via Zoom. All Zoom information can be found below and on our website at www.navajocountyaz.gov or email Melissa Buckley at melissa.buckley@navajocountyaz.gov for any information. The Board’s mailing address is Navajo County Board of Supervisors, c/o Melissa Buckley, Clerk of the Board, P.O. Box 668, Holbrook, Arizona 86025.  You may submit written comments to the Clerk of the Board at melissa.buckley@navajocountyaz.gov

You may join the January 26, 2021 Zoom meeting by clicking the link Public Hearing - General Excise Taxes

Meeting ID: 917 6167 5824 

Passcode: 443516

or by calling 1-346-248-7799 or 1-669-900-6833

 

Melissa Buckley, Clerk, Board of Supervisors

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