A public hearing will be conducted by the Board of Supervisors of La Paz County, Arizona at a meeting of the Board on Thursday, August 25, 2011, which begins at 10:00 a.m. (or as soon thereafter as can be accommodated by the Board’s agenda) in the Board’s Meeting Room, located at 1108 Joshua Avenue, Parker, Arizona, on a proposal for the County to incur “long-term obligations” of the County (within the meaning of A.R.S. § 11-391) in a principal amount not to exceed $19,000,000 with estimated total financing costs (including interest costs) of $18,900,000.
Payment of the principal of and interest on the long-term obligations is expected to be paid from a transaction privilege excise tax to be imposed by the County pursuant to law and will not be secured by the full faith and credit of the County or ad valorem taxes. The purpose of the long-term obligations is to pay obligations of the County resulting from a final court judgment against the County, court costs and attorney fees including outside legal counsel retained by the County, but not costs incurred by the County Attorney in connection with the judgment and interest accrued on the judgment amount, to pay transaction costs and to create reserves.
The Board of Supervisors will receive oral comments at the hearing. Written comments must be mailed or delivered to the La Paz County Board of Supervisors, 1108 Joshua Avenue, Parker, Arizona 85344, Attention: Donna J. Hale, Clerk of the Board, and clearly marked “Re: Proposal to Incur Long-Term Obligations,” in sufficient time to be received before the Board’s meeting to take place on September 12, 2011, scheduled to begin at 10:00 a.m. at the same location, at which time the Board expects to take action on the proposal to incur the long-term obligations. Comments may also be made via a link on the County’s main website: http://www.co.la-paz.az.us.