Navajo County issued the following announcement on Aug. 26.
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 September 14, 2021, at 9:00 a.m. in the Supervisors’ Chamber in the Navajo County Governmental Complex, 100 East Code Talkers Drive, South Highway 77, Holbrook, Arizona 86025, and 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 fund all or a portion of the County’s unfunded liabilities with respect to the Arizona Public Safety Personnel Retirement System. (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 $16,830,000 and, with total estimated interest of $4,695,200, to have a total estimated financing cost of $21,525,200.
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 September 29, 2021 (the “Resolution”). The Board meeting will be conducted using a hybrid method, both in-person and via Zoom.
Original source can be found here.
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