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Board of Supervisors Looking at Long-term Debt Proposal in Pinal County
For purposes of Section 11-391, Arizona Revised Statutes, the Board of Supervisors (the “Board”) of Pinal County, Arizona (the “County”), will hold a public hearing on May 18, 2022, at 9:30 a.m. in the Board of Supervisors Hearing Room, Administrative Complex, 135 North Pinal Street, Florence, Arizona, 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 and/or other legally available revenues, to acquire land (or interests in land) for economic development purposes which would be utilized for future industrial, manufacturing, distribution or similar activities and projects so that, in accordance with Section 11-254.04, Arizona Revised Statutes, the County can provide assistance or undertakings, improvements, leasing or future conveyance of the same to spur industrial growth by attracting business and corporate development, expansion or relocation to enhance the economic welfare and job growth for the County’s inhabitants. (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 $126,595,000 and, with total estimated interest of $139,749,787, to have a total estimated financing cost of $266,344,787.
The Board will receive oral comments at the hearing and will receive written comments, which shall be no more than 250 words, at any time before adopting the resolution of intention with respect to the Agreement which will be considered no earlier than June 2, 2022 (the “Resolution”). Written comments can be emailed to [email protected] or mailed to the following address:
Pinal County Board of Supervisors
c/o Natasha Kennedy, Clerk of the Board
P.O. Box 827
Florence, Arizona 85132
Natasha Kennedy, Clerk, Board of Supervisors
Please Click Here to e-mail any comment at any time before adoption of the Resolution.


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