Photo via Pinal County
The Board of Supervisors will be considering a long-term debt proposal for the purposes described below and will hold a public hearing with respect thereto on April 30, 2025.
The long-term debt will be used:
- to refinance for debt service savings all or a portion of the payments due pursuant to the County’s First Combined Lien Purchase Agreement and/or Second Combined Lien Purchase Agreement, the proceeds of which financed and refinanced the costs of County roads, facilities and public safety equipment, with an estimated total financing cost of $65,747,257,
- to make a payment to the Arizona State Retirement System pursuant to Section 38-737(D), Arizona Revised Statutes, with an estimated total financing cost of $206,306,285, and/or
- to finance the costs of acquisition and construction of, and improvements to, County facilities, including, but not limited to, a County Services Building, a Facilities Management Office and Warehouse, a Fleet Services and Radio Shop Building, a Sheriff’s Office Re-Entry Program Building, a Juvenile Court Complex and County offices and community space, with an estimated total financing cost of $372,602,346.
The financing is estimated to be in the principal amount of $352,285,000 and, with total estimated interest of $292,370,888, to have a total estimated financing cost of $644,655,888
The Board will receive oral comments at the hearing and will receive written comments before adopting the resolution of intention with respect to the Agreement which will be considered no earlier than May 15, 2025 (the “Resolution”). Written comments, which shall be no more than 250 words, can be submitted to the Clerk of the Board by close of business (5:00 p.m.) the day prior to the day the Board will consider adopting the Resolution and can be emailed to ClerkoftheBoard@pinal.gov 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
The Complete Text of the Required Public Notice is Shown Below
NOTICE OF PUBLIC HEARING ON PROPOSAL OF THE BOARD OF
SUPERVISORS OF PINAL COUNTY, ARIZONA, TO INCUR A LONG-TERM
OBLIGATION NOT SECURED BY THE FULL FAITH AND CREDIT OF SUCH 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 April 30, 2025, at 9:30 a.m., in the Board of Supervisors Hearing Room, Administrative Complex, 135 North Pinal Street, Florence, Arizona, regarding entering into 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, for the following purposes:
- to refinance for debt service savings all or a portion of the payments due pursuant to the County’s First Combined Lien Purchase Agreement and/or Second Combined Lien Purchase Agreement, the proceeds of which financed and refinanced the costs of County roads, facilities and public safety equipment, with an estimated total financing cost of $65,747,257,
- to make a payment to the Arizona State Retirement System pursuant to Section 38-737(D), Arizona Revised Statutes, with an estimated total financing cost of $206,306,285, and/or
- to finance the costs of acquisition and construction of, and improvements to, County facilities, including, but not limited to, a County Services Building, a Facilities Management Office and Warehouse, a Fleet Services and Radio Shop Building, a Sheriff’s Office Re-Entry Program Building, a Juvenile Court Complex and County offices and community space, with an estimated total financing cost of $372,602,346.
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 $352,285,000 and, with total estimated interest of $292,370,888, to have a total estimated financing cost of $644,655,888.
The Board will receive oral comments at the hearing and will receive written comments before adopting the resolution of intention with respect to the Agreement which will be considered no earlier than May 15, 2025 (the “Resolution”). Written comments, which shall be no more than 250 words, can be submitted to the Clerk of the Board by close of business (5:00 p.m.) the day prior to the day the Board will consider adopting the Resolution by email to ClerkoftheBoard@pinal.gov or by mail to Pinal County Board of Supervisors, c/o Natasha Kennedy, Clerk of the Board, P.O. Box 827, Florence, Arizona 85132. The notice of such hearing posted on the website of the County also includes an electronic link for submitting electronic comments at any time before adoption of the Resolution.
Dated: April 10, 2025
Natasha Kennedy
…………………………………………………………………………
Clerk, Board of Supervisors
