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Application Relating to the Issuance of Bonds by the Pima IDA
- Form; Questions. The Authority has set forth a basic form, stating information it would like to have in the Application. If the Applicant has questions, a conference call can be scheduled to review the Application. Questions concerning this Application may be directed to the Pima IDA’s Counsel at any time.
- Format. The Application form is designed to help the Applicant in providing the Pima IDA with sufficient information on which to base its decision to consider preliminary approval of the issuance of the proposed bonds. If additional information not requested would be disclosed in a disclosure document or be helpful, the Applicant should include it.
- Number; Address*. Seven (7) counterparts (one original and six copies) of the Application (excluding exhibits, for which two (2) copies are requested) are to be provided to the Pima IDA’s counsel at the following address no fewer than twelve (12) business days prior to the Pima IDA meeting at which consideration of the Application is requested:
The Industrial Development Authority of the County of Pima
c/o Michael A. Slania
Russo, Russo & Slania, P.C.
6700 N. Oracle Road, Suite 100
Tucson, Arizona 85704
*not relevant if you have submitted your application online.
- Authority Meetings. Regular meetings of the Authority are held on the 3rd Friday of each month, commencing at 12:00 p.m., at the Pima County Administrator’s Conference Room, 10th Floor, 130 West Congress, Tucson, Arizona, or as otherwise indicated on a given meeting’s notice or agenda. In appropriate circumstances, upon written request, the Pima IDA may hold a special meeting to consider an Application.
- Applicant’s Presentation. Representatives of the Applicant may attend the meeting of the Pima IDA at which the Application is to be considered in order to make a brief oral presentation of the proposed Project and related financing and to answer questions.
- Fees and Expenses. The Authority’s fees are as follows: A) Application Fee. The complete fee for filing an Application is $3,000, which is nonrefundable. One Thousand Dollars ($1,000) is to be paid at the time the Application is filed and the balance within 10 days of the Pima IDA’s grant of preliminary approval to the issuance of the proposed bonds. If the preliminary approval is denied, no further fees beyond the initial $1,000 is required unless the application is resubmitted, and preliminary approval is subsequently given. B) Pima IDA’s and Pima IDA’s Counsel Fees. By submitting an Application, the Applicant also agrees to pay all costs and expenses incurred by the Pima IDA or its Board related to the issuance of the bonds. C) Annual Assessment of Pima IDA’s Administrative Expense. Additionally, as a condition to the issuance of the bonds, the Applicant must agree to pay a proportionate part of the Pima IDA’s administrative expenses during the period the bonds are outstanding.
- Further Information. The Pima IDA reserves the right to request that the Applicant provide the Pima IDA with additional information about the Applicant’s business, the Project and/or the financing, including, but not limited to, financial projections on the Applicant’s business or the Project.
- Application Submission. When the Applicant signs the Application to the Pima IDA, the Applicant will be representing that all information therein is correct and that the Applicant be deemed to know, understand, and accept the Pima IDA’s procedures, as outlined in the Procedural Pamphlet.
- Open Meetings Law. The Pima IDA is subject to, and complies with, the Open Meeting laws of the state of Arizona. Therefore, all meetings are open to the public and all information discussed at such meetings, subject to exceptions in such laws, is available to the public. The agenda for each meeting of the Pima IDA is available upon request to Russo, Russo & Slania, P.C. at least 24 hours prior
The Application should contain sufficient amount of the following information to allow the Pima IDA to review the Applicant and the Project. The Application must be accompanied by a signature of an authorized officer of the Applicant. Up to and prior to the issuance of bonds, if the Pima IDA considers the application to be incomplete or for any reason, the Pima IDA reserves the right to request from the Applicant any additional information the Pima IDA deems necessary for approval of the Application and/or issuance of bonds. Submission of the Application or receipt by counsel to the Pima IDA or members of the Pima IDA Board does not automatically ensure consideration by the Pima IDA or granting of approval, preliminary or final. Submission will be deemed to be acceptance of the terms and conditions set forth herein.