The IDA of the City of Sierra Vista is empowered to issue its bonds to provide funds for the financing
or refinancing of the costs of the acquisition, construction, improvement, rehabilitation or equipping of a “project,” as defined in A.R.S. § 35-701 – 733 (the “IDA statute”). The applicable projects include the purchase or lease of land, buildings, machinery, or equipment suitable for:
Manufacturing, processing, or assembling of manufactured or agricultural products.
Storing, warehousing, distributing, or selling of industrial, agricultural, or mining products, or for related research and development.
Buildings that serve as company headquarters or regional offices.
Multifamily housing projects
Charter schools (provided they are nonprofits)
Since each type of project will need to be reviewed by The IDA of the City of Sierra Vista and bond counsel for compliance with the IDA statute, review the IDA statute and its comprehensive list of project definitions to see if a particular project fits within the IDA statute.
The IDA of the City of Sierra Vista has no taxing power and does not have the power to pledge the general credit or taxing powers of The City of Sierra Vista, the State of Arizona or any political subdivision thereof. The IDA of the City of Sierra Vista is not pledging its general credit for the Bonds.
The Bonds are special limited obligations of The IDA of the City of Sierra Vista . No recourse shall be had for the payment of the principal of, premium, if any, or interest on any of the Bonds or for any claim based thereon or upon any obligation, covenant or agreement in the bond documents against any past, present, or future officer, director, counsel, financial advisor, or agent of The IDA of the City of Sierra Vista, or of any successor to The IDA of the City of Sierra Vista, under any rule of law or equity, statute, or constitution or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such officers, directors, counsel, financial advisor or agent, as such, has been expressly waived as a condition of and in consideration for the execution of the Indenture and the issuance of the Bonds. The IDA of the City of Sierra Vista has no material obligations with respect to the Bonds or any Project after the issuance of the Bonds.
Except for this special limited obligation from the trust estate set forth in the bond documents, none of the revenues to pay any the IDA of the City of Sierra Vista's Bonds will come from The IDA of the City of Sierra Vista and therefore The IDA of the City of Sierra Vista's financial information and status is irrelevant to any investment decision with respect to any of its Bonds.
FOR BOND FINANCING