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Description of Pima IDA
The Industrial Development Authority of the County of Pima is organized under Title 35, Chapter 5 of the Arizona Revised Statutes, as amended (the "Act"), and, in accordance with the terms thereof, is a nonprofit corporation designated a political subdivision of the State of Arizona. The Authority has no taxing power and does not have the power to pledge the general credit or taxing powers of Pima County, the State of Arizona or any political subdivision thereof. The Authority does not pledge its general credit for the issuance of Bonds.
The business and affairs of the Authority are managed by a Board of Directors appointed by the Board of Supervisors of Pima County. The four members of its Board of Directors serve staggered terms of six years each. All positions are currently filled.
The Authority is empowered to issue
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 the Act.
Any Bonds issued are special
limited obligations of the Authority. No recourse shall be
had for the payment of the principal of, premium, if any,
or interest on any Bonds or for any claim based thereon or
upon any obligation, covenant or agreement against any past,
present, or future officer, director, counsel, financial advisor,
or agent of the Authority, or of any successor to the Authority,
under any rule of law or equity, statute, or constitution
or by the enforcement of any assessment or penalty or otherwise.
No revenues to pay any Bonds will come from the Authority
and therefore the Authority's financial information and status
is not relevant to any investment decision with respect to
any Bonds. As a result, no information regarding the Authority
will be provided in regard to any continuing disclosure requirement
relating to any Bonds.
The Authority's interests include
the promotion of economic development and the development
of affordable housing. A complete list of qualified projects
in which the Authority may participate may be found in the
Act.
Contact Information
For information or questions regarding the Authority please contact:
The Industrial Development Authority of the County of Pima
Russo, Russo & Slania, P.C.
6700 North Oracle Road, Suite 100
Tucson, Arizona 85704
Attn: Steven Russo, Esq., or
Attn: Michael A. Slania, Esq.
520-529-1515
520-529-9040 (Facsimile)
E-mail: stever@russolaw.net
mikes@russolaw.net
Authority Members
The individuals who make up the Board of Directors of the
Authority are elected to a six year term by the Pima County
Board of Supervisors. They serve without compensation. The
current members of the Board of Directors of the Authority
and their positions:
Cecilia Cruz, President
Stanley Lehman, Vice President
Bernhardt William Collins, Secretary
Frank Y. Valenzuela, Treasurer
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