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Board approves local sign‑off for AZIDA tax‑exempt financing for Williamston House
Summary
After a public hearing, the county unanimously adopted a resolution approving AZIDA’s issuance of qualified 501(c)(3) bonds to finance acquisition of the 60‑bed Williamston House assisted living facility; county officials said the bonds would not obligate Martin County and no major operational changes were planned.
Martin County commissioners on April 8 unanimously adopted a resolution approving the issuance of tax‑exempt conduit bonds by the Arizona Industrial Development Authority (AZIDA) to finance the acquisition of the Williamston House assisted living facility.
The board held a required public hearing on the proposal and then voted to adopt a written resolution finding the bonds would not constitute indebtedness or a pledge of county credit. Staff said the bonds, to be issued as “qualified 501(c)(3) bonds,” would not obligate Martin County for repayment and would be payable solely from revenues of the assisted living facility.
Jeff Poley, representing Urban Housing & Community Services Corporation, told the board the borrower sought the local approval to satisfy federal tax requirements and that roughly $8,650,000 (a portion of a larger AZIDA bond issue not to exceed $75 million) could be loaned to the borrower to finance the Williamston House acquisition. “There are no intended major changes in the operations of the facility,” Poley said.
County Manager David Bone and board members reiterated that the county would not be financially responsible for the bonds. The resolution states the county has not reviewed the borrower’s finances and has no liability for payment of principal or interest.
The board’s approval satisfies Section 147(f) of the Internal Revenue Code and related Treasury regulations, which require local elected officials to hold a public hearing and record approval before certain conduit bond issues proceed.
The board voted unanimously to adopt the resolution. The resolution language adopted by the board records the public hearing, the findings that the bonds create no pecuniary liability for the county, and the county’s approval of AZIDA’s issuance solely to meet federal tax requirements.
Next steps: AZIDA and the borrower will proceed with bond closing and related filings; Martin County’s role will be limited to the recorded local approval and any required administrative filings.
