ORDINANCE NO. 1568 AN ORDINANCE OF THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA, AMENDING THE APACHE JUNCTION CITY CODE, VOLUME I, CHAPTER 2: MAYOR, COUNCIL, AND APPOINTED BOARDS AND COMMISSIONS, ARTICLE 2-21: BOARD OF ADJUSTMENT AND APPEALS/MUNICIPAL PROPERTY CORPORATION/PUBLIC SAFETY PERSONNEL RETIREMENT BOARD, BY REPEALING § 2-21-2 MUNICIPAL PROPERTY CORPORATION IN ITS ENTIRETY; AUTHORIZING STAFF TO TAKE ALL MPC ADMINISTRATIVE DISSOLUTION STEPS; REPEALING ANY CONFLICTING PROVISIONS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR PENALTIES. WHEREAS, on July 17, 1990, the city council passed and adopted Resolution No. 90-16, creating the City of Apache Junction Municipal Property Corporation ("MPC") to allow the city to seek bonds for capital improvement projects; and WHEREAS, the city utilized the MPC to fund multiple capital improvement projects over the years; and WHEREAS, the city has since paid off all financial obligations related to issued MPC bonds; and WHEREAS, the federal tax-exempt bond financing law has been deregulated which now makes the use of MPC bonding superfluous; and WHEREAS, on September 16, 2025, the mayor and city council, after a briefing from bond counsel Zach Sakas, instructed staff to dissolve the MPC and repeal the authorizing MPC city code provisions. NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA, AS FOLLOWS: SECTION I IN GENERAL That the following Apache Junction City Code, Volume I, Chapter 2, Article 2-21 provisions, be amended as follows: 1) In the title and index of Chapter 2, Article 2-21, remove reference to Municipal Property Corporation in its entirety. 2) Repeal § 2-21-2 Municipal Property Corporation in its entirety. 3) Reassign current § 2-21-3 Public Safety Retirement Board as § 2-21-2. SECTION II ADMINISTRATIVE STAFF AUTHORIZATION TO DISSOLVE MPC Staff is authorized to take all administrative steps necessary to dissolve the MPC. SECTION III REPEALING ANY CONFLICTING PROVISIONS All other ordinances and parts of ordinances in conflict with the provisions of this ordinance or in conflict with any part of the code adopted herein by reference are also hereby repealed. SECTION IV PROVIDING FOR SEVERABILITY If any section, subsection, sentence, phrase, clause or portion of this ordinance or any part of the code adopted herein by reference is, for any reason, held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions thereof. SECTION V PROVIDING FOR PENALTIES Any violation of any of the provisions adopted herein shall be punishable as a class 1 misdemeanor consistent with Apache Junction City Code, Chapter 1: General, Article 1-1: General, § 1-1-11 Penalty. PASSED AND ADOPTED BY THE MAYOR AND CITY COUNCIL OF THE CITY OF APACHE JUNCTION, ARIZONA, THIS 21ST DAY OF OCTOBER, 2025. SIGNED AND ATTESTED TO THIS 21ST DAY OF OCTOBER, 2025. WALTER “CHIP” WILSON Mayor ATTEST: EVIE MCKINNEY City Clerk APPROVED AS TO FORM: RICHARD J. STERN City Attorney 10-15-25 Pub: Oct 29, 30, 31, Nov 1, 2025