Town of Fountain Hills Municipal Property Corporation (“MPC”) Sample Clauses

Town of Fountain Hills Municipal Property Corporation (“MPC”). The MPC, an Arizona not-for-profit corporation, was organized for the purpose of financing the construction of municipal facilities and purchase of open space within the Town through the issuance of bonds. Concurrent with these bond issues, the Town entered into an agreement with MPC whereby the Town will pay to MPC amounts sufficient to retire MPC bonds and related interest. MPC is reported as a blended component unit in the Town’s financial statements. The outstanding MPC bonds are reported as a debt service fund in the Town’s financial statements. No separate financial statements are prepared for the MPC.
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