Millions In GADA Bonds Issued

The Greater Arizona Development Authority (GADA) has issued $36.52 million of Series 2006B bonds. The bonds will be used to fund loans to 6 borrowers, 3 of which are for fire fighting facilities in growing areas.

GADA provides low-cost financing for infrastructure projects to communities, counties, tribes & special districts throughout the state. GADA's credit strength & contribution of bond sale costs allows local governments to borrow at interest rates well below those at which they could merit on their own.

The funding was issued to:

City of Show Low - $8,370,000
The funds will bring improvements to the airport hanger & road improvements to Old Linden Boulevard & Central Avenue. The City will also purchase 8 new police vehicles.
Town of Quartzsite - $7,215,000
The funds will consolidate existing loans, & finance sewerand water capacity projects. The sewer project (already completed) involved extensions to the sewer system. The water projects will increase the Town's water storage capacity & extend water lines to the Town's south side.
City of Somerton - $6,885,000
The funds will finance street improvements in the older, established sections of the City & add a traffic signal on U.S. Highway 95 & Main Street. The Somerton/Cocopah Fire Department will also acquire an aerial ladder truck to improve service to the community's increasing number of multi-story apartments.
Apache Junction Fire District of Pinal County - $9,500,000
The funds will help construct a new fire station, improve existing district facilities, buy new fire & emergency vehicles, develop training facilities, & pay outstanding debt obligations previously issued by the fire district for capital purposes.
Maricopa Fire District of Pinal County - $3,200,000
The funds will assist development of a new emergency dispatch system due to the community's growing population. In addition, it will help cover the costs of constructing new fire stations.
Drexel Heights Fire District of Pima County - $1,350,000
The funds will help relocate 4 fire stations in order to meet service demands & improve response times. In addition, it will fund replacement of fire apparatus & ambulances, upgrade the district's communication systems, & the remodeling of existing facilities.