Vote: approved

Item Text

106. MARICOPA COUNTY REVOLVING LINES OF CREDIT Approve Resolutions regarding the Maricopa County and Maricopa County Districts lines of credit, and pursuant to A.R.S. § 11-604.01, approve the terms of a Business Loan Agreement (Maricopa County Revolving Line of Credit) and Maricopa County Revolving Line of Credit Promissory Note, relating to the same. The term of the Agreement is July 1, 2026 through midnight, June 30, 2027. However, the Agreement may be automatically renewed pursuant to the Agreement. Also, Pursuant to A.R.S. § 11-604.01, approve a Business Loan Agreement (Maricopa County Districts Revolving Line of Credit) and a Maricopa County Districts Revolving Line of Credit Promissory Note, relating to the same. The Agreement shall be "in effect initially for fiscal year 2026-2027." The parties may agree to extend the Commitment for each fiscal year thereafter through the execution of an Addendum as outlined in Section 1.1 of the Agreement. Each District has its own predetermined credit limit, and Maricopa County is not liable for any default. Authorize the Chair of the Board of Supervisors and the Maricopa County Treasurer to sign the foregoing contracts and promissory notes, on behalf of Maricopa County and the County Districts. Both Agreements and Promissory Notes are with JPMorgan Chase Bank, N.A., and are approved in substantially the form presented, subject to final approval of assigned counsel. A.R.S. § 11-604.01 permits the Board of Supervisors to enter into agreements with a financial institution in the State for the purpose of obtaining distinct revolving lines of credit for the County and each individual political subdivision of the County for the current fiscal year, to pay the lawful claims and obligations of that political subdivision until the Treasurer receives sufficient monies for payment from property taxes and other non-restricted revenues. Further, the named officials are directed to execute the incumbency certificate. The County Attorney’s Office is directed to execute the opinion letter. (C-43-26-067-X-00)

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