Attachment A - City Council Resolution v.4(127324043.5).pdf

127324043.5 
 
RESOLUTION _____ 
A RESOLUTION GRANTING FINAL APPROVAL OF THE 
ISSUANCE, IN ONE OR MORE TAXABLE OR TAX-EXEMPT 
SERIES, OF AN AMOUNT NOT TO EXCEED $80,000,000 
PRINCIPAL AMOUNT OF SENIOR RENTAL HOUSING 
REVENUE REFUNDING BONDS (CHRISTIAN CARE 
SURPRISE, INC. PROJECT), SERIES 2025, OF THE 
INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY 
OF PHOENIX, ARIZONA 
_______________ 
WHEREAS, The Industrial Development Authority of the City of Phoenix, 
Arizona (the “Issuer”), is a nonprofit corporation designated a political subdivision of the 
State of Arizona (the “State”) incorporated with the approval of the City of Phoenix, 
Arizona (the “City”); and 
WHEREAS, Title 35, Chapter 5, of the Arizona Revised Statutes, Section 
35-701 et seq., as amended (the “Act”), authorizes the Issuer to issue revenue bonds for
the purposes set forth in the Act, including the making of secured and unsecured loans 
to finance or refinance the acquisition, construction, improvement, equipping or operation 
of a “project” (as defined in the Act) whenever the Board of Directors of the Issuer finds 
such loans to further advance the interests of the Issuer or the public interest, and to 
refund outstanding obligations incurred by an enterprise to finance the costs of a “project” 
when the Board of Directors of the Issuer finds such loans to be in furtherance of the 
purposes of the Authority or in the public interest; and 
ATTACHMENT A
THIS IS A DRAFT COPY ONLY AND IS NOT THE OFFICIAL COPY OF THE FINAL, 
ADOPTED RESOLUTION
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Resolution No. _____ 
 
WHEREAS,  The Industrial Development Authority of the County of 
Maricopa (the “2016 Issuer”), issued its  Senior Living Facility Revenue Bonds (Christian 
Care Surprise, Inc. Project), Series 2016 (the “2016 Bonds”), in an aggregate principal 
amount of $64,250,000, and loaned the proceeds thereof to Christian Care Surprise, Inc., 
an Arizona nonprofit corporation (the “Borrower”), and an exempt organization described 
under the Internal Revenue Code of 1986, as amended (the “Code”), to, together with 
other available moneys, (a) finance a portion of the cost of acquiring, constructing and 
equipping an existing senior living facility located at 16477 W. Bell Road in Surprise, 
Arizona (the “Facility”), (b) fund a debt service reserve fund, (c) fund capitalized interest, 
(d) fund an operating reserve fund, (e) fund a capital and maintenance fund, and (f) pay 
certain costs and expenses incidental thereto; 
WHEREAS, pursuant to a Financing Agreement, dated as of November 1, 
2016 (the “2016 Financing Agreement”), between the 2016 Issuer and the Borrower, 
pursuant to which the 2016 Issuer loaned the proceeds of the 2016 Bonds to the Borrower 
(the “2016 Loan”); 
WHEREAS, the 2016 Bonds were issued under the provisions of a Trust 
Indenture, dated as of November 1, 2016  (the “2016 Indenture”), between the 2016 
Issuer and Zions Bank, a division of ZB, National Association (the “2016 Trustee”), 
pursuant to which the 2016 Issuer assigned to the 2016 Trustee, for the benefit of the 
owners of the 2016 Bonds, the revenues and receipts to be derived from the 2016 
Financing Agreement; 
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Resolution No. _____ 
 
WHEREAS, concurrently with the issuance of the 2016 Bonds, the 2016 
Issuer issued its Senior Living Facility Revenue Bonds (Christian Care Retirement 
Apartments, Inc. Project), Tax Exempt Series 2016 (the “Series C Bonds”) pursuant to 
the 2016 Indenture for the purpose of funding a loan (the “Series C Loan”) to Christian 
Care Retirement Apartments, Inc., Christian Care Mesa, Inc. and Christian Care Assisted 
Living (Phoenix), Inc. (collectively, the “Affiliates”), each an Arizona nonprofit corporation 
and an exempt organization described under Section 501(c)(3) of the Code; 
WHEREAS, upon funding of the Series C Loan, the Affiliates made a loan 
to the Borrower pursuant to an Affiliate Loan Agreement to provide a portion of the 
necessary funds to pay a portion of the costs of acquiring, constructing and equipping the 
Facility, to pay certain costs of issuance and provide funds for other purposes described 
in the 2016 Indenture (the “2016 Affiliate Loan”); 
WHEREAS, the Borrower has requested that the Issuer issue, in one or 
more taxable or tax-exempt series, its Senior Rental Housing Revenue Refunding Bonds 
(Christian Care Surprise, Inc. Project), Series 2025 (the “Bonds”), pursuant to a Trust 
Indenture (the “Indenture”), between the Issuer and Zions Bancorporation, National 
Association (the “Trustee”), and enter into a Financing Agreement (the “Financing 
Agreement”), among the Issuer and the Borrower, pursuant to which the Issuer will loan 
the proceeds of the Bonds to the Borrower for purposes of (a) effecting a current refunding 
of the outstanding 2016 Bonds, (b) effect a current refunding of the outstanding 2016 
Affiliate Loan, (c) funding a debt service reserve fund for the Bonds, and (d) paying certain 
costs and expenses incidental thereto (the “Project”), all in accordance with the Act; and 
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Resolution No. _____ 
 
WHEREAS, the Issuer, by Resolution 2025-__, duly adopted by the Board 
of Directors of the Issuer at a lawful meeting called and held on March 20, 2025, granted 
approval of the issuance and sale of the Bonds in an aggregate principal amount not to 
exceed $80,000,000; and 
WHEREAS, Section 35-721(B) of the Act provides that the proceedings of 
the Issuer under which the Bonds are to be issued require the approval of the Council of 
the City; and 
WHEREAS, information regarding the Project to be financed with the 
proceeds of the Bonds has been presented to the Council of the City; and 
WHEREAS, it is intended that this Resolution shall constitute approval by 
the Council of the City pursuant to Section 35-721(B) of the Act with respect to the Bonds. 
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY 
OF PHOENIX, ARIZONA as follows: 
SECTION 1. The proceedings of the Issuer under which the Bonds are to 
be issued are hereby approved. 
SECTION 2. The issuance of the Bonds and the plan of finance for the 
Project are hereby approved. 
SECTION 3.  Notice of Arizona Revised Statutes Section 38-511 is hereby 
given.  The provisions of that statute are by this reference incorporated herein to the 
extent of their applicability to matters contained herein. 
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Resolution No. _____ 
 
PASSED BY THE COUNCIL OF THE CITY OF PHOENIX, ARIZONA this 
___ day of April, 2025. 
 
 
 
 
 
MAYOR 
 
 
ATTEST: 
 
 
 
 City Clerk 
 
 
APPROVED AS TO FORM: 
 
 
 
 Acting City Attorney 
 
 
REVIEWED BY: 
 
 
 
 City Manager 
 
 
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