FY2027 MARICOPA COPS DECLARATION OF INTENT (FUND 447) (2028 COPS).PDF

Resolution Declaring Official Intent Under U.S. Treasury
Regulations with Respect to Reimbursements from Bond
Proceeds of Temporary Advances Made for Payments Prior to
Issuance, and Related Matters.

C Number:

WHEREAS, United States Treasury Regulations §1.150-2 (the “Reimbursement
Regulations”) prescribe conditions under which proceeds of bonds, notes or other obligations used
to reimburse advances made for capital and certain other expenditures paid before the issuance of
such bonds, notes or other obligations will be deemed to be expended (or properly allocated to
expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as
amended (the “Code’’), upon such reimbursement so that the proceeds so used will be treated as
allocated to those original expenditures under those sections of the Code; and

WHEREAS, certain provisions of the Reimbursement Regulations require that there be
a declaration of official intent not later than 60 days following payment of the capital and other
expenditures expected to be reimbursed from proceeds of bonds, notes or other obligations, and that
the reimbursement occur within certain prescribed time periods after the capital or other expenditure
is paid or after the property resulting from that capital or other expenditure is placed in service; and

WHEREAS, Maricopa County, Arizona (the “County”’) intends to borrow the proceeds
of tax-exempt obligations (the “Bonds”) to finance the costs of certain capital expenditures; and

WHEREAS, this Board wishes to declare the County’s official intent to reimburse itself
from the proceeds of the Bonds for certain capital and other expenditures made by the County prior
to the issuance of the Bonds as required by the Reimbursement Regulations,

NOW, THEREFORE, be it Resolved by the Board of Supervisors of Maricopa County,
Arizona as follows:

Section 1. The County reasonably expects that certain capital and other
expenditures (the “Original Expenditures”) made for the purposes described on Exhibit A hereto
(the “Project”’) will be reimbursed with the proceeds of the Bonds. The maximum principal amount
of the Bonds expected to be issued for the first phase of the Project is $8,700,000.00, with the total
maximum issuance amount to be determined after the design phase is complete.

Section 2. The Chief Financial Officer of the County or his designee are each
authorized to make appropriate reimbursement and timely allocations from the proceeds of the
Bonds to reimburse the Original Expenditures, and to take any other actions as may be appropriate,
including evidencing in writing an allocation on the books and records of the County showing the
use of the proceeds of the Bonds to restore the money advanced for the Original Expenditures, all at
the times and in the manner required under the Reimbursement Regulations in order for the
reimbursement to be treated as an expenditure of such proceeds for purposes of Sections 103 and
141 to 150 of the Code.

1107863682\2\

PASSED, ADOPTED AND APPROVED on July 15, 2026.

ATTEST:

By:

By:

Clerk, Board of Supervisors

APPROVED AS TO FORM:

Pedro J. Mjranda
Squire Patton Boggs (US) LLP
Counsel for Maricopa County

1107863682

Chair, Board of Supervisors

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