ARIZONA AUTISM 2021 - BOS RESOLUTION.PDF

A RESOLUTION OF THE MARICOPA COUNTY BOARD OF
SUPERVISORS APPROVING THE ISSUANCE BY THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA OF
ONE OR MORE SERIES OF ITS TAX-EXEMPT AND/OR TAXABLE
EDUCATION REVENUE BONDS (SOCIAL BONDS - ARIZONA AUTISM
CHARTER SCHOOLS PROJECT), SERIES 2021, IN AN AGGREGATE
ORIGINAL PRINCIPAL AMOUNT NOT TO EXCEED $17,000,000
WHEREAS, The Industrial Development Authority of the County of Maricopa
(the “Issuer”) is a nonprofit corporation designated a political subdivision of the State of Arizona
incorporated with the approval of Maricopa County, Arizona, empowered under the Industrial
Development Financing Act, Arizona Revised Statutes. § 35-701 et seq. (the “Act”), to issue
revenue bonds for the purposes set forth in the Act, including the making of secured or unsecured
loans for the purpose of financing or refinancing the acquisition, construction, improvement or
equipping of a “project” (as defined in the Act);
WHEREAS, the Issuer proposes to issue one or more series of its tax-exempt and/or
taxable Education Revenue Bonds (Social Bonds - Arizona Autism Charter Schools Project),
Series 2021 (the “Bonds”), in an aggregate original principal amount not to exceed $17,000,000,
for the benefit of Arizona Autism Charter Schools, Inc. (the “Borrower”), an Arizona nonprofit
corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of
1986, as amended (the “Code”), that operates charter schools focused on the educational needs of
children with autism and established under Arizona Revised Statutes Title 15, Chapter 1,
Article 8, as amended;
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer to the Borrower to
(a) finance the costs of (i) constructing, improving and equipping its charter school facilities
located at 4125 North 14th Street in Phoenix, Arizona, (ii) acquiring and improving charter
school facilities located at 1445 East Indian School Road, Phoenix Arizona, and (iii) acquiring
and improving charter school facilities located at 11039 West Olive Avenue, Peoria, Arizona, for
use by the Borrower in connection with operation of its charter school or schools (collectively,
the “Facilities”), (b) fund any required reserve funds, (c) pay capitalized interest, if any, on the
Bonds, and (d) pay certain expenses relating to the issuance and sale of the Bonds;
WHEREAS, on July 13, 2021, the Issuer resolved (the “Issuer’s Resolution”) to issue the
Bonds, the Issuer’s Resolution being conditioned upon, among other things, the granting of
approval to the issuance of the Bonds by the Maricopa County Board of Supervisors;
WHEREAS, the Issuer’s Resolution has been made available to the Maricopa County
Board of Supervisors, and the Issuer’s Resolution has been duly considered this date;
WHEREAS, the Issuer’s Resolution authorizes, among other things, the issuance and
sale of the Bonds, and the execution and delivery of a Bond Indenture and related financing
documents, as well as other documents required for the issuance of the Bonds;
WHEREAS, the terms, maturities, provisions for redemption, security, and sources of
payment for the Bonds are set forth in the Bond Indenture and in the form of the Bonds;
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WHEREAS, copies of the documents providing for the issuance of the Bonds have been
made available to the Maricopa County Board of Supervisors, together with the Issuer’s
Resolution;
WHEREAS, the Maricopa County Board of Supervisors have been informed that the
documents have been reviewed by competent Bond Counsel, Engelman Berger, P.C., and Bond
Counsel has determined that the documents adequately meet the requirements of the Act and the
Code;
WHEREAS, pursuant to Section 35-721.B of the Act, the proceedings of the Issuer
under which the Bonds are to be issued require the approval of the Maricopa County Board of
Supervisors for the issuance of the Bonds;
WHEREAS, pursuant to Section 147(f) of the Code, the Maricopa County Board of
Supervisors must approve the issuance of the Bonds after a public hearing following reasonable
public notice;
WHEREAS, pursuant to Section 147(f) of the Code, following publication by posting on
the Issuer’s website of a Notice of Public Hearing, a public hearing with respect to the Bonds and
the location and nature of the Facilities to be financed was held telephonically by an authorized
representative of the Issuer on July 28, 2021, commencing at 9:30 a.m., MST, via the toll free
dial-in number of 1-800-322-6099, code 9596846# (a copy of the Notice of Public Hearing is
attached hereto and made a part of this Resolution);
WHEREAS, a Report of Public Hearing regarding the Public Hearing held on
July 28, 2021, has been presented to and considered by the Maricopa County Board of
Supervisors; and
WHEREAS, it is intended that this Resolution shall constitute approval by the Maricopa
County Board of Supervisors with respect to the issuance of the Bonds pursuant to
(a) Section 35-721.B of the Act and (b) Section 147(f) of the Code.
NOW, THEREFORE, BE IT RESOLVED BY THE MARICOPA COUNTY
BOARD OF SUPERVISORS, as follows:
1. The issuance by the Issuer of the Bonds in an aggregate principal amount not to
exceed $17,000,000 is approved for all purposes under the Act, including specifically
Section 35-721.B, and Section 147(f) of the Code.
2. The appropriate officers of the Maricopa County Board of Supervisors are hereby
authorized and directed to do all such things to execute and deliver all such documents on behalf
of the Maricopa County Board of Supervisors as may be necessary or desirable to effectuate the
intent of this Resolution and the Issuer’s Resolution in connection with the issuance of the
Bonds.
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ADOPTED AND APPROVED on August 4, 2021.
Chairman, Maricopa County Board of
Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
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NOTICE OF PUBLIC HEARING
PUBLIC NOTICE IS HEREBY GIVEN that a public hearing will be held telephonically by an
authorized representative of The Industrial Development Authority of the County of Maricopa
(the “Issuer”) on July 28, 2021, commencing at 9:30 a.m., MST, via the toll free dial-in number of 1-800-
322-6099, enter code 9596846 and press #, regarding the Issuer’s Education Revenue Bonds (Social
Bonds - Arizona Autism Charter Schools Project), Series 2021 (the “Bonds”) to be issued in an aggregate
principal amount not to exceed $17,000,000, in one or more tax-exempt and/or taxable series, pursuant to
a plan of finance.
The proceeds of the Bonds will be used to make a loan to Arizona Autism Charter Schools, Inc.,
an Arizona nonprofit corporation and an organization described in 501(c)(3) of the Internal Revenue Code
of 1986, as amended (the “Code”), as borrower (the “Borrower”), to (i) with an estimated $6,550,000
aggregate principal amount, finance the cost of constructing, improving and equipping its charter school
facilities comprised of an approximately 63,541 square-foot, three-story building (with a partial
basement) on approximately 3.56 acres of land located at 4125 North 14th Street in Phoenix, Arizona
(the “Main Campus”), (ii) with an estimated $2,750,000 aggregate principal amount, finance the cost of
acquiring and improving charter school facilities comprised of an approximately 17,894 square-foot, two-
story building on approximately 1.05 acres of land located at 1445 East Indian School Road, Phoenix,
Arizona (the “Indian School Campus”) and (iii) with an estimated $7,700,000 aggregate principal amount,
finance the costs of acquiring and improving charter school facilities comprised of approximately
8.86 acres of land with approximately 38,000 square feet of building improvements located at
11039 West Olive Avenue, Peoria, Maricopa County, Arizona, (the “Westside Campus” and, together
with the Main Campus, and the Indian School Campus, the “Facilities”) (including in each case, allocable
amounts to fund certain costs of issuance, capitalized interest and reserve funds in connection therewith).
The Facilities financed with the proceeds of the Bonds will be owned and operated by the Borrower.
The principal of, premium, if any, and interest on the Bonds will not constitute a debt or liability
of the Issuer, Maricopa County, Arizona, the State of Arizona, or any political subdivision of the State of
Arizona, or a charge against their general credit or any taxing powers, but shall be payable solely from the
sources provided for in the proceedings pursuant to which the Bonds are issued.
This public notice is published pursuant to the requirements of Section 147(f) of the Code. Any
interested person may attend or send written comments and express his or her view with respect to the
Bonds and the location and nature of the Facilities to be financed. Any written comments should be
submitted to The Industrial Development Authority of the County of Maricopa c/o Maricopa County,
10th Floor, 301 West Jefferson, Phoenix, Arizona 85003, Attention: President, and clearly marked:
“Arizona Autism Charter Schools”. Written submissions should be mailed in sufficient time to be
received before the time of the hearing.
THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MARICOPA
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