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BOARD OF SUPERVISORS COUNTY RESOLUTION NO. - C-43-21-074-X-00a A RESOLUTION OF THE BOARD OF SUPERVISORS OF MARICOPA COUNTY, ARIZONA APPROVING THE FORM AND AUTHORIZING THE EXECUTION AND DELIVERY OF A LINE OF CREDIT AGREEMENT AND LETTER OF CREDIT BETWEEN MARICOPA COUNTY AND JPMORGAN CHASE BANK, N.A.; RATIFYING ALL ACTIONS TAKEN TO DATE WITH RESPECT TO THE LINE OF CREDIT AGREEMENTS. RECITALS WHEREAS, Maricopa County (the "County") through its Board of Supervisors (the "Supervisors"), acting as the Board of Deposit (the "Board of Deposit"), has heretofore ordered the receipt of bids for a servicing bank for the County for the period commencing July 1, 2021 and ending June 30, 2024, with permitted extensions of the two additional years pursuant to A.R.S. § 35-325; and WHEREAS, included in the proposals for servicing bank were proposals for a line of credit for the County and each individual political subdivision of the state for which the County Treasurer acts as treasurer pursuant to A.R.S. § 11-604.0 1; and WHEREAS, the proposal of J.P. Morgan Chase Bank, N.A. was announced as the best bid for services as servicing bank and the best bid to provide the County and political subdivisions of the State for which the County Treasurer acts as treasurer with lines of credit for the period commencing July 1, 2021 and ending June 30, 2024, with permitted extensions of not more than two additional years; and WHEREAS, A.R.S. § 11-604.0l authorizes the Supervisors of the County to enter into line of credit agreements for the County and each individual subdivision of the state for which the County acts as treasurer; and WHEREAS, a draft of the Business Loan Agreement (Maricopa County Revolving Line of Credit) (the "Agreement") between the County and J.P. Morgan Chase Bank, N.A. (the "Bank") pertaining to a line of credit for Maricopa County only, and not to be construed as the line of credit for other political subdivisions, has been placed on file with the Clerk of this Board and presented at the meeting at which this Resolution was adopted; and WHEREAS, by this Resolution the Supervisors will authorize the execution and delivery of the Agreement in substantially the form so presented to this Board of Supervisors, subject to the approval of the Maricopa County Attorney, as assigned counsel. 1 NOW THEREFORE BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF MARICOPA COUNTY, ARIZONA, ACTING AS THE BOARD OF DEPOSIT OF MARICOPA COUNTY, ARIZONA AND AS FOLLOWS: Section 1. That the Agreement, in substantially the form on file with the Clerk. is approved and the Chairman of this Board of Supervisors and the Treasurer of the County are authorized and directed revise, if necessary, to execute and deliver the Agreement, the Promissory Note and the Letter of Credit and Reimbursement Agreement, as a part thereof, in substantially the forms on file with the Clerk with such changes or omissions deemed necessary by the Maricopa County Attorney and those authorized to execute the Agreement, the Promissory Note and the Letter of Credit and the Reimbursement Agreement. Section 2. The County Treasurer is named as the County's agent for all purposes of the Agreement. The County Treasurer is authorized to take all acts and do all things on behalf of the County under the Agreement. Section 3. All actions taken by the County Treasurer or any person representing the County Treasurer with respect to the Agreement and the procedures pertaining thereto are hereby ratified and affirmed. This resolution shall become effective upon adoption and execution. By: _____________________________ Chairperson, Board of Supervisors Dated: __________________________ ATTEST: ________________________________ Clerk of the Board of Supervisors APPROVED AS TO FORM AND WITHIN THE POWERS AND AUTHORITY OF MARICOPA COUNTY: ____________________________ Deputy County Attorney 2