MCIDA ACADEMY DEL SOL 2021 - BOS RESOLUTION.DOCX

A RESOLUTION OF THE MARICOPA COUNTY BOARD OF
SUPERVISORS APPROVING THE ISSUANCE BY THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA OF
ITS EDUCATION REVENUE BONDS (ACADEMY DEL SOL PROJECT),
SERIES 2021, IN ONE OR MORE SENIOR AND/OR SUBORDINATE
AND TAX-EXEMPT AND/OR TAXABLE SERIES, IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $22,000,000
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 the County of Maricopa, empowered under the Industrial
Development Financing Act, A.R.S. § 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, Academy Del Sol, 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 two charter schools duly organized and validly existing
under Arizona Revised Statutes Title 15, Chapter 1, Article 8, as amended, previously borrowed
the proceeds of $10,000,000 aggregate principal amount of Education Facility Revenue Bonds
(Academy Del Sol Project), Series 2016 (the “Series 2016 Bonds”), issued by The Industrial
Development Authority of the County of Pima to, among other things, assist the Borrower in
financing or refinancing the costs of acquisition, construction, improvement, renovation,
operation and equipping of land and charter school facilities located at 7102 West Valley Crest
Place in Tucson, Arizona (the “Star Valley Campus”);
WHEREAS, the Issuer proposes to issue its Education Revenue Bonds (Academy Del
Sol Project), Series 2021 (the “Series 2021 Bonds”), in one or more senior and/or subordinate
and tax-exempt and/or taxable series, in an aggregate principal amount not to exceed
$22,000,000 for the benefit of the Borrower;
WHEREAS, the proceeds of the Series 2021 Bonds will be loaned by the Issuer to the
Borrower to (i) refund the outstanding Series 2016 Bonds, (ii) finance or refinance the costs of
acquisition, construction, improvement, furnishing, equipping and operating of land and charter
school facilities located at 732 Roger Road, Tucson, Arizona 85705 (the “Roger Campus” and
together with the Star Valley Campus, the “Series 2021 Facilities”), (iii) fund any required
reserve funds, (iv) reimburse the Borrower for capital expenditures made in connection with the
Series 2021 Project (defined herein), (v) pay capitalized interest, if any, and (vi) pay the costs
incurred in connection with the authorization, issuance and sale of the Series 2021 Bonds
(collectively, the “Series 2021 Project”);
WHEREAS, on June 8, 2021, the Issuer resolved (the “Issuer’s Resolution”) to issue the
Series 2021 Bonds, the Issuer’s Resolution being conditioned upon, among other things, the
granting of approval to the issuance of the Series 2021 Bonds by the Maricopa County Board of
Supervisors;
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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 Series 2021 Bonds, the execution and delivery of an Indenture of Trust, and related
financing documents as well as such other documents as required for the issuance of the Series
2021 Bonds;
WHEREAS, the terms, maturities, provisions for redemption, security, and sources of
payment for the Series 2021 Bonds are set forth in the Indenture and in the form of the Series
2021 Bonds;
WHEREAS, copies of the documents providing for the issuance of the Series 2021
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 has been informed that the
documents have been reviewed by competent Bond Counsel, Kutak Rock LLP, and Bond
Counsel has determined that the documents adequately meet the requirements of the Act and the
Internal Revenue Code of 1986 (the “Code”);
WHEREAS, pursuant to Section 35-721.B of the Act, the proceedings of the Issuer
under which the Series 2021 Bonds are to be issued require the approval of the Maricopa County
Board of Supervisors for the issuance of the Series 2021 Bonds;
WHEREAS, it is intended that this Resolution shall constitute approval by the Maricopa
County Board of Supervisors with respect to the issuance of the Series 2021 Bonds pursuant to
Section 35-721.B of the Act;
NOW, THEREFORE, BE IT RESOLVED BY THE MARICOPA COUNTY
BOARD OF SUPERVISORS, as follows:
1. The issuance by the Issuer of the Series 2021 Bonds, in one or more senior and/or
subordinate and tax-exempt and/or taxable series, in an aggregate principal amount not to exceed
$22,000,000 is approved for all purposes under the Act, including specifically Section 35-721.B.
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 Series
2021 Bonds.
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ADOPTED AND APPROVED on June 23, 2021.
Chairman, Maricopa County Board of Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
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