CREIGHTON UNIVERSITY 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 EDUCATIONAL FACILITIES REVENUE BONDS (CREIGHTON
UNIVERSITY PROJECT), SERIES 2019, IN ONE OR MORE SERIES, IN
AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $75,000,000
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, Arizona (the “County”) 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, the Issuer proposes to issue its Educational Facilities Revenue Bonds
(Creighton University Project) (the “Bonds”), in one or more series, in an aggregate principal
amount not to exceed $75,000,000, for the benefit of Creighton University (the “Borrower”), a
Nebraska nonprofit corporation, and an organization described in Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended (the “Code”);
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer to the Borrower to (a)
finance the costs of constructing, preparing, equipping and furnishing a health science campus in
Phoenix, Arizona servicing students seeking degrees in medicine, nursing, pharmacy and other
health care professions, (b) fund any required reserve funds, (c) pay capitalized interest on a
portion of the Bonds, if necessary, and (d) pay costs incurred in connection with the
authorization, issuance and sale of the Bonds (collectively, the “Project”);
WHEREAS, on November 12, 2019, 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 County Board of Supervisors (the
“Board”);
WHEREAS, the Issuer’s Resolution has been made available to the Board, 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, the execution and delivery of a Trust Indenture and Loan Agreement, and
related financing documents as well as such other documents as 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 Indenture and in the form of the Bonds;
WHEREAS, copies of the documents providing for the issuance of the Bonds have been
made available to the Board, together with the Issuer’s Resolution;
Board of Supervisors Resolution
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WHEREAS, the Board have 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 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 Board for the issuance of the
Bonds;
WHEREAS, pursuant to Section 147(f) of the Code, the Board must approve the
issuance of the Bonds after a public hearing following reasonable public notice;
WHEREAS, following posting of a Notice of Public Hearing on the Issuer’s website in
accordance with Section 147(f) of the Code, a public hearing with respect to the Bonds and the
location and nature of the Project to be financed was held by the Issuer, pursuant to Section
147(f) of the Code, on October 30, 2019, at the Maricopa County Administration Building, First
Floor Lobby, 301 West Jefferson, Phoenix, Arizona 85003, 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 October
30, 2019, has been filed with the Clerk of Board; and
WHEREAS, it is intended that this Resolution shall constitute approval by the Board
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 $75,000,000 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 Board are hereby authorized and directed to do all
such things to execute and deliver all such documents on behalf of the County Board 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.
Board of Supervisors Resolution 2
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ADOPTED AND APPROVED on November 20, 2019.
Chairman, Maricopa County Board of
Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
Board of Supervisors Resolution
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NOTICE OF PUBLIC HEARING
PUBLIC NOTICE IS HEREBY GIVEN that a public hearing will be held by a representative of
The Industrial Development Authority of the County of Maricopa (the “Issuer”) on October 30, 2019,
commencing at 9:00 a.m., MST, in the Maricopa County Administration Building, First Floor Lobby, 301
West Jefferson, Phoenix, Arizona 85003, regarding the advisability of the proposed issuance by the Issuer
in one or more series pursuant to a plan of financing in accordance with the Industrial Development
Financing Act, A.R.S. § 35-701 et seq. (the “Act”), of Educational Facilities Revenue Bonds (Creighton
University Project), Series 2019 (the “Bonds”) to be issued in an aggregate principal amount not to
exceed $80,000,000.
The proceeds of the Bonds will be used to make a loan to Creighton University, a Nebraska
nonprofit corporation and a private institution of higher education and an organization described in
501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), as borrower (the “Borrower”),
to finance the cost of the construction, preparation, equipping and furnishing of a health science campus
located at the northwest corner of Central Avenue and Catalina in Phoenix, Arizona servicing students
seeking degrees in medicine, nursing, pharmacy and other health care professions (collectively, the
“Project”).
The principal of, premium, if any, and interest on the Bonds will not constitute an indebtedness or
liability of the Issuer, the County of Maricopa, 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 posted pursuant to the requirements of Section 147(f) of the Internal
Revenue Code of 1986, as amended. Any interested persons may attend or send written comments and
make known their view with respect to the Bonds and the location and nature of the Project 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: “Creighton University Arizona.” Written submissions should
be mailed in sufficient time to be received before the time of the hearing.
Date of Notice: October 22, 2019
THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA
Board of Supervisors Resolution
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