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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 (SUN VALLEY ACADEMY
PROJECTS), SERIES 2019, IN AN AGGREGATE ORIGINAL
PRINCIPAL AMOUNT NOT TO EXCEED $28,000,000
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, 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 (Sun Valley Academy Projects), Series 2019 (the “Bonds”), in
an aggregate original principal amount not to exceed $28,000,000, for the benefit of Morrison
Education Group, 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, or will operate, two charter schools established under Title 15, Chapter 1, Article 8,
of the Arizona Revised Statutes, as amended;
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer to the Borrower to
(a) finance or refinance the costs of acquiring, constructing, renovating, improving and
equipping charter school facilities located, or to be located, at 2675 West Baseline Road in
Phoenix, Arizona, and near the southwest corner of West McDowell Road and North Avondale
Boulevard in Avondale, Arizona, (b) fund any required reserve funds, (c) pay capitalized
interest, if any, on all or a portion of the Bonds, and (d) pay the costs incurred in connection with
the authorization, issuance and sale of the Bonds;
WHEREAS, on August 13, 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 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 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 an Indenture of Trust, to be dated the first day of the
month in which the Bonds are issued, between the Issuer and BOKF, NA, as the trustee, 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; 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 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 Bonds in an aggregate principal amount not to
exceed $28,000,000 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
Bonds.
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ADOPTED AND APPROVED on ___________, 2019.
Chairman, Maricopa County Board of
Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
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