STEPPING STONE III BS 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 MULTIFAMILY HOUSING REVENUE BOND
(STEPPING STONE III PROJECT), SERIES 2019, IN A PRINCIPAL
AMOUNT NOT TO EXCEED $7,300,000
WHEREAS, The Industrial Development Authority of the County of Maricopa (the
“Authority”) 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 Section 35-701 et seq. (the
“Act”), to issue revenue Bond 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 Authority proposes to issue its Multifamily Housing Revenue Bond
(Stepping Stone III Project), Series 2019 (the “Bond”), in an aggregate principal amount not to
exceed $7,300,000, for the benefit of Stepping Stone Phase III, LP., an Arizona limited
partnership (the “Borrower”);
WHEREAS, the proceeds of the Bond will be loaned by the Authority to the Borrower
for the purpose of (i) financing a portion of the costs of the acquisition, rehabilitation and
equipping of an a 42-unit apartment complex to known as “Stepping Stone III” located at 1325
North 14th Street, Phoenix, Arizona 85006 (the “Property”) which is designed to service
chronically homeless individuals in a permanent supportive housing environment, which may
include capitalized interest and deposits to certain reserves, and (ii) paying certain costs and
expenses related to the issuance of the Bond (collectively, the “Project”), all as permitted by
the Act;
WHEREAS, at a meeting of the Authority Board, the Authority resolved (the
“Authority’s Resolution”) to issue the Bond, the Authority’s Resolution being conditioned
upon, among other things, the granting of approval of the issuance of the Bond by the
Maricopa County Board of Supervisors;
WHEREAS, the Authority’s Resolution has been made available to the Maricopa
County Board of Supervisors, and the Authority’s Resolution has been duly considered this
date;
WHEREAS, the Authority’s Resolution authorizes, among other things, the issuance
and sale of the Bond, the execution and delivery the Financing Agreement, the Regulatory
Agreement and the Bond Purchase Agreement, and such other documents, instruments and
matters as required for the issuance of the Bond;
WHEREAS, the terms, maturity or maturities, provisions for redemption, security, and
sources of payment for the Bond is set forth in the Bond Purchase Agreement;

WHEREAS, copies of certain documents providing for the issuance of the Bond have
been made available to the Maricopa County Board of Supervisors, together with the
Authority’s Resolution;
WHEREAS, the Maricopa County Board of Supervisors have been informed that the
documents have been reviewed by competent bond counsel, Lotzar Law Firm, P.C. (“Bond
Counsel”), and Bond Counsel has determined that the documents adequately meet the
requirements of the Act and the Law Offices of Perry Israel has determined that the documents
adequately meet the requirements of the Internal Revenue Code of 1986, as amended (the
“Code”);
WHEREAS, pursuant to Section 35-721.B of the Act, the proceedings of the Authority
under which the Bond is to be issued require the approval of the Maricopa County Board of
Supervisors for the issuance of the Bond;
WHEREAS, pursuant to Section 147(f) of the Code, the Maricopa County Board of
Supervisors must approve the issuance of the Bond after a public hearing following reasonable
public notice;
WHEREAS, following publication of a notice of public hearing in The Record
Reporter on May 3, 2019 (the “Notice”), a public hearing with respect to the Bond and the
location and nature of the Project to be financed was held by the Authority, pursuant to Section
147(f) of the Code, on May 14, 2019, at the Maricopa County Administration Building, First
Floor Lobby, 301 West Jefferson, Phoenix, Arizona 85003 (the “Public Hearing”), and a copy
of the Notice is attached hereto and made a part of this Resolution;
WHEREAS, a report of the Public Hearing 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 Bond pursuant to (i)
Section 35-721.B of the Act, and (ii) Section 147(f) of the Code;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS
OF MARICOPA COUNTY, ARIZONA, as follows:
1. The issuance by the Authority of the Bond for the Project in an aggregate
principal amount not to exceed $7,300,000 is approved for all purposes under the Act and 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 Authority’s Resolution in connection with the
issuance of the Bond.
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ADOPTED AND APPROVED this 26th day of June 2019.
By:
Chairman, Maricopa County Board of Supervisors
ATTEST:
By:__________________________________
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing

NOTICE OF PUBLIC HEARING ON
MULTIFAMILY HOUSING REVENUE BOND FOR
A MULTIFAMILY HOUSING PROJECT
LOCATED IN THE COUNTY OF MARICOPA, ARIZONA
Notice is hereby given that on May 14, 2019, a public hearing will be held as required by
Section 147(f) of the Internal Revenue Code of 1986 with respect to the proposed plan of
financing providing for the issuance of Multifamily Housing Revenue Bonds (the “Bonds”) by
The Industrial Development Authority of the County of Maricopa in an amount not to exceed
$7,300,000. The Bonds will be issued for the purpose of providing funds to make a loan (the
“Loan”) to Stepping Stone Phase III, LP, an Arizona limited partnership (the “Borrower”), to
finance or refinance a portion of the costs of the acquisition, construction, improvement and
equipping of a 42-unit apartment project whose tenants will be the chronically homeless known
as the Stepping Stone Phase III (the “Project”) located at 1325 North 14th Street, Phoenix,
Arizona 85006.
The hearing will commence at 9:15 a.m., May 14, 2019, and will be held at the Maricopa
County Administration Building, First Floor Lobby (before passing through security), 301 West
Jefferson, Phoenix, Arizona 85003. Interested persons wishing to express their views on either
the issuance of the Bond or the Project will be given an opportunity to do so at the public
hearing, or may, prior to the time of the hearing, submit written comments Ryley Carlock &
Applewhite, as advisor to the Issuer at: Ryley Carlock & Applewhite, One N. Central Avenue,
Suite 1200, Phoenix, Arizona 85004, Attention: Ms. Janis Larson, and clearly marked: The
Industrial Development Authority of the County of Maricopa, Multifamily Housing Revenue
Bond (Stepping Stone Phase III Project), Series 2019. Written submissions should be mailed in
sufficient time to be received before May 14, 2019.
THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF
MARICOPA, ARIZONA
/s/ Jeremy Stawiecki
President
4600903.1
05/30/19