HERITAGE ACADEMY 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 CHARTER SCHOOL REVENUE BONDS (HERITAGE ACADEMY –
MARICOPA CAMPUS PROJECT) SERIES 2019, IN ONE OR MORE
TAX-EXEMPT AND/OR TAXABLE SERIES, IN AN AGGREGATE
PRINCIPAL AMOUNT NOT TO EXCEED $20,000,000
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, the Issuer proposes to issue its Charter School Revenue Bonds (Heritage
Academy – Maricopa Campus Project) Series 2019 (the “Bonds”), in one or more tax-exempt
and/or taxable series, in an aggregate principal amount not to exceed $20,000,000, for the benefit
of Heritage Academy, Inc. (“Heritage” or 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”);
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer to the Borrower to,
together with other available moneys, (a) finance the costs of acquiring, constructing and
equipping the land and buildings located approximately northeast of the corner of Porter Road
and Bowlin Road, at the end of Adams Lane and Lucera Lane, Maricopa, Arizona, to be owned
by the Borrower (the “Facilities”), (b) fund any required reserve funds, (c) pay capitalized
interest on a portion of the Bonds, and (d) pay the costs incurred in connection with the
authorization, issuance and sale of the Bonds (collectively, the “Project”);
WHEREAS, on January 8, 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, the execution and delivery of a Trust Indenture, 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 will be set forth in the Trust 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 Maricopa County Board of Supervisors, together with the Issuer’s
Resolution;
Board of Supervisors Resolution

WHEREAS, the Maricopa County Board of Supervisors have been informed that the
documents have been reviewed by competent Bond Counsel, Gilmore & Bell, 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;
WHEREAS, pursuant to Section 147(f) of the Code, the Maricopa County Board of
Supervisors must approve the issuance of the Bonds after a public hearing following reasonable
public notice;
WHEREAS, following publication of a Notice of Public Hearing in The Record
Reporter on January 16, 2019, 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 January 31, 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 January 31,
2019, 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 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 $20,000,000 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 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.
Board of Supervisors Resolution 2
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ADOPTED AND APPROVED on February 13, 2019.
Chairman, Maricopa County Board of
Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
Board of Supervisors Resolution

NOTICE OF PUBLIC HEARING
PUBLIC NOTICE IS HEREBY GIVEN that a joint public hearing will be held by a
representative of The Industrial Development Authority of the County of Maricopa (the “Issuer”)
on behalf of the Issuer and the State of Arizona (the “Host”) on Thursday, January 31, 2019,
commencing at 9:30 a.m., MST, in the Maricopa County Administration Building, First Floor
Lobby, 301 West Jefferson, Phoenix, Arizona 85003, regarding the issuance by the Issuer of its
Charter School Revenue Bonds (Heritage Academy – Maricopa Campus Project) Series 2019
(the “Bonds”) to be issued in an aggregate principal amount not to exceed $20,000,000, in one or
more tax-exempt and/or taxable series.
The Issuer will loan the proceeds of the Bonds to Heritage Academy, Inc., an Arizona
nonprofit corporation and 501(c)(3) organization (the “Borrower”), for use to finance the
acquisition, construction and equipping of charter school facilities, comprised of approximately
10 acres of land and five buildings of approximately 73,000 square-feet, comprised of a single
story administrative building, two two-story classroom buildings, a gymnasium and a fine arts
building to be located thereon approximately northeast of the corner of Porter Road and Bowlin
Road, at the end of Adams Lane and Lucera Lane, Maricopa, Arizona (the “Project”), (including,
allocable amounts to fund any required reserve funds, pay capitalized interest on a portion of the
Bonds, and pay the costs of issuance of the Bonds).
The Project will be owned by the Borrower and used in connection with operation of a
charter school known as “Heritage Academy Maricopa”.
The principal of, premium, if any, and interest on the Bonds will not constitute an
indebtedness or liability of the Issuer, Maricopa County, Arizona, the Host, 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 published pursuant to the requirements of Section 147(f) of the
Internal Revenue Code of 1986. 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 Issuer at the following
address: 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: “Heritage Academy – Maricopa Campus Project.” Written submissions should be
mailed in sufficient time to be received before the time of the hearing.
THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF
MARICOPA
Board of Supervisors Resolution
4827-4813-3505, v. 4