FRANMAR MANOR BOS RESOLUTION.PDF

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 TAX-EXEMPT MORTGAGE-BACKED
BONDS (M-TEMS) SERIES 2019 (FRANMAR MANOR APARTMENTS), IN
ONE OR MORE TAX-EXEMPT AND/OR TAXABLE SERIES, IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $8,500,000, AND
RELATED MATTERS
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 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 Authority proposes to issue its Multifamily Tax-Exempt Mortgage-backed
Bonds (M-TEMS) Series 2019 (Franmar Manor Apartments) (the “Bonds”), in one or more tax-exempt
and/or taxable series, in an aggregate principal amount not to exceed $8.500,000, for the benefit of
Franmar Affordable Housing, L.P., an Arizona limited partnership (the “Borrower”), or its affiliate;
WHEREAS, the proceeds of the Bonds will be loaned by the Authority to the Borrower (or its
affiliate) for the purpose of (i) financing a portion of the costs of the acquisition, rehabilitation and
equipping of an existing 78-unit multifamily residential rental housing property commonly known as
Franmar Manor Apartments, located at 3825 West McDowell Road, Phoenix, Arizona, which may
include capitalized interest and deposits to certain reserves, and (ii) paying certain costs and expenses
related to the issuance of the Bonds (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 Bonds, the Authority’s Resolution being conditioned upon, among other
things, the granting of approval of the issuance of the Bonds 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 Bonds, the execution and delivery of the Indenture, the Financing Agreement, the Regulatory
Agreement and the Bond Purchase Agreement, and the distribution of an Official Statement (as such
terms are defined in the Authority’s Resolution), and such other documents, instruments and matters as
required for the issuance of the Bonds;
WHEREAS, the terms, maturity or 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 attached to such
Indenture;
WHEREAS, copies of certain documents providing for the issuance of the Bonds 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, Orrick, Herrington & Sutcliffe LLP (“Bond
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Counsel”), and Bond Counsel has determined that the documents adequately meet the requirements of
the Act and 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 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
November 30, 2018 (the “Notice”), a public hearing with respect to the Bonds 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 December 14, 2018, 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 Bonds 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 Bonds for the Project in an aggregate principal
amount not to exceed $8,500,000 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 Bonds.
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ADOPTED AND APPROVED this ___ day of January 2019.
Chairman, Maricopa County Board of Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
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NOTICE OF PUBLIC HEARING
Notice is hereby given that on December 14, 2018, 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 $8,500,000. The Bonds
will be issued for the purpose of providing funds to make a loan (the “Loan”) to Franmar Affordable
Housing, L.P. (the “Borrower”) to finance or refinance a portion of the costs of the acquisition,
rehabilitation, construction and equipping of a 78-unit apartment project known as the Franmar Manor
(the “Project”) located at 3825 West McDowell Road, Phoenix, Arizona 85009.
The hearing will commence at 9:30 a.m., December 14, 2018, 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 Bonds 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 Bonds (Franmar Manor Project) Series 2018. Written
submissions should be mailed in sufficient time to be received before December 14, 2018.
THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MARICOPA
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