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A PROFESSIONAL CORPORATION
One North Central Avenue, Suite 1200
Phoenix, Arizona 85004-4417
P 602.440.4800 F- 602.257.9582
Offices in Arizona & Colorado
wvipdvJcaesom-
William F. Wilder
Direct Line: 602-440-4802
Direct Fax: 602-257-6902
E-mail: wwilderArcalaw.com
August 13, 2018
Board of Supervisors
of the County of Maricopa
Re: Not to Exceed $140,000,000 Colorado Health Facilities Authority
Revenue Improvement and Refunding Bonds (Bethesda Foundation
Project) Series 2018
Gentlemen:
The Colorado Health Facilities Authority ("COHFA") is issuing its Revenue
Improvement and Refunding Bonds (Bethesda Foundation Project), Series 2018 in an amount
not to exceed $140,000,000 (the "Bonds") with the proceeds to be used to finance or refinance
senior living facilities owned by Bethesda Foundation and located in Maricopa County,
Arizona, as well as in Missouri, Indiana, Nebraska, Texas and Colorado.
Section 147(f) of the Internal Revenue Code of 1986 (the -Code") requires, for
bonds to be issued on a tax-exempt basis, that a public hearing be held not only in Colorado
where the Bonds will be issued by the COHFA, but in each location where the bond proceeds
will be expended, one of these locations being in Maricopa County, Arizona (specifically, the
Bethesda Gardens Senior Living Facility at 13825 North Cave Creek Road, Phoenix, Arizona).
As an accommodation, this matter has been discussed with Shelby Scharbach and
a representative of The Industrial Development Authority of the County of Maricopa (the
"Maricopa IDA") will conduct the required public hearing on August 27, 2018, and provide the
Board of Supervisors and Clerk of the Board of Supervisors with a report of public hearing.
At the Board of Supervisors meeting on August 29, 2018, the Board of
Supervisors is being asked to adopt a resolution, a form of which has been submitted to
Maricopa County, approving the issuance of the Bonds for the purpose of satisfying the
requirements of Section 147(f) of the Code.
The local public hearing is being done as an accommodation to the COHFA
inasmuch as it is likewise accommodating the Maricopa IDA in conducting a Section 147(1)
approval for a pending Banner Health financing proceeding through the Maricopa IDA, which
is issuing bonds for various healthcare facilities owned by Banner Health, one of which is in
Colorado. (For this Banner Health financing, the Board of Supervisors in both Pima and Gila
Counties are providing Section 147(f) of the Code approvals also.)
4430083.1
08/13/18
Board of Supervisors
Maricopa County, Arizona
August 13, 2018
Page 2
If or to the extent you have any questions, please contact me.
Yours very truly,
cc: Ms. Shelby L. Scharbach
Andrea Cummings, Esq.
Ms. Fran McCarroll