MCIDA OTTAWA UNIVERSITY 2018 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 EDUCATIONAL FACILITIES REVENUE BONDS (OTTAWA
UNIVERSITY–O’DELL ATHLETIC COMPLEX), SERIES 2018, IN ONE
OR MORE 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 Educational Facilities Revenue Bonds
(Ottawa University – O’Dell Athletic Complex) (together, the “Bonds”), in one or more series, in
an aggregate principal amount not to exceed $20,000,000, for the benefit of Ottawa University
(the “Borrower”), a Kansas nonprofit corporation and liberal arts college founded in 1865 at its
main campus located in Ottawa, Kansas with a satellite campus in Surprise, Arizona that opened
in Fall 2017, 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 (a)
finance or refinance, as applicable, construction of and improvements to the athletic facilities on
its Surprise campus located at 14440 West Tierra Buena Lane, Surprise, Arizona 85374, (b)
refinance the acquisition and renovation of a building located at 9414 N. 25th Ave in Phoenix,
Arizona 85021, (c) fund any required reserve funds, (d) pay capitalized interest on a portion of
the Bonds, and (e) pay costs incurred in connection with the authorization, issuance and sale of
the Bonds (collectively, the “Project”);
WHEREAS, on August 14, 2018, 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 Financing Agreement, 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 are set forth in the Financing Agreement and in the form of the Bonds;
{0005820.0000/00872365.DOCX / }Board of Supervisors Resolution

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, PC, 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 June 15, 2018, 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 July 17, 2018, 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
July 17, 2017, 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.
{0005820.0000/00872365.DOCX / }Board of Supervisors Resolution 2

ADOPTED AND APPROVED on August 15, 2018.
Chairman, Maricopa County Board of
Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
{0005820.0000/00872365.DOCX / }Board of Supervisors Resolution

NOTICE OF PUBLIC HEARING
Public notice is hereby given that a public hearing will be held by a representative of
The Industrial Development Authority of the County of Maricopa (the “Authority”) on
July 17, 2018, commencing at 9:00 a.m., Mountain Standard Time, in the Maricopa County
Administration Building, First Floor Lobby, 301 West Jefferson, Phoenix, Arizona 85003,
regarding the proposed issuance by the Authority of its Educational Facilities Revenue Bonds
(Ottawa University – O’Dell Center for Athletics Project) Series 2018, to be issued in one or
more series of tax-exempt bonds in an aggregate principal amount not to exceed $25,000,000
(the “Bonds”).
The proceeds of the Bonds will be loaned to and used by Ottawa University, a Kansas
nonprofit organization founded in 1865 (the “Borrower”), to (i) finance or refinance the
construction, renovation, furnishing, improving and equipping of athletic facilities on its
Surprise, Arizona campus located at 14440 West Tierra Buena Lane, Surprise, Arizona 85374,
(ii) refinance the acquisition and renovation of a building located at 9414 N. 25th Ave, Phoenix,
Arizona 85021, (iii) establish any necessary reserves and/or pay capitalized interest, and (iv) pay
a portion of the costs of issuance of the Bonds (the “Project”).
The principal of, premium, if any, and interest on the Bonds will not constitute an
indebtedness or liability of the Authority, Maricopa County, the State of Arizona, 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, as amended. Any interested persons may attend or send written
comments and express their views with respect to the Bonds, and the location and nature of the
proposed Project. Any written comments should be submitted to The Industrial Development
Authority of the County of Maricopa c/o Maricopa County, 10th Floor, 301 West Jefferson,
Phoenix, Arizona 85003, Attention: President, clearly marked: “Ottawa University Project” for
receipt prior to the time of the hearing.
THE INDUSTRIAL DEVELOPMENT AUTHORITY OF
THE COUNTY OF MARICOPA
{0005820.0000/00872365.DOCX / }Board of Supervisors Resolution