MCIDA SUN VALLEY CHARTER 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 EDUCATION REVENUE BONDS (SUN VALLEY CHARTER
SCHOOL PROJECT), SERIES 2018, IN ONE OR MORE TAX-EXEMPT
AND/OR TAXABLE SERIES, IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $12,000,000
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 Education Revenue Bonds (Sun Valley
Charter School Project), Series 2018 (the “Bonds”), in one or more tax-exempt and/or taxable
series, in an aggregate principal amount not to exceed $12,000,000, for the benefit of Morrison
Education Group, Inc. (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”),
which operates a charter school known as “Sun Valley Charter School” established under
Arizona Revised Statutes Title 15, Chapter 1, Article 8, as amended;
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer to the Borrower to
(a) finance the costs of acquiring land located at the southeast corner of West Baseline Road and
South 27th Avenue in Phoenix, Arizona, and constructing, improving and equipping, as
applicable, buildings and amenities thereon (together, the “Facilities”) for use in connection with
its charter school operations, (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 February 13, 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 an Indenture of Trust, 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 Indenture of Trust and in the form of the Bonds;
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, Greenberg Traurig, LLP, 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, 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
Section 35-721.B of the Act;
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 $12,000,000 is approved for all purposes under the Act, including specifically Section
35-721.B.
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

ADOPTED AND APPROVED on February 21, 2018.
Chairman, Maricopa County Board of
Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
PHX 332619961v3
Board of Supervisors Resolution