MCIDA 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
PROJECTS) SERIES 2017, IN ONE OR MORE TAX-EXEMPT AND/OR
TAXABLE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT
TO EXCEED $34,000,000
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 Projects) Series 2017 (the “Bonds”), in one or more tax-exempt and/or taxable series,
in an aggregate principal amount not to exceed $34,000,000, for the benefit of Heritage
Academy Laveen, Inc. (“Heritage Laveen” 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”) and Heritage Academy Queen Creek, Inc. (“Heritage Gateway”), an
Arizona nonprofit corporation and an organization described in Section 501(c)(3) of 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, improving,
renovating and equipping, as applicable, the land and building located at 4275 West Baseline
Road, Laveen, Arizona, to be owned by Heritage Laveen (the “Laveen Campus”), (b) finance the
costs of acquiring, constructing, improving, renovating and equipping, as applicable, the land
and building located at 19705 East Germann Road, Queen Creek, Arizona, to be owned by
Heritage Gateway (the “Gateway Campus”), (c) fund any required reserve funds, (d) pay
capitalized interest on a portion of the Bonds, and (e) pay the costs incurred in connection with
the authorization, issuance and sale of the Bonds (collectively, the “Project”);
WHEREAS, on October 10, 2017, 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 Bond 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 are set forth in the Bond Indenture 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, 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 September 1, 2017, 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 September 15, 2017, 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 September
15, 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 $34,000,000 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

ADOPTED AND APPROVED on October 25, 2017.
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 public hearing will be held by a
representative of The Industrial Development Authority of the County of Maricopa (the “Issuer”)
on September 15, 2017, commencing at 9:00 a.m., MST, in the Maricopa County Administration
Building, First Floor Lobby, 301 West Jefferson, Phoenix, Arizona 85003, regarding the Issuer’s
Charter School Revenue Bonds (Heritage Academy Projects) Series 2017 (the “Bonds”) to be
issued in an aggregate principal amount not to exceed $34,000,000, in one or more tax-exempt
and/or taxable series.
The Issuer will loan the proceeds of the Bonds to Heritage Academy Laveen, Inc., an
Arizona nonprofit corporation and 501(c)(3) organization (the “Borrower”), for use to (a) with
not to exceed $17,000,000 aggregate principal amount of such Bond proceeds finance the
acquisition of charter school facilities, comprised of approximately six acres of land and an
approximately 42,500 square-foot, four story building located thereon at 4275 West Baseline
Road, Laveen, Arizona, and the construction and equipping of an approximately 22,000 square-
foot gymnasium/auditorium thereon (collectively, the “Laveen Campus”), and (b) with not to
exceed $17,000,000 aggregate principal amount of such Bond proceeds, finance the acquisition
of charter school facilities comprised of approximately six acres of land and an approximately
42,500 square-foot, four-story building located thereon at 19705 East Germann Road, Queen
Creek, Arizona, and the construction and equipping of an approximately 22,000 square-foot
gymnasium/auditorium thereon (collectively, the “Gateway Campus” and, together with the
Laveen Campus, the “Project”) (including, in each case, 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 Laveen Campus will be owned by the Borrower and used in connection with
operation of a charter school known as “Heritage Academy Laveen” and the Gateway Campus
will be owned by Heritage Academy Queen Creek, Inc., an Arizona nonprofit corporation and
501(c)3 organization and affiliate of the Borrower, and used in connection with operation of a
charter school known as “Heritage Academy Gateway”.
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 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. 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 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 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