MCIDA CAMELBACK ACADEMY BS RESOLUTION.DOC

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 (CAMELBACK ACADEMY PROJECT), SERIES 2017, IN
ONE OR MORE TAX-EXEMPT AND/OR TAXABLE SERIES, IN A PRINCIPAL
AMOUNT NOT TO EXCEED $5,200,000
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,
A.R.S. § 35-701 et sec. (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, Camelback Education Inc., dba Camelback Academy ("Camelback Academy") and
Camelback Community Church, both Arizona nonprofit corporations and both organizations described
under Section 501(c)(3) of the Code (collectively, the “Borrower”), have requested that the Authority issue
its Education Revenue Bonds, in one or more tax-exempt and/or taxable series in an aggregate principal
amount not to exceed $5,200,000 (the "Bonds"), and loan the proceeds thereof to the Borrower for the
purpose of (i) financing and refinancing the construction, improvement, and equipping of the educational
facilities located at 7634 West Camelback Road, Glendale, Arizona; and (ii) paying certain costs and
expenses incidental thereto (collectively, the “Project”), all as permitted by the Act;
WHEREAS, the proceeds of the Bonds will be loaned to the Borrower pursuant to the terms and
conditions set forth in a Financing Agreement (the “Financing Agreement”), to be entered into among the
Authority, Compass Mortgage Corporation, (the "Bond Purchaser") and the Borrower;
WHEREAS, the Authority has heretofore resolved (the “Authority’s Resolution”) to issue the
Bonds, the Authority’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 Authority’s Resolution has been made available to Maricopa County Board of
Supervisors, and the 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 Authority’s Resolution, the Financing Agreement, and 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 Authority’s Resolution and in the form of the Bonds;
WHEREAS, the Maricopa County Board of Supervisors have been informed that the documents
relating to the issuance of the Bonds have been reviewed by competent Bond Counsel, Burr and Forman,
LLP, and by counsel to the Authority and such counsel have 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;
Board of Supervisors Resolution
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WHEREAS, following publication of a Notice of Public Hearing in Arizona Capitol Times on
June 2, 2017, 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 June, 20, 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; and
WHEREAS, a Report of Public Hearing regarding the Public Hearing held on June 20, 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 (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 in an aggregate principal amount not to
exceed $5,200,000 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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Board of Supervisors Resolution
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ADOPTED AND APPROVED this ____ day of June, 2017.
Chairman, Maricopa County Board of Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
Board of Supervisors Resolution
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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 Tuesday, June
20, 2017, commencing at 8:45 a.m., MST, in the Maricopa County Administration Building, First Floor
Lobby, 301 West Jefferson, Phoenix, Arizona 85003, regarding the proposed issuance by the Authority of
its Education Revenue Bonds Camelback Academy Project, Series 2017 (the “Bonds”), in one or more
tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $5,200,000.
Camelback Education, Inc. dba Camelback Academy ("Camelback Academy") and Camelback
Community Church (collectively, the "Borrower"), are both Arizona nonprofit corporations and both
exempt organizations under Section 501(c)(3) of the Internal Revenue Code of 1986. The Authority
proposes to loan the proceeds to the Borrower for the purpose of: (i) financing and refinancing the
construction, improvement, and equipping of the educational facilities located at 7634 West Camelback
Road, Glendale, Arizona; and (ii) paying certain costs and expenses incidental thereto (collectively,
the “Project”). The Borrower, or its affiliates, is and will be the owner and operator of the Project.
The principal of, premium, if any, and interest on the Bonds will not constitute an indebtedness or
liability of the Authority, the County of Maricopa, 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.
The public hearing is required by Section 147(f) of the Code. At the time and place set for the public
hearing, interested persons will be given the opportunity to express their views on the proposed issue of
Bonds, and the location and nature of the proposed Project to be financed. Any written comments should
be submitted to The Industrial Development Authority of the County of Maricopa c/o Maricopa County,
301 West Jefferson, 10th Floor, Phoenix, Arizona 85003, Attention: President, and clearly marked:
“Camelback 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
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