MCIDA MARIPOSA POINT OF MESA 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 FIRST MORTGAGE REVENUE BONDS (MARIPOSA POINT OF
MESA PROJECT) SERIES 2016, IN ONE OR MORE TAX-EXEMPT
AND/OR TAXABLE SERIES, IN AN AGGREGATE PRINCIPAL
AMOUNT NOT TO EXCEED $17,000,000
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 First Mortgage Revenue Bonds (Mariposa
Point of Mesa Project) Series 2016 (the “Bonds”), in one or more tax-exempt and/or taxable
series, in an aggregate principal amount not to exceed $17,000,000, for the benefit of Mesa AL
Partners, LP, a Texas limited partnership or one of its affiliates (the “Borrower”);
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer to the Borrower to,
together with other available moneys, (a) finance the acquisition, construction, improvement and
equipping of an assisted living and memory care facility, consisting of approximately 49 assisted
living units and approximately 30 memory care units, to be located at 1248 South Crismon Road
in Mesa, Arizona, and known as Mariposa Point of Mesa or similar name (the “Facility”); (b)
fund a reserve fund with respect to the Bonds; (c) pay capitalized interest on a portion of the
Bonds; (d) fund a working capital fund, and (e) pay the costs incurred in connection with the
authorization, issuance and sale of the Bonds (collectively, the “Project”);
WHEREAS, on April 12, 2016, the Issuer approved a resolution (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, 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 and in the form of the Bonds;
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;
Board of Supervisors 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
Internal Revenue Code of 1986 (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 April 13, 2016, 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 April 28, 2016, 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 April 28,
2016 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 $17,000,000 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 May 4, 2016.
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 April 28, 2016, 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
First Mortgage Revenue Bonds (Mariposa Point of Mesa Project) Series 2016 (the “Bonds”) to
be issued in an aggregate principal amount not to exceed $17,000,000, in one or more
tax-exempt and/or taxable series.
The proceeds of the Bonds will be used to make a loan to Mesa AL Partners, LP, a Texas
limited partnership or one of its affiliates (the “Borrower”), to (a) finance the acquisition,
construction, improvement and equipping of an assisted living and memory care facility,
consisting of approximately 49 assisted living units and approximately 30 memory care units in
an approximately 63,000 square feet, one-story facility, to be located at 1248 South Crismon
Road in Mesa, Arizona, and known as Mariposa Point of Mesa or similar name (the “Project”);
(b) fund a reserve fund with respect to the Bonds; (c) pay capitalized interest on a portion of the
Bonds; (d) fund a working capital fund, and (e) pay the costs incurred in connection with the
authorization, issuance and sale of the Bonds.
The Borrower or its affiliates, successors or assigns will own and operate the Project.
The principal of, premium, if any, and interest on the Bonds will not constitute an
indebtedness or liability of the Issuer, 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.
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: “Mariposa Point of Mesa.”
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
PHX 331693358v4
Board of Supervisors Resolution