HORIZON COMMUNITY LEARNING CENTER 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 REFUNDING BONDS (HORIZON
COMMUNITY LEARNING CENTER PROJECT), SERIES 2016, IN ONE
OR MORE TAX-EXEMPT AND/OR TAXABLE SERIES, IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $30,000,000
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, Horizon Community Learning Center, 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”), that operates charter schools established under Arizona
Revised Statutes Title 15, Chapter 1, Article 8, as amended, previously borrowed the proceeds of
$32,845,000 aggregate principal amount of Education Revenue Refunding Bonds (Horizon
Community Learning Center Project), Series 2005 (the “Bonds Being Refunded”), issued by The
Industrial Development Authority of the County of Pima to, among other things, refund in
advance of maturity all of the outstanding $29,590,000 original aggregate principal amount of
Education Revenue Bonds (Horizon Community Learning Center Project), Series 2000 issued by
the Issuer, which were issued to assist the Borrower in financing the costs of acquiring,
constructing, renovating, improving and equipping, as applicable, land and buildings located at
16233 South 48th Street in Phoenix, Arizona (the “Facilities”), which are used by the Borrower in
connection with its charter school operations;
WHEREAS, the Issuer proposes to issue its Education Revenue Refunding Bonds
(Horizon Community Learning Center Project), Series 2016 (the “Bonds”), in one or more
tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $30,000,000,
for the benefit of the Borrower;
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer to the Borrower to
(a) refinance the costs of acquiring, constructing, renovating, improving and equipping, as
applicable, the Facilities by refunding the Bonds Being Refunded, (b) fund any required reserve
funds, and (c) pay the costs incurred in connection with the authorization, issuance and sale of the
Bonds (the “Project”).
WHEREAS, on March 8, 2016, 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 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;
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, 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 $30,000,000 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.
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ADOPTED AND APPROVED on March __, 2016.
Chairman, Maricopa County Board of
Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
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