IRONHORSE AT TRAMONTO 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 MULTIFAMILY
HOUSING REVENUE BONDS (IRONHORSE AT TRAMONTO PROJECT)
SERIES 2016, IN ONE OR MORE TAX-EXEMPT AND/OR TAXABLE SERIES,
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $35,000,000
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 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 Authority proposes to issue its Multifamily Housing Revenue Bonds (Ironhorse
at Tramonto Apartments Project) Series 2016 (the “Bonds”), in one or more tax-exempt and/or taxable
series, in an aggregate principal amount not to exceed $35,000,000, for the benefit of Tramonto
Apartments LLC, a Delaware limited liability company (the “Borrower”);
WHEREAS, the proceeds of the Bonds will be loaned by the Authority to the Borrower for the
purpose of (i) financing a portion of the costs of the acquisition, rehabilitation, equipping and operation of
an approximately 324-unit multifamily residential rental housing property commonly known as Ironhorse at
Tramonto Apartments, located at 34807 North 32nd Drive in Phoenix, Arizona, and (ii) paying certain costs
and expenses related to the issuance of the Bonds (collectively, the “Project”), all as permitted by the Act;
WHEREAS, on March 8, 2016, the Authority 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 the 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 Indenture, the Loan Agreement, the Land Use Restriction
Agreement and the Tax Certificate (as such terms are defined in the Indenture), 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 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 Authority’s Resolution;
WHEREAS, the Maricopa County Board of Supervisors have been informed that the documents
have been reviewed by competent Bond Counsel, Lewis Roca Rothgerber Christie LLP, and Bond
Counsel has 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;
Board of Supervisors Resolution 7349798_2

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 Arizona Republic on
February 12, 2016, 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 March 8, 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 March 8, 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 (i) Section 35-721.B of the
Act, and (ii) 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 Authority of the Bonds in an aggregate principal amount not to
exceed $35,000,000 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.
[Remainder of Page Intentionally Left Blank]
Board of Supervisors Resolution 7349798_2

ADOPTED AND APPROVED on March ___, 2016.
Chairman, Maricopa County Board of Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
Board of Supervisors Resolution 7349798_2

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, March
8, 2016, commencing at 8:30 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 Multifamily Housing Revenue Bonds (Ironhorse at Tramonto Project), Series 2016 (the “Bonds”), in
one or more tax-exempt and/or taxable series, in an aggregate principal amount not to exceed
$35,000,000.
The proceeds of the Bonds will be loaned to Tramonto Apartments LLC, a Delaware limited liability
company (the “Borrower”), to (I) finance a portion of the costs of the acquisition, rehabilitation,
equipping and operation of a 324-unit multifamily residential rental housing project commonly known as
“Ironhorse at Tramonto Apartments”, located at 34807 North 32nd Drive in Phoenix, Arizona (the
“Facility”), and (ii) paying certain costs and expenses related to the issuance of the Bonds (collectively,
the “Project”). The Facility will be owned by the Borrower.
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.
This public notice is published pursuant to the requirements of Section 147(f) of the Internal Revenue
Code of 1986, as amended. 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: “Ironhorse at Tramonto 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
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