NOTICE OF PUBLIC HEARING (TEFRA APPROVAL).DOCX

NOTICE OF PUBLIC HEARING
FOR MARICOPA COUNTY, ARIZONA
WITH RESPECT TO AN AMOUNT NOT TO EXCEED
$55,000,000 OF THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF PHOENIX, ARIZONA
EDUCATION FACILITY REVENUE BONDS
Notice is hereby given that on Monday, January 11, 2016, a public hearing, as required
by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), will be held
by a representative of Maricopa County, Arizona with respect to a proposed plan of finance and
the proposed issuance by The Industrial Development Authority of the City of Phoenix, Arizona
(the “Authority”) of Education Facility Revenue Bonds in one or more series (the “Bonds”), in
an aggregate amount not to exceed $55,000,000. The hearing will commence at 8:30 a.m., or as
soon thereafter as the matter can be heard, and will be held in the first floor lobby, County
Administration Building, 301 West Jefferson, Phoenix, Arizona 85003.
The Bonds are expected to be issued by the Authority pursuant to the Industrial
Development Financing Act, Arizona Revised Statutes Sections 35-701 through 761 inclusive, as
amended, and pursuant to the plan of finance the proceeds from the sale of the Bonds will be
loaned by the Authority to Great Hearts Academies, an Arizona nonprofit corporation and
501(c)(3) organization (the “Borrower”), and used to (1) finance and refinance various capital
projects as hereinafter described, (2) pay costs of issuance, (3) fund capitalized interest, and
(4) fund a debt service reserve fund in connection therewith.
The proceeds of the Bonds will be used, in part, to finance or refinance the cost of
acquiring, constructing, renovating, improving and equipping, and/or any other capital
expenditures and related expenses, as applicable, of charter school educational facilities at the
following locations, and to fund certain costs of issuance, capitalized interest and a debt service
reserve fund in connection therewith: (a) an approximately 75,000 square-foot, one-story
building at 23276 North 83rd Avenue, Peoria, Arizona (the “Glendale Campus”), in an amount
not to exceed $16,000,000, and (b) an approximately 82,000 square-foot, two-story building at
16537 North 92nd Street, Scottsdale, Arizona (the “Existing Scottsdale Prep Campus”), and
approximately 3.35 acres of land with regulation football and soccer fields, lighting, restrooms
and parking thereon at 9112 East Verde Grove View, Scottsdale, Arizona (the “Scottsdale Prep
Athletic Fields” and, together with the Existing Scottsdale Prep Campus, the “Scottsdale Prep
Campus”), in an amount not to exceed $18,000,000 (collectively the “Maricopa County
Projects”).
The facilities financed and/or refinanced with the proceeds of the Bonds are, or will be,
owned by the Borrower and will continue to be, or will be, leased to (a) with respect to the
Glendale Campus, Archway Classical Academy – Glendale and Glendale Preparatory Academy,
and (b) with respect to the Scottsdale Prep Campus, Scottsdale Preparatory Academy, each of
which is an Arizona nonprofit corporation and 501(c)(3) organization whose sole member is the
Borrower.

The Bonds will be limited obligations of the Authority payable solely from the loan
repayments to be made by the Borrower to the Authority, certain funds and accounts established
by the Indenture of Trust for the Bonds, and any security and/or credit enhancement provided, or
obtained, by the Borrower for such purpose.
This notice is being provided on behalf of Maricopa County at the request of the
Borrower. The public hearing will provide a reasonable opportunity to be heard for persons
wishing to express their views on the merits of the Maricopa County Projects, their locations, the
issuance of the Bonds, the plan of finance or related matters. Persons with disabilities who may
need assistance should contact Ms. Shelby Scharbach at (602) 506-1367 at least 24 hours prior to
the hearing.
PHX 331621221v3
2