RESOLUTION FOR IDA.DOCX

RESOLUTION
RESOLUTION OF THE BOARD OF SUPERVISORS OF
MARICOPA COUNTY, ARIZONA APPROVING THE
ISSUANCE BY THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE CITY OF PHOENIX, ARIZONA OF
NOT TO EXCEED $55,000,000 PRINCIPAL AMOUNT OF ITS
EDUCATION FACILITY REVENUE BONDS, AT THE
REQUEST OF GREAT HEARTS ACADEMIES
WHEREAS, The Industrial Development Authority of the City of Phoenix,
Arizona (the “Authority”) proposes to issue its Education Facility Revenue Bonds at the request
of Great Hearts Academies, an Arizona nonprofit corporation (“Great Hearts” or the
“Borrower”), in a principal amount not to exceed $55,000,000 (the “Bonds”) and to loan the
proceeds from the sale of the Bonds to Great Hearts for the purpose of financing or refinancing
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 and to
fund certain costs of issuance, capitalized interest and a debt service reserve fund in connection
therewith, three such charter school facilities being (a) the Archway Classical Academy –
Glendale and Glendale Preparatory Academy campus at 23276 North 83rd Avenue, Peoria,
Maricopa County, Arizona, (b) the Scottsdale Preparatory Academy campus located at 16537
North 92nd Street, Scottsdale, Maricopa County, Arizona, and (c) the Scottsdale Preparatory
Academy athletic fields to be located at 9112 East Verde Grove View, Scottsdale, Maricopa
County, Arizona (collectively, the “Maricopa County Projects”); and
WHEREAS, prior to the issuance of the Bonds, the Borrower and the Authority
must satisfy the public hearing and approval requirements of Section 147(f) of the Internal
Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder
(the “Regulations”), which require that the “governmental unit having jurisdiction over the area
in which any facility, with respect to which the financing is to be provided from the net proceeds
of such issue, is located” approve the Bonds; and
WHEREAS, Maricopa County is a governmental unit having jurisdiction over the
area of Maricopa County in which the Maricopa County Projects will be located and Maricopa
County is a governmental unit which must approve the issuance of the Bonds for the purpose of
satisfying the requirements of Section 147(f) of the Code; and
WHEREAS, this Board is the governing body of Maricopa County and the
individuals who are members of this Board are the highest elected officials of Maricopa County;
and
WHEREAS, the Borrower has requested Maricopa County to approve the
issuance of the Bonds, a portion of which, in an amount not to exceed $34,000,000, will be for
the Maricopa County Projects in order to satisfy the requirements of Section 147(f) of the Code;
and

WHEREAS, the Bonds will be special limited obligations of the Authority and
will not be a debt, obligation or liability of Maricopa County; and
WHEREAS, on January 11, 2016, at 8:30 A.M., Shelby Scharbach, Assistant
County Manager and Chief Financial Officer of Maricopa County, an authorized representative
of Maricopa County, held and conducted a public hearing (the “Public Hearing”) on behalf of
Maricopa County, after reasonable public notice given by publication in the Record Reporter on
December 28, 2015 (a copy of the Notice of Public Hearing being attached hereto as Exhibit A),
for the purposes of satisfying the requirements of Section 147(f) of the Code; and
WHEREAS, the Borrower has executed and delivered to Maricopa County, an
Indemnification Agreement in a form acceptable to Maricopa County; and
WHEREAS, following the Public Hearing this Board was provided a Report of
Public Hearing which has been reviewed and considered by this Board, such report indicating
that no persons requested to comment or be heard at the Public Hearing with respect to any
aspect of the Maricopa County Projects or the proposed issuance of Bonds to finance any portion
of the Maricopa County Projects.
NOW, THEREFORE, BE IT RESOLVED by the Board of Supervisors of
Maricopa County, Arizona as follows:
1. The holding and conducting of a public hearing on behalf of Maricopa
County on January 11, 2016, pursuant to the Notice of Public Hearing
attached hereto as Exhibit A, is hereby ratified, approved and confirmed.
2. Solely for the purpose of satisfying the requirements of Section 147(f) of
the Code, the issuance of the Bonds by the Authority to provide funds to
finance or refinance the Maricopa County Projects is approved, subject to
the Bonds receiving any required approvals of the Authority.
3. The Bonds shall not constitute a debt, obligation or liability of Maricopa
County or any political subdivision of Maricopa County, and neither
Maricopa County or any political subdivision of Maricopa County shall be
obligated for the payment of the Bonds, for the manner or extent to which
the proceeds from the sale of the Bonds are expended or for any aspect of
the acquisition, construction, renovation, improving or equipping of the
Maricopa County Projects.
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ADOPTED AND APPROVED this 13th day of January, 2016.
Chairman, Board of Supervisors
Maricopa County, Arizona
ATTEST:
Clerk, Board of Supervisors
Maricopa County, Arizona
PHX 331621220v3
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