COFFELT-LAMOREAUX 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 MULTIFAMILY HOUSING REVENUE BONDS (COFFELT-
LAMOREAUX APARTMENT HOMES PROJECT) SERIES 2016, IN ONE
OR MORE TAX-EXEMPT AND/OR TAXABLE SERIES, IN AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000
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 Multifamily Housing Revenue Bonds
(Coffelt-Lamoreaux Apartment Homes Project) Series 2016 (the “Bonds”), in one or more
tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $25,000,000,
for the benefit of Coffelt-Lamoreaux, LLC (the “Borrower”), a Wisconsin limited liability
company;
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 approximately 296-unit multifamily public housing project located at 1510 South
19th Drive in Phoenix, Arizona, known as the Coffelt-Lamoreaux Apartment Homes or similar
name; (b) fund any required reserves; (c) pay capitalized interest, if any, on the Bonds; and (d) pay
the costs incurred in connection with the authorization, issuance and sale of the Bonds (the
“Project”).
WHEREAS, on December 8, 2015, 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;
Board of Supervisors Resolution
4851-6329-1945.1

WHEREAS, the Maricopa County Board of Supervisors have been informed that the
documents have been reviewed by competent Bond Counsel, Kutak Rock 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 May 6, 2015, 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
June 9, 2015, 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 June 9,
2015 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 $25,000,000 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
4851-6329-1945.1

ADOPTED AND APPROVED on December 9, 2015.
Chairman, Maricopa County Board of
Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
Board of Supervisors Resolution
4851-6329-1945.1

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 June 9, 2015, commencing at 8:30 a.m., MST, in the Maricopa County Administration
Building, First Floor Lobby, 301 West Jefferson, Phoenix, Arizona 85003, regarding the Issuer’s
Multifamily Housing Revenue Bonds (Coffelt-Lamoreaux Apartment Homes) Series 2015 (the
“Bonds”) to be issued in an aggregate principal amount not to exceed $25,000,000, in one or
more tax-exempt and/or taxable series.
The proceeds of the Bonds will be used to make a loan to Coffelt-Lamoreaux, LLC, a
Wisconsin limited liability company (the “Borrower”), of which the Housing Authority of
Maricopa County, an instrumentality of the County of Maricopa, will have an ownership interest,
to (a) finance the acquisition, construction, improvement and equipping of an approximately
296-unit multifamily public housing project located at 1510 S. 19th Drive in Phoenix, Arizona,
known as the Coffelt-Lamoreaux Apartment Homes or similar name (the “Project”), (b) fund any
required reserves, (c) pay capitalized interest, if any, on the Bonds, and (d) pay the costs incurred
in connection with the authorization, issuance and sale of the Bonds.
The Project will be owned and operated by the Borrower, or an affiliate of the Borrower.
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: “Coffelt-Lamoreaux
Apartment Homes”. 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
Board of Supervisors Resolution
4851-6329-1945.1