CHRISTIAN CARE SURPRISE SERIES B BS RESOLUTION.PDF

A RESOLUTION OF THE MARICOPA COTINTY BOARD OF SUPERVISORS
APPROVING THE ISSUANCE BY THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MARICOPA OF ITS SUBORDINATE
SENIOR LIVING FACILITY REVENUB BONDS (CHRISTIAN CARE
SURPRISB,INC. PROJECT), SERIES 20158, IN ONE OR MORE TAX-EXEMPT
AND/OR TAXABLE SERIES, IN AN AGGREGATE PRINCIPAL AMOT.INT NOT
TO EXCEED S15,000,000
WHBREAS, 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 Subordinate Senior Living Facility Revenue Bonds
(Christian Care Surprise, Inc. Project), Series 20158 (the"Subordinate Bonds"), in one or more
tax-exempt and/or taxable series, in an aggregate principal amount not to exceed $15,000,000, for the
benefit of Christian Care Surprise, Inc., (the "Borrower"), an Anzona nonprofit corporation and an exempt
organization described under Section 501(c)(3) of the Intemal Revenue Code of 1986, as amended (the
"Code");
WHEREAS, the proceeds of the Subordinate Bonds will be loaned by the Issuer to the Borrower
to, together with other available moneys, (a) finance a portion of the cost of acquiring, constructing and
equipping a 313-unit senior living facility to be located at North Sarival Avenue and south of West Bell
Road in Surprise, Arizona, (b) fund a debt service reserye fund for the Subordinate Bonds, and (c) pay
certain costs and expenses incidental thereto (collectively, the "Project"), all in accordance with the Act;
WHEREAS, on September 15,2015, the Issuer resolved (the "Issuer's Resolution") to issue the
Subordinate Bonds, the Issuer's Resolution being conditioned upon, among other things, the granting of
approval to the issuance of the Subordinate Bonds by the Maricopa County Board of Supervisors;
WIIERBAS, 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
Subordinate Bonds, the execution and delivery of the Subordinate Trust Indenture, the Subordinate
Financing Agreement, the Subordinate Security Instrument, the Tax Agreement, and the Bond Purchase
Agreement (as such terms are defined in the Subordinate Trust Indenture), and such other documents as
required for the issuance of the Subordinate Bonds;
WHEREAS, the terms, maturities, provisions for redemption, security, and sources of payment
for the Subordinate Bonds are set forth in the Subordinate Trust Indenture and in the form of the
Subordinate Bonds;
WHBRBAS, information regarding the issuance of the Subordinate Bonds has been made
available to the Maricopa County Board of Supervisors, together with the Issuer's Resolution;
WHBRBAS, the Maricopa County Board of Supervisors have been informed that the documents
have been reviewed by competent Bond Counsel, Lewis Roca Rothgerber LLP, and Bond Counsel has
determined that the documents adequately meet the requirements of the Act and the Code;
Board of Supervisors Resolution (Series 201 58) s951788 s

WHEREAS, pursuant to Section 35-121.8 of the Act, the proceedings of the Issuer under which
the Subordinate Bonds are to be issued require the approval of the Maricopa County Board of Supervisors
for the issuance of the Subordinate Bonds;
WHEREAS, pursuant to Section 147(Ð of the Code, the Maricopa County Board of Supervisors
must approve the issuance of the Subordinate Bonds after a public hearing following reasonable public
notice;
WHEREAS, following publication of a Notice of Public Hearing in The Record Reporter on
May 13, 2015, a public hearing with respect to the Subordinate Bonds and the location and nature of the
Project to be f,rnanced was held by the Issuer, pursuant to Section 147(Ð of the Code, on June 9, 2015, af.
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;
WHBREAS, a Report of Public Hearing regarding the Public Hearing held on June9,2015 has
been presented to and considered by the Maricopa County Board of Supervisors; and
WHERBAS, it is intended that this Resolution shall constitute approval by the Maricopa County
Board of Supervisors with respect to the issuance of the Subordinate Bonds pursuant to
(a) Section 35-721..8 of the Act, and (b) Section 147(Ð of the Code;
NOW, THEREFORE, BE IT RESOLVED BY THE MARICOPA COUNTY BOARD OF'
SUPERVISORS, as follows:
I . The issuance by the Issuer of the Subordinate Bonds in an aggregate principal amount not
to exceed $15,000,000 is approved for all purposes under the Act and Section 147(Ð 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 Subordinate Bonds.
Board of Supervisors Resolr¡tion 2 59s I 788 5

ADOPTED AND APPROVED on September 23,2015
Chairman, Maricopa County Board of Supervisors
ATTEST:
Clerk, Maricopa County Board of Supervisors
ATTACHMENT: Notice of Public Hearing
Board of Supervisors Resolution

NOTICE OF PI.]BLIC HEARING
PUBLIC NOTICE IS HEREBY GIVEN that a public hearing will be held by a representative of
Thelndustrial Development Authority of the County of Maricopa (the"Issuer") on June9,2075,
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 Senior Living Facilities Revenue Bonds
(Christian Care Surprise, Inc, Project) Series 20154 (the "series A Bonds"), and its Subordinate Senior
Living Facilities Revenue Bonds (Christian Care Surprise, lnc. Project) Series 20158 (the"Series B
Bonds", and together with the Series A Bonds, the "Bonds"), to be issued in an aggregate principal
amount not to exceed $85,000,000, in one or more tax-exempt andlor taxable series.
The proceeds of the Bonds will be loaned by the Issuer to Christian Care Surprise, Inc. (the "Borrower"),
an Arizona nonprofit corporation and an exempt organization described under Section 501(c)(3) of the
Internal Revenue Code of 1986, as amended (the "Code"), and, together with a cash equity investment to
be made by the Borrower and its affiliates, will be applied for the purposes of (a) financing the cost of
acquiring, constructing and equipping a 313-unit senior living facility to be located at North Sarival
Avenue and south of West Bell Road in Surprise, Arizona, (b) funding a debt service reserye fund for each
series of the Bonds, (c) funding capitalized interest, (d) funding an operating reserve fund, (e) funding a
capital and maintenance fund, (f) funding a rental subsidy fund, and (g) paying certain costs and expenses
incidental thereto (collectively, the "Proj ect").
The Facilities will be owned and operated by the Borrower or its affiliates.
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(Ð of the Code. 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 IndustrialDevelopment Authority of the County of Maricopaclo Maricopa County,
lOth Floor, 301 West Jefferson, Phoenix, Arizona 85003, Attention: President, and clearly marked:
"Christian Care Surprise, Inc. 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
595 I 788 5