PY F441 APPROVED AGENDA ITEMS.PDF
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6/26/24
Agenda item Id:
Item Title
RESOLUTION FOR DECLARATION OF OFFICAL INTENT TO REIMBURSE FOR PURPOSES OF SECTIONS 103
AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986
C Number: 18-24-141-X-00
Action Requested:
Authorize the Chairman to approve and execute the Resolution, which constitutes a Declaration of Official
Intent to Reimburse required for the issuance of tax-exempt securities to reimburse prior expenditures,
related to the construction, acquisition and equipping of County capital projects scheduled for Fiscal Years
2024-25, 2025-26, and 2026-27. The County is anticipating issuing tax-exempt obligations to finance
capital projects in the Capital Projects Fund (Fund 441). The maximum original amount of obligations
expected to be issued is $146,980,000. Exhibit A shows the proposed capital project expenditures by
anticipated fiscal year. The County reasonably expects to reimburse the expenditures with proceeds of a
tax-exempt borrowing.
Additional Information:
The Office of Budget and Finance has determined a need for the County to issue tax exempt securities to
finance the construction, acquisition and equipping of County capital projects scheduled for Fiscal Years
2024-25, 2025-26, and 2026-27, Proceeds of the borrowing will be deposited into a Capital Projects Fund
(Fund 441) to track expenditures and for arbitrage compliance. Projects financed with proceeds of the
borrowing will be individually tracked. The benefit to the County for issuing long-term debt obligations is
debt payments are exempt from the ELR.
ts there a Financial Impact?
No
1087547757/1
Resolution Declaring Official Intent Under U.S. Treasury
Regulations with Respect to Reimbursements from Bond
Proceeds of Temporary Advances Made for Payments Prior to
Issuance, and Related Matters.
C Number: C-18-24-141-X-00
WHEREAS, United States Treasury Regulations §1.150-2 (the “Reimbursement
Regulations”) prescribe conditions under which proceeds of bonds, notes or other obligations used
to reimburse advances made for capital and certain other expenditures paid before the issuance of
such bonds, notes or other obligations will be deemed to be expended (or properly allocated to
expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as
amended (the “Code”), upon such reimbursement so that the proceeds so used will be treated as
allocated to those original expenditures under those sections of the Code; and
WHEREAS, certain provisions of the Reimbursement Regulations require that there be
a declaration of official intent not later than 60 days following payment of the capital and other
expenditures expected to be reimbursed from proceeds of bonds, notes or other obligations, and that
the reimbursement occur within certain prescribed time periods after the capital or other expenditure
is paid or after the property resulting from that capital or other expenditure is placed in service; and
WHEREAS, Maricopa County, Arizona (the “County”) intends to borrow the proceeds
of tax-exempt obligations (the “Bonds”) to finance the costs of certain capital expenditures; and
WHEREAS, this Board wishes to declare the County’s official intent to reimburse itself
from the proceeds of the Bonds for certain capital and other expenditures made by the County prior
to the issuance of the Bonds as required by the Reimbursement Regulations;
NOW, THEREFORE, be it Resolved by the Board of Supervisors of Maricopa County.
Arizona as follows:
Section 1. The County reasonably expects that certain capital and other
expenditures (the “Original Expenditures”) made for the purposes described on Exhibit A hereto
(the “Project”) will be reimbursed with the proceeds of the Bonds, The maximum principal amount
of the Bonds expected to be issued for the Project is $146,980,000.
Section 2. The Chief Financial Officer of the County or his designee are cach
authorized to make appropriate reimbursement and timely allocations from the proceeds of the
Bonds to reimburse the Original Expenditures, and to take any other actions as may be appropriate,
including evidencing in writing an allocation on the books and records of the County showing the
use of the proceeds of the Bonds to restore the money advanced for the Original Expenditures, all at
the times and in the manner required under the Reimbursement Regulations in order for the
reimbursement to be treated as an expenditure of such proceeds for purposes of Sections 103 and
141 to 150 of the Code.
4101740568\3\
C-18-24-141-X-00
PASSED, ADOPTED AND APPROVED on June 26, 2024.
VbaLhe—
By:
Gfairman, Board of Supervisors
ATTEST:
By: (Amancctcy wa JUL 3. 0 2024
Clerk, Board 'of Spipervisors OtoAbee
APPROVED AS TO FORM:
Pedro J. Miranda
Squire Patton Boggs (US) LLP
Counsel for Maricopa County
By:
1101740568\3\
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\E\SSSOPLLOLL
COUNTY OF MARICOPA
State of Arizona
Office of the Clerk
Board of Supervisors
State of Arizona ) 85.
County of Maricopa )
I, Juanita Garza, Clerk of the Board of Supervisors, do hereby certify that the
following is a true and correct statement of the agenda item and the action taken by the
Board of Supervisors at their meeting held on June 26, 2024.
39.
File
RESOLUTION FOR DECLARATION OF OFFICAL INTENT TO REIMBURSE FOR
PURPOSES OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE
CODE OF 1986
Authorize the Chairman to approve and execute the Resolution, which constitutes a
Declaration of Official Intent to Reimburse required for the issuance of tax-exempt
securities to reimburse prior expenditures, related to the construction, acquisition and
equipping of County capital projects scheduled for Fiscal Years 2024-25, 2025-26,
and 2026-27. The County is anticipating issuing tax-exempt obligations to finance
capital projects in the Capital Projects Fund (Fund 441). The maximum original
amount of obligations expected to be issued is $146,980,000. Exhibit A shows the
proposed capital project expenditures by anticipated fiscal year. The County
reasonably expects to reimburse the expenditures with proceeds of a tax-exempt
borrowing. (C-18-24-141-X-00)
Motion to approve by Supervisor Thomas Galvin, seconded by Supervisor Clint
Hickman
Ayes: Jack Sellers, Thomas Galvin, Bill Gates, Clint Hickman, Steve Gallardo
IN WITNESS WHEREOF, I have hereunto set
my hand and affixed the Official Seal of the
County of Maricopa. Done at Phoenix, the
County Seat, on July 30, 2024
Awa fay
Clerk of the Board of Supervisors
ite
aan
) cod Bi |
Resolution Declaring Official Intent Under U.S. Treasury
Regulations with Respect to Reimbursements from Bond
Proceeds of Temporary Advances Made for Payments Prior to
Issuance, and Related Matters.
C Number: C-18-25-052-X-00
WHEREAS, United States Treasury Regulations §1.150-2 (the “Reimbursement
Regulations”) prescribe conditions under which proceeds of bonds, notes or other obligations used
to reimburse advances made for capital and certain other expenditures paid before the issuance of
such bonds, notes or other obligations will be deemed to be expended (or properly allocated to
expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as
amended (the “Code”), upon such reimbursement so that the proceeds so used will be treated as
allocated to those original expenditures under those sections of the Code; and
WHEREAS, certain provisions of the Reimbursement Regulations require that there be
a declaration of official intent not later than 60 days following payment of the capital and other
expenditures expected to be reimbursed from proceeds of bonds, notes or other obligations, and that
the reimbursement occur within certain prescribed time periods after the capital or other expenditure
is paid or after the property resulting from that capital or other expenditure is placed in service; and
WHEREAS, Maricopa County, Arizona (the “County”) intends to borrow the proceeds
of tax-exempt obligations (the “Bonds”) to finance the costs of certain capital expenditures; and
WHEREAS, this Board wishes to declare the County’s official intent to reimburse itself
from the proceeds of the Bonds for certain capital and other expenditures made by the County prior
to the issuance of the Bonds as required by the Reimbursement Regulations;
NOW, THEREFORE, be it Resolved by the Board of Supervisors of Maricopa County,
Arizona as follows:
Section 1. The County reasonably expects that certain capital and other
expenditures (the “Original Expenditures”) made for the purposes described on Exhibit A hereto
(the “Project”) will be reimbursed with the proceeds of the Bonds. The maximum principal amount
of the Bonds expected to be issued for the Project is $32,300,000.00, The Original Expenditures
described herein are in addition to the Original Expenditures expected to be reimbursed which were
identified and approved by this Board on June 26, 2024, for a total maximum principal amount of
Bonds expected to be issued for Projects of $179,280,000.00.
Section 2. The Chief Financial Officer of the County or his designee are each
authorized to make appropriate reimbursement and timely allocations from the proceeds of the
Bonds to reimburse the Original Expenditures, and to take any other actions as may be appropriate,
including evidencing in writing an allocation on the books and records of the County showing the
use of the proceeds of the Bonds to restore the money advanced for the Original Expenditures, all at
the times and in the manner required under the Reimbursement Regulations in order for the
reimbursement to be treated as an expenditure of such proceeds for purposes of Sections 103 and
141 to 150 of the Code.
440356944812)
C-18-25-052-X-00
PASSED, ADOPTED AND APPROVED on February 12, 2025.
py: 72, FM f-
Chairman, Board of Supefvisors
ATTEST:
By: “Aneto rr- FEB 19 2025
\ Clerk, Board of Sfipervisors Li22g
APPROVED AS TO FORM:
7) »
By: | Ase _ J's ALA
Pedro J. Miranda
Squire Patton Boggs (US) LLP
Counsel for Maricopa County
1103569148
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Resolution Declaring Official Intent Under U.S. Treasury
Regulations with Respect to Reimbursements from Bond
Proceeds of Temporary Advances Made for Payments Prior to
Issuance, and Related Matters.
Cc Namber(7 We X- WO “ yo
WHEREAS, United States Treasury Regulations §1.150-2 (the ‘Reimbursement
Regulations”) prescribe conditions under which proceeds of bonds, notes or other obligations used
to reimburse advances made for capital and certain other expenditures paid before the issuance of
such bonds, notes or other obligations will be deemed to be expended (or properly allocated to
expenditures) for purposes of Sections 103 and 141-150 of the Internal Revenue Code of 1986, as
amended (the “Code”), upon such reimbursement so that the proceeds so used will be treated as
allocated to those original expenditures under those sections of the Code; and
WHEREAS, certain provisions of the Reimbursement Regulations require that there be
a declaration of official intent not later than 60 days following payment of the capital and other
expenditures expected to be reimbursed from proceeds of bonds, notes or other obligations, and that
the reimbursement occur within certain prescribed time periods after the capital or other expenditure
is paid or after the property resulting from that capital or other expenditure is placed in service; and
WHEREAS, Maricopa County, Arizona (the “County”) intends to borrow the proceeds
of tax-exempt obligations (the “Bonds”) to finance the costs of certain capital expenditures; and
WHEREAS, this Board wishes to declare the County’s official intent to reimburse itself
from the proceeds of the Bonds for certain capital and other expenditures made by the County prior
to the issuance of the Bonds as required by the Reimbursement Regulations;
NOW, THEREFORE, be it Resolved by the Board of Supervisors of Maricopa County,
Arizona as follows:
Section 1. The County reasonably expects that certain capital and other
expenditures (the “Original Expenditures”) made for the purposes described on Exhibit_A hereto
(the “Project”) will be reimbursed with the proceeds of the Bonds. The maximum principal amount
of the Bonds expected to be issued for the Project is $67,850,000.00. The Original Expenditures
described herein are in addition to the Original Expenditures expected to be reimbursed which were
identified and approved by this Board on June 26, 2024 and February 12, 2025 (together with the
Project, the “Projects”), for a total maximum principal amount of Bonds expected to be issued for
Projects of $247,130,000.00.
Section 2. The Chief Financial Officer of the County or his designee are each
authorized to make appropriate reimbursement and timely allocations from the proceeds of the
Bonds to reimburse the Original Expenditures, and to take any other actions as may be appropriate,
including evidencing in writing an allocation on the books and records of the County showing the
use of the proceeds of the Bonds to restore the money advanced for the Original Expenditures, all at
the times and in the manner required under the Reimbursement Regulations in order for the
reimbursement to be treated as an expenditure of such proceeds for purposes of Sections 103 and
141 to 150 of the Code.
110455021312
OAV AS ~ 00 ~F OV
PASSED, ADOPTED AND APPROVED on June 25, 2025.
12 ¥ ME f.
Chairman, Board of Supervisors
ATTEST:
By: veut, Way
Cz Board of Supefvisors
APPROVED AS TO FORM:
Pedro J. Miranda
Squire Patton Boggs (US) LLP
Counsel for Maricopa County
1104550213
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COUNTY OF MARICOPA
State of Arizona
Office of the Clerk
Board of Supervisors
State of Arizona ) ss.
County of Maricopa )
[, Juanita Garza, Clerk of the Board of Supervisors, do hereby certify that the
following is a true and correct statement of the agenda item and the action taken by the
Board of Supervisors at their meeting held on June 25, 2025.
90.
File
RESOLUTION FOR DECLARATION OF OFFICAL INTENT TO REIMBURSE FOR PURPOSES
OF SECTIONS 103 AND 141-150 OF THE INTERNAL REVENUE CODE OF 1986
Authorize the Chairman to approve and execute the Resolution, which constitutes a Declaration of
Official Intent to Reimburse required for the issuance of tax-exempt securities to reimburse prior
expenditures, related to the construction, acquisition and equipping of County capital projects
scheduled for Fiscal Years 2024-25, 2025-26, 2026-27, and 2027-28. The County is anticipating
issuing tax-exempt obligations to finance capital projects in the Capital Projects Fund (Fund 441).
The maximum original amount of obligations expected to be issued is $247,130,000. This is in
addition to the Declaration of Official Intent to Reimburse $146,980,000 of project expenditures
approved by the Board of Supervisors on June 26, 2024 (C-18-24-141-X-00) and the Declaration
of Official Intent to Reimburse $32,300,000 of project expenditures approved by the Board of
Supervisors on February 12, 2025 (C-18-25-052-X-00). Exhibit A shows the proposed capital
project expenditures by anticipated fiscal year. The County reasonably expects to reimburse the
expenditures with proceeds of a tax-exempt borrowing. (C-18-25-100-X-00)
| Motion to approve by Supervisor Kate Brophy McGee, seconded by Supervisor Mark Stewart
Ayes: Thomas Galvin, Kate Brophy McGee, Mark Stewart, Debbie Lesko, Steve Gallardo
IN WITNESS WHEREOF, I have hereunto set
my hand and affixed the Official Seal of the
County of Maricopa. Done at Phoenix, the
County Seat, on June 25, 2025.
(Sacre ity
of the Board of Supervisors
pr blo.
my.
PARIZONA§ )
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