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8687 East Via de Ventura, Suite 306 Scottsdale, Arizona 85258 www.mcida.com January 8, 2026 To: Board of Supervisors Board of Directors Maricopa County, Arizona The Industrial Development Authority of the County of Maricopa Re: Not to Exceed $15,000,000 – The Industrial Development Authority of the County of Maricopa Revenue Bonds (St. Thomas the Apostle School Project), Series 2026 Ladies and Gentlemen: At the meeting of the Board of Directors (the “Board”) of The Industrial Development Authority of the County of Maricopa (the “Authority”) on January 13, 2026, the Board will be asked to grant final approval and adopt a resolution authorizing the issuance and sale of the bonds described above (the “Bonds”). This letter provides a summary of the proposed financing. AUTHORITY The Authority is an Arizona nonprofit corporation designated by law as a political subdivision of the State of Arizona. The Authority was formed with the permission of Maricopa County, Arizona (“Maricopa County”), and incorporated under and pursuant to the Arizona Industrial Development Financing Act, Title 35, Chapter 5, Arizona Revised Statutes, as amended (the “Act”). APPLICANT/BORROWER The Applicant/Borrower, St. Thomas the Apostle Roman Catholic Parish Phoenix (the “Borrower”), is an Arizona nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”). PROJECT The Authority will loan the proceeds of the Bonds to the Borrower to: refund a taxable loan which proceeds were used to finance the cost of constructing a new approximately 75,000 square foot, three-story classroom building on the Borrower’s campus at 4510 N. 24th Street, Phoenix, Arizona; finance certain costs of improving the school building; and pay the costs of issuing the Bonds (together, the “Project”). The Project is in Supervisorial District No. 3. NOTIFICATION TO ARIZONA ATTORNEY GENERAL As required by the provisions of Arizona Revised Statutes, Section 35-721.F, the Authority will notify the Arizona Attorney General of its intention to issue the Bonds. Board of Supervisors Board of Directors January 8, 2026 Page 2 TAX-EXEMPT FINANCING 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. A public hearing was held by a representative of the Authority on December 15, 2025. On or prior to closing, the Authority will receive an opinion from Bond Counsel that interest on the Bonds will be exempt from federal and State of Arizona income taxes. A tax certificate will be executed by the Authority and Borrower to evidence various representation and agreements aimed at establishing and preserving the tax-exempt status of the Bonds. FINANCING PARTICIPANTS The major financing participants, in addition to the Authority, are as follows: Applicant/Borrower: St. Thomas the Apostle Roman Catholic Parish Phoenix Applicant/Borrower’s Counsel: Dennis Naughton (General Counsel – Phoenix Diocese) Lender: Zions Bank dba National Bank of Arizona Lender Counsel: Taft Stettinius & Hollister, LLP Bond Counsel: Immaculata Law Firm, LLC Municipal Advisor: Colorado Financial Service Corp PLAN OF FINANCING The Authority will issue the Bonds under and pursuant to the terms and provisions of a financing agreement among the Authority, Borrower and Lender (the “Financing Agreement”) in one or more series in the aggregate principal amount not to exceed $15,000,000 and will loan the proceeds to the Borrower pursuant thereto. The Borrower will be obligated to make loan repayments in amounts and at such times as required to pay principal and interest on the Bonds on their due dates under the promissory note. The obligations of the Borrower to make payments under the Financing Agreement will be secured by a deed of trust that will encumber the Project. The Bonds will be purchased by Zions Bancorporation, N.A., dba National Bank of Arizona in a private placement. The Bonds will not receive a rating from any rating agency. FINAL APPROVAL At its meeting on January 13, 2026, the Authority Board will be asked to grant final approval and adopt a resolution authorizing the issuance and sale of the Bonds and related matters. A form of the Authority Board’s resolution is attached hereto. Board of Supervisors Board of Directors January 8, 2026 Page 3 BOARD OF SUPERVISORS APPROVAL Under the provisions of A.R.S. § 35-721.B., the Bonds to be issued by the Authority require the approval of the Maricopa County Board of Supervisors. The Maricopa County Board of Supervisors is being requested, at its meeting on January 28, 2026, to act as required by law to adopt a resolution approving the issuance of the Bonds under the Act and with respect to Section 147(f) of the Code. Under the provisions of the Act, specifically A.R.S. § 35-742, Maricopa County is not in any event liable for the payment of principal or interest on any bonds, notes or other obligations issued by the Authority or for the performance of any pledge, mortgage, obligation or agreement of any kind undertaken by the Authority, and none of the bonds, notes or other obligations, or any of its obligations thereunder, shall be construed to constitute an indebtedness of Maricopa County within the meaning of any constitutional or statutory provision. TRANSACTION CLOSING If the required approvals of the Authority Board and the Maricopa County Board of Supervisors are received, it is currently anticipated that the Bonds will be issued in February, 2026. LEGAL COUNSEL RECOMMENDATION General Counsel to the Authority has reviewed drafts of the principal financing documents and, based upon her review of such and her review of the proceedings of the Authority to date relating to the proposed issuance of the Bonds, she believes the principal financing documents are now in substantially final form, adequately meet the requirements of the Act, and are in both form and substance acceptable for the Authority Board to act upon, and that the Resolution of the Authority Board authorizing the issuance and sale of the Bonds and related matters and the Resolution of the Maricopa County Board of Supervisors approving the Bonds to be issued and related matters, are in form and substance acceptable for adoption. A RESOLUTION OF THE BOARD OF DIRECTORS OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA AUTHORIZING AND APPROVING THE ISSUANCE AND SALE OF ONE OR MORE SERIES OF ITS TAX-EXEMPT AND/OR TAXABLE REVENUE BONDS (ST. THOMAS THE APOSTLE SCHOOL PROJECT), SERIES 2026, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $15,000,000, AND RELATED MATTERS WHEREAS, The Industrial Development Authority of the County of Maricopa (the “Authority”) is a nonprofit corporation designated as a political subdivision of the State of Arizona (the “State”), incorporated with the approval of Maricopa County, Arizona (the “County”), pursuant to the provisions of the Constitution and laws of the State and under the Industrial Development Financing Act, Arizona Revised Statutes §§ 35-701 et seq, as amended (the “Act”); WHEREAS, the Authority is authorized and empowered to issue revenue bonds and other obligations from time to time to fulfill its public purposes, which include the financing or refinancing of the acquisition, construction, improvement, equipping or operating of a “project” (as defined in the Act), whenever the Board of Directors of the Authority (the “Board of Directors”) finds it furthers the public interest; WHEREAS, in furtherance of the purposes and interests of the Authority under the Act, the Authority has determined to authorize the issuance of its Tax-Exempt Revenue Bonds (St. Thomas the Apostle School Project), Series 2026 (the “Bonds”), in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $15,000,000, for the following purposes: (1) to currently refund and refinance the taxable loan to St. Thomas the Apostle Roman Catholic Parish Phoenix, an Arizona nonprofit corporation (the “Borrower”) from KS State Bank (the “Refunding Project”), the proceeds of which were used to finance the cost of acquiring, constructing, improving and/or equipping the basement and first floor of a new approximately 75,000 square foot classroom building, consisting of a basement and three above-grade floors and related infrastructure (the “School Building”) on the Borrower’s campus at 4510 N. 24th Street, Phoenix, Arizona 85016 (the “Project Site”); and (2) to finance certain costs of acquiring, constructing, improving and/or equipping the second and third floors of the School Building and related infrastructure (the “Improvement Project”), including reimbursement of the Borrower for certain costs previously incurred by the Borrower with respect to the Improvement Project (the Refunding Project and the Improvement Project being collectively the “Project”); and (3) to pay the costs of issuing the Bonds; WHEREAS, the Project being financed, refinanced, or reimbursed from the proceeds of the Bonds will be owned and operated by the Borrower and used in an integrated operation of the Borrower. The principal of premium, if any, and interest of the Bonds will not constitute a debt or liability of the Authority, Maricopa County, Arizona, the State of Arizona, or any political subdivision 2 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 were issued; WHEREAS, the Bonds will be issued pursuant to the terms of a Financing Agreement (the “Financing Agreement”) among the Authority, the Borrower, and Zions Bancorporation, N.A. dba National Bank of Arizona, as purchaser of the Bonds (the “Lender”); WHEREAS, the Authority and the Borrower will enter into a tax certificate/agreement that will govern the Borrower's compliance with pertinent sections of the Internal Revenue Code of 1986, as amended (the “Code”); WHEREAS, the Bonds will be payable solely from the amounts paid by the Borrower in accordance with the terms of the Financing Agreement; WHEREAS, there has been prepared and presented to the Board of Directors a Financing Agreement, including the form of the Bonds and the promissory note, in substantially final form, which the Authority proposes to approve or authorize (the “Authority Documents”); NOW, THEREFORE, BE IT RESOLVED, by the Board of Directors of The Industrial Development Authority of the County of Maricopa, as follows: Section 1. Ratification of Actions. All actions (not inconsistent with the provisions of this Resolution) heretofore taken by or at the direction of the Authority and its directors, officers, counsel, advisors or agents directed toward the issuance and sale of the Bonds are hereby approved and ratified. Section 2. Findings. The Board of Directors finds and determines that the Project constitutes a “project” as defined in the Act and that the issuance of the Bonds by the Authority and the loan of the proceeds of the Bonds to the Borrower to refund a portion of a taxable loan and finance and/or refinance all or a portion of the cost of the Project, and the costs and expenses incidental thereto, are in furtherance of the purposes and interests of the Act and the Authority and are in the public interest. Section 3. Authorization. The Bonds, which shall be named as set forth herein or as otherwise set forth in the Financing Agreement, are hereby approved and authorized to be issued pursuant to a plan of finance, in an aggregate principal amount not to exceed $15,000,000, in one or more series or subseries, to be dated, to mature (no later than 40 years after their date of issuance), to bear interest (not to exceed 10 percent per year, as of the date of closing, subject to adjustment as set forth in the Financing Agreement, provided that the interest rate will not exceed the maximum rate permitted by law), to be subject to redemption, to be payable as to principal and interest, and with such other terms, all as provided in the executed Financing Agreement. Section 4. Conditions. The issuance of the Bonds shall be contingent upon the following conditions occurring on or prior to closing: (a) The Board of Supervisors of the County has approved the issuance of the Bonds. 3 (b) The Arizona Attorney General does not inform the Authority that the Project does not come within the purview of the Act in the manner contemplated by Arizona Revised Statutes § 35-721.F. (c) The Authority receives an opinion from bond counsel, in an acceptable form, to the effect that interest on any tax-exempt series of the Bonds will be exempt from federal and State income taxes. (d) Satisfaction of all requirements of the Code, including compliance with Section 147(f) of the Code. (e) The Borrower makes arrangements satisfactory to the Authority as to the payment of the Authority’s administrative fee. (f) The Authority, its officers and directors, and the County, must be provided with full indemnification in connection with the issuance and sale of the Bonds, in form and substance satisfactory to the Authority’s counsel, from a credit-worthy source acceptable to the Authority. (g) The Authority must receive an investment letter from the initial purchaser in form and substance satisfactory to the Authority’s counsel and any subsequent transfers of the Bonds must be limited to “accredited investors” within the meaning of Rule 501 of Regulation D or “qualified institutional buyers” within the meaning of Rule 144A, promulgated under the Securities Act. (h) The Authority must receive such consents, legal opinions, certificates, documents and other proceedings in connection with the Bonds as are necessary and advisable to evidence compliance by the Borrower and other financing participants with the Authority’s policies and procedures and applicable federal and State laws. (i) The legal opinions, certificates, agreements and other documents are in all material respects satisfactory to the Authority’s counsel. Section 5. Form of Bonds. The form of the Bonds is approved, with only such changes as are approved by the persons executing the Bonds (which approval will be conclusively established by their execution thereof). Upon satisfaction of the conditions set forth in Section 4 hereof, any director of the Authority and its Executive Director (each, an “Authorized Officer”) are each hereby authorized to execute and deliver the Bonds. Any signature of an Authorized Officer on the Bonds may be by facsimile. The Bonds shall be delivered in accordance with the Financing Agreement upon payment of the purchase price thereof. Section 6. Limited Obligations. The Bonds shall be payable solely from the property held and receipts and revenues received by, or on behalf of, the Authority pursuant to the Financing Agreement. Nothing contained in (a) this Resolution, (b) any of the Authority Documents, or (c) any other agreement, certificate, document, or instrument executed in connection with the issuance of the Bonds shall be construed as obligating the Authority (except as a special limited obligation to the extent provided in such documents or instruments) or obligating the County or the State, or as incurring a charge upon the general credit of the Authority, the County or the State, nor shall the breach of any agreement contemplated by this Resolution, the Authority Documents, or any other agreement, certificate, document or instrument executed in connection therewith impose any charge upon the general credit of the Authority, the County or the State. The Authority has no taxing power. 4 Section 7. Approval and Authorization of Authority Documents. The forms, terms, and provisions of each of the Authority Documents in the forms of such documents, including the exhibits thereto, presented to this meeting, are hereby approved, with such insertions, deletions, and changes as are approved by the officers authorized to execute the documents, which approval will be conclusively established by their execution thereof. Upon satisfaction of the conditions set forth in Section 4 hereof, any Authorized Officer is hereby authorized and directed to execute and deliver, for and on behalf of the Authority, the Authority Documents. Section 8. Authority To Execute and Deliver Additional Documents. Upon satisfaction of the conditions set forth in Section 4 hereof, any Authorized Officer is each hereby authorized to execute and deliver, for and on behalf of the Authority, any and all additional agreements, certificates, documents, assignments, amendments and other instruments, in forms satisfactory to the Authority’s counsel, and to perform all other acts as they may deem necessary or appropriate for the issuance of the Bonds, the making of the loan to the Borrower, or to implement and carry out and comply with the purposes and intent of this Resolution or the provisions of the Authority Documents as executed and delivered, including, without limitation, documents and certificates relating to the tax-exempt status of interest on the Bonds. Execution of any such additional agreements, certificates, documents, assignments or other instruments, or any amendments to the Authority Documents, by an Authorized Officer, shall constitute conclusive evidence of the approval of such Authorized Officer on behalf of the Authority. Section 9. Sale of Bonds. The sale of the Bonds to the Lender pursuant to the terms and provisions of the Financing Agreement is hereby authorized and approved. Section 10. Public Hearing. All actions of the Authority and its directors, officers, counsel, employees or agents previously taken in connection with the preparation and publication of a Notice of Public Hearing and the conducting of a public hearing relating to the issuance of the Bonds as required by the Code, are hereby authorized, ratified, and confirmed. Section 11. Open Meeting Laws. It is found and determined that all formal actions of the Authority and its Board of Directors concerning and relating to the adoption of this Resolution were adopted in an open meeting and that all deliberations that resulted in those formal actions were in meetings open to the public, in compliance with all legal requirements of the State and the Authority. Section 12. No Personal Liability. No director, officer, counsel, employee or agent of the Authority shall be subject to any personal liability or accountability by reason of the issuance of the Bonds. The liability of the Authority with respect to the Authority Documents, or any other document executed in connection with the transactions contemplated hereby, shall be limited as provided in the Act and the Authority Documents. Section 13. Irrepealability. After the Bonds are delivered by the Authority, this Resolution shall be and remain irrepealable until the Bonds and interest thereon shall have been fully paid, canceled, and discharged. Section 14. Severability. If any section, paragraph, clause, or provision of this Resolution shall, for any reason, be held to be invalid or unenforceable, the invalidity or unenforceability of such section, paragraph, clause, or provision shall not affect any of the remaining provisions of this Resolution. 5 Section 15. Waiver. Any provisions of the Authority’s Bylaws, procedural policies, and/or prior resolutions inconsistent herewith are waived to the extent only of such inconsistency. This waiver shall not be construed as repealing any such Bylaws, procedural policies, or resolutions or any part thereof. Section 16. Headings. Subject headings included in this Resolution are included for the purpose of convenience only and shall not affect the construction or interpretation of any of its provisions. Section 17. Notice of Arizona Revised Statutes Section 38-511 – Cancellation. Notice of the Arizona Revised Statutes Section 38-511 is hereby given. The provisions of said statute are by this reference incorporated herein to the extent of their applicability to matters contained herein under the laws of the State. Section 18. Resolution Not to be Construed as Providing Advice Concerning Municipal Securities. None of this Resolution, any of the Authority Documents or any action taken by the Authority, any member of the Board of Directors, the Executive Director or the Authority’s counsel in connection with issuance of the Bonds is intended to provide, and shall not be construed as providing, advice of any kind to the Borrower with respect to the issuance of the Bonds for purposes of 15 United States Code Section 78o-4(e)(4)(A)(i). The Authority is a conduit issuer and none of the Authority, the Board of Directors, the Executive Director or the Authority’s counsel is acting or will act as a municipal advisor, financial advisor or fiduciary to any party involved in the issuance of the Bonds. Section 19. Effectiveness. This Resolution shall be effective immediately. [Remainder of Page Intentionally Left Blank / Signature Page Follows]