R21-48

RESOLUTION NO. R21-48 
 
A RESOLUTION OF THE COUNCIL OF THE CITY OF 
GLENDALE, MARICOPA COUNTY, ARIZONA, APPROVING 
THE ISSUANCE BY THE INDUSTRIAL DEVELOPMENT 
AUTHORITY OF THE CITY OF GLENDALE, ARIZONA OF ITS 
STUDENT 
LOAN 
PROGRAM 
REVENUE 
BONDS 
(MIDWESTERN UNIVERSITY FOUNDATION) IN ONE OR 
MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT 
NOT TO EXCEED $30,000,000. 
 
WHEREAS, The Industrial Development Authority of the City of Glendale, Arizona (the 
“Authority”) proposes to issue its revenue bonds in one or more series pursuant to a plan of finance in 
an aggregate principal amount not to exceed $30,000,000 (the “Bonds”), to finance student loans for 
residents of the State of Arizona attending Midwestern University at either its Glendale, Arizona campus 
or its Downers Grove, Illinois campus, and for residents of any state attending Midwestern University at 
its Glendale, Arizona campus, to fund reserves, and to pay costs, all in accordance with the Industrial 
Development Financing Act, Title 35, Chapter 5, Arizona Revised Statutes, as amended (the “Act”); 
and 
 
WHEREAS, the Bonds will be issued as qualified student loan bonds under Section 
144(b)(1)(B) of the Internal Revenue Code of 1986, as amended (the “Code”); and 
 
WHEREAS, pursuant to Section 35-721.B of the Act, the proceedings under which the Bonds 
are to be issued require the approval of this Council of the issuance of the Bonds by the Authority; and 
 
WHEREAS, Section 147(f) of the Code provides that interest on the Bonds may be excluded 
from gross income of the owners of the Bonds for federal income tax purposes if, among other 
requirements, this Council approves the issuance of the Bonds following a public hearing, which public 
hearing was held by an authorized hearing officer of the Authority on May 21, 2021, and a report of 
public hearing has been made available to this Council; and  
 
WHEREAS, a Resolution adopted by the Board of Directors of the Authority approving the 
issuance and sale of the Bonds has been presented to this Council; and 
 
WHEREAS, this Council has had presented to it information regarding the plan of financing and 
the Bonds and is fully advised regarding the plan of financing and the Bonds. 
 
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF GLENDALE as follows: 
 
SECTION 1.  That the Council of the City of Glendale, Maricopa County, Arizona, hereby 
approves the issuance of the Bonds by the Authority for all purposes under Section 35-721 of the 
Arizona Revised Statutes and under Section 147(f) of the Code, and the appropriate officers and

representatives of the Council and the City are hereby authorized and directed to do all things and to 
deliver all documents on behalf of the City as may be necessary or desirable in that regard. 
 
SECTION 2.    The issuance and sale by the Authority of the Bonds in one or more series and 
in an aggregate principal amount not to exceed $30,000,000, having such terms and provisions as have 
been approved by the Authority in accordance with and subject to the conditions and limitations set 
forth in the Resolution of the Board of Directors of the Authority presented at this meeting, and the use 
of the proceeds thereof as contemplated thereby, are hereby approved for all purposes under the Act. 
 
SECTION 3.  That the City Manager or designee and City Clerk are authorized and directed 
to execute and deliver such agreement on behalf of the City of Glendale.  
 
PASSED, ADOPTED AND APPROVED by the Mayor and Council of the City of Glendale, 
Maricopa County, Arizona, this 8th day of June, 2021. 
 
 
 
                                                    
 
 
Mayor Jerry P. Weiers 
ATTEST: 
 
                                                              
Julie K. Bower, City Clerk             (SEAL) 
 
APPROVED AS TO FORM: 
 
                                                              
Michael D. Bailey, City Attorney 
 
REVIEWED BY: 
 
                                                              
Kevin R. Phelps, City Manager