OTTAWA 2022 - BOS RESOLUTION (WITH ATTACHMENT).PDF

FINAL VERSION 
(Revised) 
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Board of Supervisors Resolution 
 
A RESOLUTION OF THE MARICOPA COUNTY BOARD OF 
SUPERVISORS APPROVING THE ISSUANCE BY THE INDUSTRIAL 
DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA OF 
ONE OR MORE SERIES OF ITS TAX-EXEMPT AND/OR TAXABLE 
EDUCATIONAL 
FACILITIES 
REVENUE 
BONDS 
(OTTAWA 
UNIVERSITY), SERIES 2022, IN AN AGGREGATE PRINCIPAL 
AMOUNT NOT TO EXCEED $65,000,000 
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 one or more series of its tax-exempt and/or 
taxable Educational Facilities Revenue Bonds (Ottawa University), Series 2022 (the “Bonds”), in 
an aggregate principal amount not to exceed $65,000,000, for the benefit of Ottawa University 
(the “Borrower”), a Kansas nonprofit corporation and an organization described in 
Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the “Code”), that has two 
residential campuses: the legacy campus located in Ottawa, Kansas and the Surprise, Arizona 
campus; 
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer to the Borrower to (a) 
finance the acquisition, construction and equipping of a new 200-bed residence hall and other 
capital expenditures on its Surprise, Arizona campus; (b) finance the construction and equipping 
of a multipurpose athletic facility and other capital expenditures on its Ottawa, Kansas campus; 
(c) refinance various outstanding obligations of the Borrower used to finance certain facilities 
and improvements located on its Surprise, Arizona campus and on its Ottawa, Kansas campus 
(collectively, the “Facilities”); (d) fund any related reserves; and (e) pay certain issuance 
expenses associated with the Bonds (together, the “Project”); 
WHEREAS, on April 12, 2022, 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 Bond Indenture (defined therein), 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 Bond Indenture and in the form of the Bonds;

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Board of Supervisors Resolution 
 
2 
 
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; 
WHEREAS, the Maricopa County Board of Supervisors have been informed that the 
documents have been reviewed by competent Bond Counsel, Engelman Berger, PC, and Bond 
Counsel has determined that the documents adequately meet the requirements of the Act and 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, pursuant to Section 147(f) of the Code, following publication by posting on 
the Issuer’s website of a Notice of Public Hearing, a public hearing with respect to the Bonds and 
the location and nature of the Facilities to be financed was held telephonically by an authorized 
representative of the Issuer on April 18, 2022, commencing at 1:00 p.m., MST, via the toll free 
dial-in number 1-833-220-6615, code 970133# (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 
April 18, 2022, 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 $65,000,000 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.

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Board of Supervisors Resolution 
ADOPTED AND APPROVED on April 20, 2022. 
Chairman, Maricopa County Board of 
Supervisors 
ATTEST: 
Clerk, Maricopa County Board of Supervisors 
ATTACHMENT:  Notice of Public Hearing

FINAL VERSION 
 
NOTICE OF PUBLIC HEARING 
 
PUBLIC NOTICE IS HEREBY GIVEN that a public hearing will be held telephonically by an 
authorized representative of The Industrial Development Authority of the County of Maricopa 
(the “Authority”) on April 18, 2022, at 1:00 p.m., MST, via the toll-free dial-in number of 1-833-220-6615, 
enter code 970133 and press #, regarding the proposed issuance by the Authority of its Educational 
Facilities Revenue Bonds (Ottawa University), Series 2022 (the “Bonds”), to be issued pursuant to a plan 
of finance in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed 
$65,000,000.  
The Authority will loan the proceeds of the Bonds to Ottawa University, a Kansas nonprofit 
corporation authorized to transact business in Arizona and an organization described in 501(c)(3) of the 
Internal Revenue Code of 1986, as amended (the “Code”), as borrower (the “Borrower”) to (a) with an 
estimated $20,000,000 aggregate principal amount, finance the construction and equipping of a 200-bed 
residence hall building, comprised of an approximately 59,000 square foot, five-story building, including 
classrooms and administrative offices on the first floor, and other capital expenditures on its campus located 
at 15950 North Civic Center Plaza, Surprise, Arizona with the approximate boundaries of (North) West 
Paradise Lane, (East) North Litchfield Road, (South) West Greenway Road, and (West) North Bullard 
Avenue (the “Surprise, Arizona Campus”), (b) with an estimated $3,000,000 aggregate principal amount, 
finance the construction and equipping of a 15,000 square-foot, multipurpose athletic facility to replace the 
existing athletic facility, and other capital expenditures on its campus located at 100 South Cedar, Ottawa, 
Kansas with the approximate boundaries of (North) East 9th Street, (East) South Mulberry Street, (South) 
East 11th Street, and (West) South Cedar Street (the “Ottawa, Kansas Campus”), and (c) with an estimated 
amount of $39,000,000 aggregate principal amount, refinance various outstanding obligations of the 
Borrower used to finance or refinance (i) the construction of the O’Dell Athletic Center and related athletic 
facilities on the Surprise, Arizona Campus; (ii) the improvement of a building located at 9414 North 25th 
Ave, Phoenix, Arizona; (iii) the acquisition of Founders Hall located on the Surprise, Arizona Campus; (iv) 
the construction and equipping of a portion of the new multipurpose athletic center located on the Ottawa, 
Kansas Campus; (v) the acquisition and improvement to student apartments located at 832 South Oak 
Street, Ottawa, Kansas; and (vi) the acquisition, construction, improvement and equipping of certain 
educational, administrative and athletic facilities located on the Ottawa, Kansas Campus (collectively, the 
“Facilities”).  The remainder of the proceeds of the Bonds will fund any related reserves and pay issuance 
costs.  The Facilities financed or refinanced with proceeds of the Bonds will be owned and operated by the 
Borrower.  
The principal of, premium, if any, and interest on the Bonds shall never constitute the debt or 
indebtedness or liability of the Authority, Maricopa County, the State of Arizona, or any political 
subdivision of the State of Arizona within the meaning of any provision of the Constitution of the State of 
Arizona, and shall not constitute or give rise to a pecuniary liability 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 Code. Any 
interested persons may attend or send written comments and express their views with respect to the Bonds 
and the location and nature of the Facilities to be financed.  Any written comments should be submitted to 
The Industrial Development Authority of the County of Maricopa 8687 E. Via de Ventura, Suite 306, 
Scottsdale, Arizona 85258, Attention: President, clearly marked: “Ottawa University” for receipt before the 
time of the hearing. 
 
THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE 
COUNTY OF MARICOPA