R26-53

1101247859\4\ 
RESOLUTION NO. R26-53 
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 GRADUATE AND PROFESSIONAL STUDENT LOAN 
PROGRAM REVENUE BONDS (MIDWESTERN UNIVERSITY 
FOUNDATION) IN ONE OR MORE SERIES IN AN 
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED 
$15,000,000. 
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 $15,000,000 (the “Bonds”), to finance or refinance 
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 the Council of the City of Glendale, Arizona; 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 April 27, 2026, 
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. 
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Glendale, 
Maricopa County, Arizona, as follows:  
Section 1.  The issuance and sale by the Authority of the Bonds in one or more series in 
an aggregate principal amount not to exceed $15,000,000, having such terms and provisions 
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 and Section 147(f) of the Code.

2 
 1101247859\4\ 
PASSED, ADOPTED AND APPROVED by the Mayor and Council of the City of 
Glendale, Maricopa County, Arizona, on this 26th day of May, 2026. 
 
 
 
 
 
 
 
 
Mayor Jerry P. Weiers 
 
ATTEST 
 
 
 
 
 
 
 
 
Julie K. Bower, City Clerk       (SEAL) 
 
 
APPROVED AS TO FORM: 
 
 
 
 
 
 
 
 
Michael D. Bailey, City Attorney 
 
 
REVIEWED BY: 
 
 
 
 
 
 
 
 
Patrick S. Banger, City Manager