OTTAWA UNIVERSITY - BOS RESOLUTION.PDF

{0005820.0002/01120636.DOCX / 2}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 2020, IN AN AGGREGATE PRINCIPAL 
AMOUNT NOT TO EXCEED $41,000,000 
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 2020 (the “Bonds”), in 
an aggregate principal amount not to exceed $41,000,000, 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”), founded in 1865, that 
has two residential campuses: the legacy campus located in Ottawa, Kansas and the Surprise, 
Arizona campus that first welcomed students in 2017; 
WHEREAS, the proceeds of the Bonds will be loaned by the Issuer to the Borrower to (a) 
finance the acquisition and equipping of the residence hall and student union buildings located  
on its Surprise, Arizona campus (the “Facilities”), (b) finance or refinance the acquisition of 
certain equipment used by the Borrower on its Ottawa, Kansas and Surprise, Arizona campuses 
(the “Equipment”), (c) fund any required reserve funds, and (d) pay certain issuance expenses 
associated with the Bonds (collectively, the “Project”); 
WHEREAS, on September 8, 2020, 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, 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; 
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;

{0005820.0002/01120636.DOCX / 2}Board of Supervisors Resolution 
2 
 
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 by the Issuer on 
September 2, 2020, at the Maricopa County Administration Building, First Floor Lobby, 
301 West Jefferson, Phoenix, Arizona (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 
September 2, 2020, 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 $41,000,000 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.

{0005820.0002/01120636.DOCX / 2}Board of Supervisors Resolution 
 
ADOPTED AND APPROVED on September 16, 2020. 
 
 
 
 
 
 
 
 
Chairman, Maricopa County Board of 
Supervisors 
ATTEST: 
 
 
 
 
 
 
 
Clerk, Maricopa County Board of Supervisors 
ATTACHMENT:  Notice of Public Hearing

{0005820.0002/01120636.DOCX / 2}Board of Supervisors Resolution 
 
NOTICE OF PUBLIC HEARING 
 
PUBLIC NOTICE IS HEREBY GIVEN that a public hearing will be held by a representative of 
The Industrial 
Development 
Authority 
of 
the 
County 
of 
Maricopa 
(the “Authority”) 
on 
September 2, 2020, at 9:00 a.m., MST, in the Maricopa County Administration Building, First Floor 
Lobby, 301 West Jefferson, Phoenix, Arizona 85003, regarding the proposed issuance by the Authority of 
its Educational Facilities Revenue Bonds (Ottawa University), Series 2020 (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 $41,000,000.  
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 “Borrower”), to (i) with an estimated $36,800,000 
aggregate principal amount to finance the acquisition and equipping of the residence hall building, 
comprised of an approximately 76,300 square foot, four-story building (“Building A”) and the student 
union building, with a kitchen and dining hall, comprised of an approximately 26,000 square foot, two-
story building (“Building B”), each located on its Surprise, Arizona campus at 14360 W. Tierra Buena 
Lane, Surprise, Arizona (together, the “Facilities”), and (ii) with an estimated $4,200,000 aggregate 
principal amount to finance or refinance the acquisition of certain equipment used by the Borrower at the 
following locations: 1001 S. Cedar St, , 724 E. 11th St., 331 E. 11th St., 328 E. 9th St., 420 E. 9th St., 1012 
Braves Lane, 501 Otter Lane, 328 E. 9th St., 521 Otter Lane, 1007 College Lane, 1001 College Lane, 1045 
College Lane, 1021 College Lane, 1014 College Lane, 832 S. Oak, 803 S. Oak, 401 S. Main St., in 
Ottawa, Kansas ($2,100,000), and 14360 W. Tierra Buena Lane, 14440 W. Tierra Buena Lane, 14312 W. 
Tierra Buena Lane and 15950 North Civic Center Plaza in Surprise, Arizona ($2,100,000) (collectively, 
the “Equipment”) (including in each case, allocable amounts to fund any necessary reserves and pay a 
portion of the costs of issuance of the Bonds).  The Facilities and Equipment financed with the 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 the Internal 
Revenue Code of 1986, as amended. 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 and Equipment 
to be financed or refinanced. Any written comments should be submitted to The Industrial Development 
Authority of the County of Maricopa c/o Maricopa County, 10th Floor, 301 West Jefferson, Phoenix, 
Arizona 85003, Attention: President, clearly marked: “Ottawa University” for receipt prior to the time of 
the hearing. 
 
THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE 
COUNTY OF MARICOPA