TEMPE PREP ACADEMY 2020 - BOS RESOLUTION.PDF

110684081.3 
 
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 ITS EDUCATION 
FACILITIES REVENUE BONDS (TEMPE PREPARATORY ACADEMY 
PROJECT) SERIES 2020, IN ONE OR MORE TAX-EXEMPT AND/OR 
TAXABLE SERIES, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO 
EXCEED $8,500,000 
WHEREAS, The Industrial Development Authority of the County of Maricopa (the “Authority”) 
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 Authority is authorized by the Act to issue revenue bonds for the purpose of 
financing and refinancing the costs of the acquisition, construction, improvement, maintenance or 
equipping of any land, building or other improvement to be used by any educational institution or 
organization established under the provisions of Title 15, Chapter 1, Article 8, Arizona Revised Statutes, 
as amended (the “Charter School Act”), and owned by a nonprofit organization; and 
WHEREAS, Tempe Preparatory Academy, an Arizona nonprofit corporation that operates a 
charter school established under the Charter School Act, has requested that the Authority issue its Education 
Facilities Revenue Bonds (Tempe Preparatory Academy Project) Series 2020 (the “Bonds”) pursuant to a 
Financing Agreement (the “Financing Agreement”), among the Authority, the Borrower and Arizona Bank 
and Trust (the “Purchaser”), pursuant to which the Authority will loan the proceeds of the Bonds to the 
Borrower (the “Loan”) for purposes of assisting the Borrower in (a) financing and refinancing the costs of 
acquiring, constructing, improving, renovating and equipping, as applicable, land and buildings located at 
1251 East Southern Avenue in Tempe, Arizona (the “Existing Campus”), for use in connection with 
operation of a charter school known as “Tempe Preparatory Academy” (the “Charter School”), (b) 
refinancing outstanding loans incurred by the Borrower in connection with financing or refinancing the 
costs of acquiring, constructing, renovating, improving and equipping improvements to the Existing 
Campus for use in operating the Charter School, (c) funding any required reserve funds, and (d) paying 
certain expenses incidental to the issuance of the Bonds (collectively, the “Project”); 
WHEREAS, on April 14, 2020, the Authority resolved (the “Authority’s Resolution”) to issue 
the Bonds, the Authority’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 Authority’s Resolution has been made available to the Maricopa County Board 
of Supervisors, and the Resolution has been duly considered this date; 
WHEREAS, the Authority’s Resolution authorizes, among other things, the issuance and sale of 
the Bonds, the execution and delivery of the Financing Agreement, the Deed of Trust, the Purchaser 
Letter and the Tax Agreement (as such terms are defined in the Authority’s Resolution), and 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 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 Authority’s Resolution;

110684081.3 
 
Board of Supervisors Resolution 
 
 
 
WHEREAS, the Maricopa County Board of Supervisors have been informed that the documents 
have been reviewed by competent Bond Counsel, Lewis Roca Rothgerber LLP, 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 Authority under 
which the Bonds are to be issued require the approval of the Maricopa County Board of Supervisors for 
the issuance of the Bonds; 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 Section 35-721.B of the Act.   
NOW, THEREFORE, BE IT RESOLVED BY THE MARICOPA COUNTY BOARD OF 
SUPERVISORS, as follows: 
1. 
The issuance by the Authority of the Bonds in an aggregate principal amount not to 
exceed $8,500,000 is approved for all purposes under the Act and 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 Authority’s Resolution in connection with the issuance of the Bonds. 
 
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110684081.3 
 
 
Board of Supervisors Resolution 
 
 
 
ADOPTED AND APPROVED on April 22, 2020.   
 
 
Chairman, Maricopa County Board of Supervisors 
ATTEST: 
 
 
Clerk, Maricopa County Board of Supervisors