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4873-7802-7451.2 A RESOLUTION OF THE MARICOPA COUNTY BOARD OF SUPERVISORS APPROVING THE ISSUANCE BY THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA OF SINGLE FAMILY MORTGAGE REVENUE BONDS, TO BE ISSUED IN ONE OR MORE SERIES PURSUANT TO A PLAN OF FINANCE, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $400,000,000, TO FINANCE THE SERIES 2024 SINGLE FAMILY MORTGAGE REVENUE BOND PROGRAM OF THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX, ARIZONA AND THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA, AND APPROVING A COOPERATIVE/ INTERGOVERNMENTAL AGREEMENT, THE STANDARDS AND REQUIREMENTS AND THE GENERAL PLAN RELATING TO THE PROGRAM AND THE BONDS WHEREAS, The Industrial Development Authority of the County of Maricopa (the “Maricopa Authority”) is a nonprofit corporation designated a political subdivision of the State of Arizona (the “State”) incorporated with the approval of Maricopa County, Arizona (“Maricopa County”); WHEREAS, The Industrial Development Authority of the City of Phoenix, Arizona (the “Phoenix Authority” and, together with the Maricopa Authority, the “Authorities”), is a nonprofit corporation designated a political subdivision of the State incorporated with the approval of the City of Phoenix, Arizona (the “City”); WHEREAS, Title 35, Chapter 5, of the Arizona Revised Statutes, Sections 35-701 et seq. (the “Act”), authorizes the Authorities and each of them to issue revenue bonds to finance and refinance directly or indirectly the acquisition, construction, improvement or equipping of projects which are owner-occupied single-family dwelling units to be occupied by persons of low and moderate income; WHEREAS, the Authorities currently operate a joint program to finance and refinance, directly or indirectly, the acquisition, construction, improvement or equipping of projects which are owner-occupied single family dwelling units to be occupied by persons of low and moderate income throughout the area within Maricopa County, including the City (the “Single Family Housing Program”); and WHEREAS, the Authorities, Maricopa County and the City will enter into an agreement (the “Cooperative/Intergovernmental Agreement”) providing for the Authorities’ cooperation in the continued operation of the Single Family Housing Program by jointly issuing bonds in an aggregate principal amount not to exceed $400,000,000 (the “Series 2024 Program Bonds”) to finance their Series 2024 Single Family Mortgage Revenue Bond Program (the “Series 2024 Program”) to finance and refinance directly or indirectly the acquisition, construction, improvement or equipping of projects which are owner-occupied single-family dwelling units to be occupied by persons of low and moderate income throughout Maricopa County (the “Project”) and providing that the combined jurisdictions of the Phoenix Authority and the 2 4873-7802-7451.2 Maricopa Authority will be the jurisdiction of both of the Authorities for purposes of the Series 2024 Program; WHEREAS, Lakeview Loan Servicing, LLC or another entity that enters into a servicing agreement with the Authorities (the “Servicer”) will pool the mortgage loans related to the Project into mortgage backed securities; WHEREAS, U.S. Bank Trust Company, National Association, or its successor (the “Trustee”), will purchase the mortgage backed securities with the proceeds of each series of the Series 2024 Program Bonds and collect the mortgage backed securities into a pool which will constitute the Authorities’ common credit for security and repayment of the Series 2024 Program Bonds and all other Bonds issued pursuant to the General Indenture of Trust and each Series Indenture (collectively, the “Indenture”), among the Authorities and the Trustee, pursuant to which the Series 2024 Program Bonds will be issued; WHEREAS, on May 14, 2024, the Maricopa Authority resolved (the “Maricopa Authority’s Resolution”) to issue the Series 2024 Program Bonds, the Maricopa Authority’s Resolution being conditioned upon, among other things, the granting of approval to the issuance of the Series 2024 Program Bonds by the Maricopa County Board of Supervisors; WHEREAS, the Maricopa Authority’s Resolution has been made available to the Maricopa County Board of Supervisors, and the Maricopa Authority’s Resolution has been duly considered this date; WHEREAS, the Maricopa Authority’s Resolution authorizes, among other things, the issuance and sale of the Series 2024 Program Bonds, the execution and delivery of the Cooperative/ Intergovernmental Agreement, the Standards and Requirements for the Series 2024 Program and the Series 2024 Program Bonds, the General Plan for the Series 2024 Program and the Series 2024 Program Bonds, the Indenture, and related financing documents as well as such other documents as required for the issuance of the Series 2024 Program Bonds; WHEREAS, the terms, maturities, provisions for redemption, security, and sources of payment for, and the form of, each series of the Series 2024 Program Bonds will be set forth in the related Series Indenture; WHEREAS, the Maricopa County Board of Supervisors have been informed that said documents have been reviewed by competent Bond Counsel, Kutak Rock LLP, and Bond Counsel has determined that said documents adequately meet the requirements of the Act and the Internal Revenue Code of 1986, as amended (the “Code”); WHEREAS, pursuant to Section 35-706.D of the Act, the Standards and Requirements adopted by the Authorities for the Series 2024 Program and the Series 2024 Program Bonds require the approval of the Maricopa County Board of Supervisors, and, pursuant to Section 35- 726.A of the Act, the General Plan adopted by the Authorities for the Series 2024 Program and the Series 2024 Program Bonds requires the approval of the Maricopa County Board of Supervisors; 3 4873-7802-7451.2 WHEREAS, pursuant to Section 35-721.B of the Act, the proceedings of the Maricopa Authority under which the Series 2024 Program Bonds are to be issued require the approval of the Maricopa County Board of Supervisors for the issuance of the Series 2024 Program Bonds; WHEREAS, pursuant to Section 147(f) of the Code, the Maricopa County Board of Supervisors must approve the issuance of the Series 2024 Program Bonds after a public hearing following reasonable public notice to the extent the interest on such Series 2024 Program Bonds is intended to be excluded from gross income for federal income tax purposes; WHEREAS, pursuant to Section 147(f) of the Code, following publication by posting on the Maricopa Authority’s website of a Notice of Public Hearing, a joint public hearing with respect to the Series 2024 Program Bonds and the location and nature of the Project to be financed was held by the Phoenix Authority and the Maricopa Authority on June 7, 2024, commencing at 9:00 a.m., MST, via the toll free dial-in number of 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 June 7, 2024, 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 of (i) the Standards and Requirements pursuant to Section 35- 706.D of the Act; (ii) the General Plan pursuant to Section 35-726.A of the Act; (iii) the issuance of the Series 2024 Program Bonds pursuant to Section 35-721.B of the Act; and (iv) the issuance of the Series 2024 Program Bonds pursuant to Section 147(f) of the Code. NOW, THEREFORE, BE IT RESOLVED BY THE MARICOPA COUNTY BOARD OF SUPERVISORS as follows: 1. The Cooperative/Intergovernmental Agreement relating to the Series 2024 Program and the Series 2024 Program Bonds is hereby approved. The appropriate officers of the Maricopa County Board of Supervisors are hereby authorized to execute the Cooperative/Intergovernmental Agreement. The Cooperative/Intergovernmental Agreement is to be in substantially the form now before the Board of Supervisors at this meeting and hereby approved, or with such changes therein as shall be approved by the officers of the Maricopa County Board of Supervisors and the Authorities executing the same and by all other necessary parties, their execution thereof to constitute conclusive evidence of their approval of any and all changes or revisions therein from the form of the Cooperative/Intergovernmental Agreement now before the Board of Supervisors. 2. The issuance by the Maricopa Authority of the Series 2024 Program Bonds, jointly with the Phoenix Authority, in one or more series pursuant to a plan of finance in the aggregate principal amount not to exceed $400,000,000 in furtherance of the Series 2024 Program is approved for all purposes under the Act, including specifically Section 35-721.B, and Section 147(f) of the Code. 3. The Standards and Requirements and the General Plan adopted by the Authorities for the Series 2024 Program and the Series 2024 Program Bonds are hereby approved. 4 4873-7802-7451.2 4. 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 Maricopa Authority’s Resolution in connection with the Series 2024 Program and issuance of the Series 2024 Program Bonds. 4873-7802-7451.2 ADOPTED AND APPROVED on June 12, 2024. Chairman, Maricopa County Board of Supervisors ATTEST: Clerk, Maricopa County Board of Supervisors ATTACHMENT: Notice of Public Hearing 4864-9722-7452.3 NOTICE OF PUBLIC HEARING NOTICE IS HEREBY GIVEN that a joint public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Tax Code”), and IRS Revenue Procedure 2022-20, will be held telephonically by The Industrial Development of the City of Phoenix, Arizona and The Industrial Development Authority of the County of Maricopa (collectively, the “Authorities”) on Friday, June 7, 2024, at 9:00 a.m. MST, to consider the proposed joint issuance by the Authorities of one or more series of tax-exempt Single Family Mortgage Revenue Bonds, pursuant to a plan of finance, in the aggregate principal amount of not to exceed $400,000,000 (the “Bonds”). Interested persons are invited to attend the public hearing by toll-free conference call and to present comments regarding the plan of finance and the issuance of the Bonds. To attend via conference call, dial 1-833-220-6615 (toll-free) and when prompted enter passcode 970133. All those who are on the conference call will have the opportunity to offer their comments and questions. Written comments to be presented at the public hearing may be mailed or otherwise delivered to the Authorities’ appointed hearing officer at the following address (and must be received prior to the Public Hearing): Ms. Brigitte Finley Green, Squire Patton Boggs, 2325 E. Camelback Road, Suite 700, Phoenix, AZ 85016, brigitte.finleygreen@squirepb.com. The Authorities will receive any written comments from and hear all persons with views in favor of or opposed to the proposed plan of finance, issuance of the Bonds and the use of the proceeds thereof to finance the Program (as defined herein). The Authorities propose to use the proceeds of the Bonds to finance qualified mortgage loans and homebuyer assistance relating thereto under Section 143 of the Tax Code for “owner-occupied single family dwelling units to be occupied by persons of low and moderate income” (all as defined in Title 35, Chapter 5 of the Arizona Revised Statutes, Section 35-701 et seq.) in Maricopa County, Arizona (the “County”), including the City of Phoenix, Arizona (the “City”), to the end that decent, safe and sanitary dwelling accommodations for such persons may be provided in the County, including the City (the “Program”), to refund indebtedness incurred in connection with the Program, to fund reserves and/or to pay costs of issuing the Bonds. If issued, the Bonds shall be special, limited obligations of the Authorities and shall be payable solely from and secured solely by amounts derived from or in connection with the Program and from moneys and securities held from time to time under the Indenture pursuant to which the Bonds are issued. The principal of, premium (if any), and interest on the Bonds shall never constitute the debt or indebtedness, or a liability of the City, the County or the State of Arizona (the “State”), or any political subdivision of the State within the meaning of any constitutional or statutory provision of the State, and shall not give rise to a pecuniary liability or a charge against their general credit or any taxing powers. The Authorities have no taxing power. A report of the hearing will be made to the County’s Board of Supervisors and the City’s City Council who will consider approving the issuance of the Bonds for purposes of the Tax Code. Dated: May 31, 2024 THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE CITY OF PHOENIX, ARIZONA THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA