D_PROMISSORY NOTE – MARICOPA COUNTY DISTRICTS LINE OF CREDIT (DISTRICTS) - 2026.PDF

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4925-2976-2967.4  
THIS NOTE IS IN FULLY REGISTERED FORM AND IS NOT TRANSFERABLE 
EXCEPT ON THE REGISTRATION BOOKS OF BORROWER 
MARICOPA COUNTY DISTRICTS REVOLVING LINE OF CREDIT 
PROMISSORY NOTE 
JPMorgan Chase Bank, N.A. 
150 W University Drive, 3rd Floor   
Tempe, Arizona 85281-3640 
Date: July 1, 2026 
Principal Amount: Commitment Amount Cap (as defined in and subject to adjustment from time 
to time in accordance with the hereinafter defined Loan Agreement) 
1.
PROMISE TO PAY AND INTEREST. For value received, the undersigned, EACH 
OF THE DISTRICTS IDENTIFIED IN SCHEDULE I HERETO (each a “Borrower” and 
collectively, “Borrowers”), ACTING THROUGH THE MARICOPA COUNTY TREASURER 
AS THEIR AGENT, promises to pay to or on the order of JPMORGAN CHASE BANK, N.A., or 
registered assigns (“Bank”) at its above office, or at such other place as Bank may designate in 
writing, in lawful money of the United States of America, (a) in the aggregate for all Borrowers, 
the principal sum equal to the Commitment Amount Cap (as such term is defined in and subject to 
adjustment from time to time in accordance with the Business Loan Agreement (Maricopa County 
Districts Revolving Line of Credit), of even date herewith (the “Loan Agreement”), between 
Borrowers and Bank, as it may be amended, modified, extended, renewed, restated, or 
supplemented from time to time), and (b) with respect to each Borrower, the lesser of the unpaid 
Advances under the Loan Agreement or the maximum amount shown for such Borrower on 
Schedule I hereto, as it may be amended from time to time, in either case as shown on the records 
of Bank which, when in agreement with the records of a Borrower, shall (absent manifest error) 
be conclusive as to such unpaid amount, with interest thereon from the date advanced at the Interest 
Rate (as hereinafter defined). Neither the Maricopa County Treasurer nor Maricopa County shall 
be liable for amounts owed by any Borrower hereunder.   
2.
INTEREST RATE. The Interest Rate (the “Interest Rate”) during each calendar 
quarter shall be the rate per annum equal to the rate per annum most recently publicly announced 
by Bank, or Bank’s successors, in Phoenix, Arizona, as Bank’s “prime rate”, as in effect from time 
to time, provided that in no event shall the Interest Rate at any time exceed one hundred ten percent 
(110%) of the previous quarter’s weighted average prime rate among the top three financial 
institutions by asset size in the State of Arizona.  The Interest Rate will be redetermined by Bank 
on each day that the “prime rate” changes and any changes in the Interest Rate will be effective on 
and after the date of such change and until the next change.  The “prime rate” is set by Bank based 
on various factors, including Bank’s costs and desired return, general economic conditions and 
other factors, and is used as a reference point in pricing some loans.  Bank may price loans to its 
customers at, above, or below its “prime rate.”  Notwithstanding the foregoing, in no event shall 
the Interest Rate at any time be less than zero percent (0.00%).

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4925-2976-2967.4  
3.
REQUIRED PAYMENTS; PAYMENT ON MATURITY.  Prior to June 30, 2027, 
or if the Scheduled Commitment Expiration Date under the Loan Agreement has been extended 
by mutual agreement between Borrowers, acting through their agent, the Maricopa County 
Treasurer, and Bank (acting in its sole and absolute discretion), such Scheduled Commitment 
Expiration Date (the “Maturity Date”), payments under this Note shall be made as each Borrower 
receives “nonrestricted operating revenues”, as such term is used in the Act. On the Maturity Date 
each Borrower shall pay to Bank the unpaid principal, all accrued and unpaid interest, and all other 
amounts (“Other Amounts”) payable by such Borrower to Bank under the Loan Documents (as 
defined in the Loan Agreement). 
4.
INTEREST ON PRINCIPAL; DEFAULT RATE. Principal shall bear interest at 
the Interest Rate from the date of disbursement until the due date thereof, whether by acceleration 
or otherwise. Subject to Section 11(b) of this Note, principal, interest, and Other Amounts not paid 
when due and any judgment therefor shall bear interest from its due date or the judgment date, as 
applicable, until paid at a rate (the “Default Rate”) per annum equal to one hundred ten percent 
(110.00%) of the previous quarter’s weighted average prime rate among the top three financial 
institutions by asset size in the State of Arizona (unless a lower maximum rate of interest is then 
applicable under the Act, in which case, the Default Rate shall be such lower rate of interest under 
the Act), and such interest shall be immediately due and payable. 
5.
INTEREST ACCRUAL. All interest under the Loan Documents shall be computed 
on the basis of a 365-day year and accrue on a daily basis for the actual number of days elapsed. 
Each Borrower agrees to pay an effective rate of interest that is the sum of (i) the Interest Rate and 
(ii) any additional rate of interest resulting from any other charges or fees paid or to be paid in 
connection herewith that are determined to be interest or in the nature of interest. 
6.
PAYMENT IN FULL PRIOR TO THE MATURITY DATE. Notwithstanding any 
other provision herein or in the Loan Documents, each Borrower shall pay to Bank all outstanding 
principal, interest and Other Amounts on June 30 of each year relating to such Borrower. So long 
as a Borrower makes such payment, such Borrower shall, subject to the provisions of the Loan 
Agreement, continue to be entitled to Advances pursuant to the Loan Agreement prior to the 
commitment expiration date specified therein. Subject to Section 11(b) of this Note, principal, 
interest, and Other Amounts not paid on June 30 of each year shall bear interest from June 30 until 
paid at the Default Rate, and such interest shall be immediately due and payable. 
7.
APPLICATION OF PAYMENTS. At the option of Bank, payments shall be 
applied to principal, interest, and Other Amounts in such order as Bank shall determine. 
8.
PREPAYMENT. A Borrower may prepay the outstanding principal balance hereof 
relating to such Borrower, in whole or in part, at any time prior to the Maturity Date without 
penalty or premium. 
9.
NO COUNTERCLAIMS, DEDUCTIONS, ETC. All payments and other 
obligations of each Borrower under the Loan Documents will be made and performed without 
counterclaim, deduction, defense, deferment, reduction, or set-off.

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10.
EVENTS OF DEFAULT. Each of the following shall be an event of default (“Event 
of Default”) as to any Borrower to which the Event of Default applies: 
(a)
Failure by a Borrower to pay when due (i) any amount payable by such 
Borrower under any of the Loan Documents, or (ii) any other indebtedness of such 
Borrower to Bank. 
(b)
Failure by a Borrower to perform any material obligation not involving the 
payment of money, or to comply with any other term or condition applicable to such 
Borrower, in any of the Loan Documents. 
(c)
Any representation or warranty made by a Borrower in any of the Loan 
Documents or otherwise or any information delivered by such Borrower to Bank in 
obtaining or hereafter in connection with the credit evidenced by this Note is or becomes 
materially incomplete, incorrect, or misleading from the representations or warranties 
made of the date of this Note or as of the date made or delivered. 
(d)
The occurrence of any change or other event that Bank determines has or 
will materially and adversely affect (i) any or all property, interests in property, or rights 
to property securing the obligations of a Borrower under the Loan Documents, including 
without limitation the security interest in the nonrestricted operating revenues received by 
the Maricopa County Treasurer on behalf of each Borrower (collectively, the “Collateral”) 
as security for the obligations of a Borrower under the Loan Documents, (ii) the financial 
condition of a Borrower, or (iii) the ability of a Borrower to pay the monetary obligations 
of such Borrower under the Loan Documents. 
(e)
A Borrower (i) is unable or admits in writing such Borrower’s inability to 
pay Borrower’s monetary obligations as they become due, (ii) is generally not paying its 
debts as they become due, (iii) makes a general assignment for the benefit of creditors, or 
(iv) applies for, consents to, or acquiesces in, appointment of a trustee, receiver, or other 
custodian for Borrower or any or all of the property of Borrower, or in the absence of such 
application, consent, or acquiescence by Borrower a trustee, receiver, or other custodian is 
appointed for Borrower or any or all of the property of Borrower. 
(f)
Commencement of any case under the Bankruptcy Code (Title 9 of the 
United States Code) or commencement of any other bankruptcy, arrangement, 
reorganization, receivership, custodianship, or similar proceeding under any federal or state 
law by or against a Borrower. 
(g)
Attachment, garnishment, levy of execution, or seizure by legal process of 
any or all Collateral of a Borrower, except any pre-judgment attachment or garnishment of 
any or all Collateral. 
(h)
Any legal proceeding or other action against or affecting any or all 
Collateral of a Borrower is commenced (including, without limitation, any prejudgment 
attachment or garnishment) and is not quashed, stayed, or released within twenty (20) days.

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(i)
Any Collateral of a Borrower is sold, disposed of, or otherwise transferred 
by such Borrower after the date of this Note, not in the ordinary course of operations of 
Borrower. 
(j)
Any Collateral of a Borrower becomes subject to any lien or security 
interest, other than the security interest granted to Bank in this Note. 
(k)
Any Collateral of a Borrower is lost, stolen, suffers substantial damage or 
destruction, or is used in violation of any law, ordinance, regulation, or rule (federal, state, 
or local). 
(l)
A Borrower abandons or, except for expenditure of funds included in the 
Collateral in the ordinary operations of Borrower, ceases to have exclusive possession of 
any Collateral or any books and records of Borrower relating to the Collateral. 
(m)
A Borrower or any other person on behalf of Borrower claims that any Loan 
Document is not legal, valid, binding, and enforceable against Borrower, that any lien, 
security interest, or other encumbrance securing any of the obligations under the Loan 
Documents is not legal, valid, binding, and enforceable, or that the priority of any lien, 
security interest, or other encumbrance securing any of the obligations in the Loan 
Documents is different than the priority set forth in the Act (except as such priority may be 
affected by the laws regarding garnishment of wages of Borrower’s employees and federal 
and state tax liens for withholding taxes of Borrower’s employees). 
(n)
The occurrence of any condition or event that is a default or is designated 
as a default, an event of default, or an Event of Default in any other Loan Document or in 
any agreement, document, or instrument relating to any other indebtedness of Borrower to 
Bank. 
(o)
The occurrence of any condition or event that is designated as a default or 
an event of default and the expiration of any cure period with respect to any other 
indebtedness of Borrower to any other person. 
(p)
The failure of a Borrower to repay to Bank within five (5) Business Days 
of written notice from Bank to Borrower the amount by which the outstanding amount of 
Advances exceeds the Commitment. 
11.
RIGHTS AND REMEDIES OF BANK.  (a) Upon occurrence of an Event of 
Default, Bank may, at its option, in its absolute and sole discretion, and without demand or notice, 
(i) declare the obligations in the Loan Documents to be immediately due and payable, whereupon 
the obligations in the Loan Documents shall be immediately due and payable, and (ii) exercise any 
or all other rights and remedies of Bank concurrently or consecutively in such order as Bank elects. 
The rights and remedies of Bank shall be cumulative and non-exclusive. Delay, discontinuance, or 
failure to exercise any right or remedy of Bank shall not be a waiver thereof, or of any other right 
or remedy of Bank, or of the time, of the essence provision. Exercise of any right or remedy of 
Bank shall not cure or waive any Event of Default or invalidate any act done in response to any 
Event of Default.

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(b) Notwithstanding anything herein or in any other Loan Documents to the contrary, upon 
the occurrence of an Event of Default set forth in Section 10(a)(i) of this Note (herein a “Payment 
Default”), the interest rate on this Note shall not increase to the Default Rate and the Bank shall 
not exercise any remedies after such Payment Default including, without limitation, declaring the 
obligations in the Loan Documents to be immediately due and payable, until August 31 of the 
same calendar year (such period from and including the occurrence of an Event of Default set forth 
in Section 10(a)(i) to and including August 31 of the same calendar year herein, the “Stay Period”).    
For the avoidance of doubt, upon the occurrence of any Event of Default other than an Event of 
Default set forth in Section 10(a)(i) during the Stay Period, the interest rate on this Note shall 
increase to the Default Rate and the Bank may exercise any and all remedies available under the 
Loan Documents, at law or in equity. 
(c) In furtherance of Section 11(b) above, during the Stay Period, the Bank’s commitment 
to make Advances to the defaulting Borrower shall not terminate; provided that such Borrower’s 
Commitment Amount shall be reduced by the amount of principal that was not paid when due.  
For the avoidance of doubt, upon the occurrence and during the continuance of any Event of 
Default other than an Event of Default set forth in Section 10(a)(i) during the Stay Period, the 
Bank, in its absolute and sole discretion and without notice, may terminate the commitment to 
make Advances to the defaulting Borrower.   
12.
LIMIT OF LIABILITY OF BANK. In exercising rights and remedies, neither Bank 
nor any affiliate thereof or any stockholder, director, officer, employee, agent, or representative of 
Bank or any affiliate thereof shall have any liability for any injury to the assets, business, 
operations, or property of a Borrower or any other liability to Borrower, other than for its own 
gross negligence or willful misconduct. 
13.
PROVISIONS IN LOAN AGREEMENT GOVERN THIS AGREEMENT. This 
Note is subject to certain terms and provisions in the Loan Agreement, to which reference is made 
for a statement of such terms and provisions. 
14.
WAIVERS BY BORROWER. Each Borrower (i) waives, to the full extent 
permitted by law, presentment, notice of dishonor, protest, notice of protest, notice of intent to 
accelerate, notice of acceleration, and all other notices or demands of any kind (except notices 
specifically provided for in the Loan Documents), and (ii) agrees that Bank may enforce this Note 
and any other Loan Documents against Borrower without first having sought enforcement against 
any Collateral. 
15.
JURY WAIVER.  TO THE MAXIMUM EXTENT NOT PROHIBITED BY LAW, 
EACH 
BORROWER 
AND 
BANK 
HEREBY 
VOLUNTARILY, 
KNOWINGLY, 
IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY RIGHT TO HAVE A JURY 
PARTICIPATE IN RESOLVING ANY DISPUTE (WHETHER BASED ON CONTRACT, 
TORT OR OTHERWISE) BETWEEN ANY BORROWER AND BANK ARISING OUT OF OR 
IN ANY WAY RELATED TO THIS NOTE. THIS PROVISION IS A MATERIAL 
INDUCEMENT TO BANK TO PROVIDE THE FINANCING DESCRIBED HEREIN. 
16.
WAIVER OF SPECIAL DAMAGES. EACH BORROWER WAIVES, TO THE 
MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT BORROWER MAY HAVE

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TO CLAIM OR RECOVER FROM BANK IN ANY LEGAL ACTION OR PROCEEDING ANY 
SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. 
[SIGNATURE PAGE FOLLOW]

[Signature Page to Maricopa County Districts Revolving Line of Credit Promissory Note] 
DATED as of the date first above stated.  
MARICOPA COUNTY, ARIZONA 
By:  
Name:  Kate Brophy McGee 
Title:   Chair, Board of Supervisors 
ATTEST: 
By:  
Name: Juanita Garza 
Title:   Clerk of the Board 
MARICOPA COUNTY TREASURER, 
As Agent for the Districts Listed on Schedule I hereto 
By:  
Name: John M. Allen 
Title:   Maricopa County Treasurer 
Approved as to form: 
By:  
Name: Kim Miles 
Title:   Deputy County Attorney

4925-2976-2967.4  
SCHEDULE I 
COMMITMENT AMOUNTS 
DISTRICT NAMES AND CREDIT LINE LIMITS 
Name 
School Districts 
District 
Number 
Commitment 
Amounts 
PHOENIX ELEMENTARY SCHOOL DISTRICT
1
$10,000,000 
RIVERSIDE ELEMENTARY SCHOOL DISTRICT
2
1,000,000 
TEMPE ELEMENTARY SCHOOL DISTRICT
3
10,000,000 
MESA UNIFIED SCHOOL DISTRICT
4
40,000,000 
WASHINGTON ELEMENTARY SCHOOL DISTRICT
6
20,000,000 
WILSON ELEMENTARY SCHOOL DISTRICT
7
2,500,000 
OSBORN ELEMENTARY SCHOOL DISTRICT
8
1,500,000 
WICKENBURG UNIFIED SCHOOL DISTRICT
9
2,500,000 
PEORIA UNIFIED SCHOOL DISTRICT
11
40,000,000 
CREIGHTON ELEMENTARY SCHOOL DISTRICT
14
12,000,000 
TOLLESON ELEMENTARY SCHOOL DISTRICT 
17
2,000,000 
MURPHY ELEMENTARY SCHOOL DISTRICT
21
2,500,000 
GILA BEND UNIFIED SCHOOL DISTRICT
24
1,000,000 
LIBERTY ELEMENTARY SCHOOL DISTRICT 
25
3,000,000 
KYRENE ELEMENTARY SCHOOL DISTRICT
28
4,500,000 
BALSZ ELEMENTARY SCHOOL DISTRICT
31
4,000,000 
BUCKEYE ELEMENTARY SCHOOL DISTRICT 
33
5,000,000 
MADISON ELEMENTARY SCHOOL DISTRICT 
38
5,000,000 
GLENDALE ELEMENTARY SCHOOL DISTRICT
40
18,000,000 
GILBERT UNIFIED SCHOOL DISTRICT
41
40,000,000 
AVONDALE ELEMENTARY SCHOOL DISTRICT
44
5,000,000 
FOWLER ELEMENTARY SCHOOL DISTRICT
45
2,500,000 
ARLINGTON ELEMENTARY SCHOOL DISTRICT
47
400,000 
SCOTTSDALE UNIFIED SCHOOL DISTRICT
48
24,000,000 
PALO VERDE ELEMENTARY SCHOOL DISTRICT
49
250,000 
LAVEEN ELEMENTARY SCHOOL DISTRICT
59
3,200,000 
HIGLEY UNIFIED SCHOOL DISTRICT
60
9,950,000 
UNION ELEMENTARY SCHOOL DISTRICT
62
2,200,000 
AGUILA ELEMENTARY SCHOOL DISTRICT
63
450,000 
LITTLETON ELEMENTARY SCHOOL DISTRICT
65
7,500,000 
ROOSEVELT ELEMENTARY SCHOOL DISTRICT
66
17,400,000 
ALHAMBRA ELEMENTARY SCHOOL DISTRICT
68
4,000,000 
PARADISE VALLEY UNIFIED SCHOOL DISTIRICT
69
20,000,000 
SENTINEL ELEMENTARY SCHOOL DISTRICT
71
200,000 
MORRISTOWN ELEMENTARY SCHOOL 
DISTRICT
75 
 400,000 
LITCHFIELD ELEMENTARY SCHOOL DISTRICT
79
5,000,000 
CHANDLER UNIFIED SCHOOL DISTRICT
80
40,000,000 
CARTWRIGHT ELEMENTARY SCHOOL DISTRICT
83
35,000,000 
MOBILE ELEMENTARY SCHOOL DISTRICT
86
220,000

4925-2976-2967.4  
DYSART UNIFIED SCHOOL DISTRICT
89
20,000,000 
SADDLE MOUNTAIN UNIFIED SCHOOL 
DISTRICT
90 
 2,700,000 
PENDERGAST ELEMENTARY SCHOOL DISTRICT
92
16,000,000 
CAVE CREEK UNIFIED SCHOOL DISTRICT 
93
4,000,000 
PALOMA ELEMENTARY SCHOOL DISTRICT 
94
460,000 
QUEEN CREEK UNIFIED SCHOOL DISTRICT
95
4,000,000 
DEER VALLEY UNIFIED SCHOOL DISTRICT
97
29,000,000 
FOUNTAIN HILLS UNIFIED SCHOOL DISTRICT
98
3,000,000 
BUCKEYE UNION HIGH SCHOOL DISTRICT
201
9,400,000 
GLENDALE UNION HIGH SCHOOL DISTRICT
205
20,000,000 
PHOENIX UNION HIGH SCHOOL DISTRICT
210
14,000,000 
TEMPE UNION HIGH SCHOOL DISTRICT
213
4,000,000 
TOLLESON UNION HIGH SCHOOL DISTRICT
214
2,000,000 
AGUA FRIA UNION HIGH SCHOOL DISTRICT
216
8,500,000 
WESTERN MARICOPA EDUCATION CENTER 
DISTRICT  
402 
 1,000,000 
Fire Districts 
ARIZONA FIRE AND MEDICAL AUTHORITY
6,000,000 
CHANDLER COUNTY ISLAND FIRE DISTRICT
375,000 
CIRCLE CITY \ MORRISTOWN VOLUNTEER FD
100,000 
DAISY MOUNTAIN FIRE DISTRICT
3,500,000 
GILBERT COUNTY ISLAND FIRE DISTRICT
275,000 
HARQUAHALA VALLEY FIRE DISTRICT 
450,000 
QUEEN CREEK COUNTY ISLAND FIRE DISTRICT
100,000 
RIO VERDE FIRE DISTRICT
500,000 
SUN CITY FIRE DISTRICT 
3,000,000 
TEMPE COUNTY ISLAND FIRE DISTRICT
35,000 
SPECIAL DISTRICTS 
MARICOPA COUNTY SPECIAL HEALTH CARE 
DISTRICT
30,000,000
Total
$584,565,000