F_BUSINESS LOAN AGREEMENT – MARICOPA COUNTY DISTRICTS LINE OF CREDIT (DISTRICTS) - 2026.PDF

4931-4618-1527.6  
BUSINESS LOAN AGREEMENT 
(MARICOPA COUNTY DISTRICTS REVOLVING LINE OF CREDIT) 
DATE: 
July 1, 2026 
PARTIES: 
Borrower: 
Each of the Districts listed in Schedule I hereto, through 
the Maricopa County Treasurer as their agent, which 
Schedule I may be amended from time to time 
Bank: 
JPMorgan Chase Bank, N.A., a national banking 
association authorized to do business in the State of 
Arizona (“Bank”) 
AGREEMENT:  Pursuant to Arizona Revised Statutes Sections 11-604.01 et. seq., (together with 
all amendments and statutes successor thereto, collectively, the “Act”), the Board of Supervisors 
of a county may enter into an agreement with the financial institution authorized to do business in 
the State of Arizona for the purpose of obtaining a line of credit for each of the political 
subdivisions of the county.  The Act further provides that the Maricopa County Treasurer is the 
agent for the County and for each political subdivision of the State of Arizona for which the 
Maricopa County Treasurer acts as treasurer and may take any action required under an agreement 
without further approval of any governing body of a political subdivision.  Maricopa County, 
Arizona (the “County”), the Maricopa County Treasurer and Bank intend to enter into this 
Agreement and the hereafter-described Note to obtain a line of credit pursuant to the Act for each 
of the districts listed in Schedule I attached hereto (individually a “Borrower” and collectively, the 
“Borrowers”), in the respective maximum amounts shown on said Schedule I for each Borrower, 
subject in each instance, to the then available amount under the Commitment Amount Cap (as 
defined herein), if any, and to evidence all such lines of credit in this Agreement and the Note.  For 
purposes of this Agreement and each line of credit extended to a Borrower evidenced hereunder 
and in the Note, such Borrower shall be acting through the Maricopa County Treasurer as its agent 
pursuant to the Act.  For good and valuable consideration, the receipt and sufficiency of which are 
hereby acknowledged, each Borrower and Bank agree as follows: 
1.
DEFINITIONS.  In this Agreement, the following terms shall have the following 
meanings: 
“Advance” means a disbursement of funds by Bank to a Borrower pursuant to Section 2.1. 
“Agreement” means this Business Loan Agreement (Maricopa County Districts Revolving 
Line of Credit) as it may be amended, modified, extended, renewed, restated, or supplemented 
from time to time. 
“Anti-Corruption Laws” means all laws, rules and regulations of any jurisdiction applicable 
to the Borrower from time to time concerning or relating to bribery or corruption.

2 
4931-4618-1527.6  
“Authorized Person” means any of the following Persons acting alone: 
John M. Allen 
Maricopa County Treasurer 
_____________________________________ 
Signature 
Michael Hunter 
Chief Deputy Treasurer 
Signature 
Fang Martin 
Manager of Financial Services 
Signature 
Richard Challoner 
Business Operations Manager 
Signature 
Tony Meyer 
Director of Portfolio Management 
Signature 
or any other person authorized to act for a Borrower hereunder as shown by a written statement 
signed by the Maricopa County Treasurer and that also shows the specimen signature of such 
additional Authorized Person. 
“Business Day” means a day of the year on which banks are not required or authorized to 
close in Phoenix, Arizona. 
“Collateral” means, collectively, the property, interests in property, and rights to property 
securing any or all Obligations from time to time, including without limitation, the security interest 
in the nonrestricted operating revenues received by the Maricopa County Treasurer on behalf of 
each Borrower. 
“Commitment” means the agreement of Bank to make Advances as provided in this 
Agreement.

3 
4931-4618-1527.6  
“Commitment Amount” means, with respect to each Borrower, the lesser of: 
 (i) the maximum amount shown for such Borrower on Schedule I hereto, as such Schedule 
may be amended from time to time; provided that such amount shall be reduced by the amount of 
principal not paid when due during a Stay Period as set forth in Section 11(c) of the Note; or  
(ii) forty-five percent (45%) of the total amount of nonrestricted operating revenues 
received by such Borrower in the immediately preceding fiscal year of such Borrower; 
 provided that the Commitment Amount, in the aggregate, shall not exceed the following 
amounts during the period specified (the "Commitment Amount Cap"), as such amount may be 
amended from time to time, pursuant to Sections 2.6 and 2.7 of this Agreement; provided however 
that the definitions of Commitment Amount and Commitment Amount Cap shall not, in and of 
themselves, have any effect on any Scheduled Commitment Expiration Date, the Maturity Date or 
the Servicing Bank Term: 
Timeframe 
Commitment Amount Cap 
From the date of this Agreement through and 
including August 31, 2026, and then from 
April 1, 2027 through and including August 
31, 2027 and thereafter from each following 
April 1 through and including each following 
August 31 
$175,000,000 
From September 1, 2026 through and 
including March 31, 2027 and thereafter from 
each following September 1 through and 
including each following March 31 
$60,000,000 
“Default Rate” has the meaning specified in the Note. 
“Districts” means political subdivisions of Maricopa County, Arizona. 
“Event of Default” has the meaning specified in the Note. 
“Governmental Authority” means any government, any court, and any agency, authority, 
body, bureau, department, or instrumentality of any government. 
“Loan Documents” means, collectively, this Agreement, the Note, the Services Proposal, 
and any other agreements, documents, and instruments from time to time evidencing, guarantying, 
securing, or otherwise relating to the Note, as they may be amended, modified, extended, renewed, 
restated, or supplemented from time to time.

4 
4931-4618-1527.6  
“Note” means the Promissory Note, dated of even date herewith, of Borrowers payable to 
Bank, as it may be amended, modified, extended, renewed, restated, or supplemented from time 
to time. 
“Obligations” means the respective obligations of Borrowers under the Loan Documents. 
“Person” means a natural person, a partnership, a joint venture, an unincorporated 
association, a limited liability company, a corporation, a trust, any other legal entity, or any 
Governmental Authority. 
“Sanctioned Country” means, at any time, a country or territory which is itself the subject 
or target of any Sanctions. 
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list 
of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department 
of the Treasury, or the U.S. Department of State, (b) any Person operating, organized or resident 
in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons 
described in the foregoing clauses (a) or (b). 
“Sanctions” means economic or financial sanctions or trade embargoes imposed, 
administered or enforced from time to time by the U.S. Government, including those administered 
by the Office of Foreign Assets Control of the U.S. Department of the Treasury or U.S. Department 
of State. 
“Scheduled Commitment Expiration Date” means June 30, 2027, subject to earlier 
termination as provided herein, and subject to extension by mutual agreement of the parties, as 
described in Section 2.8. 
“Services Proposal” means the Contract Bank Servicing Agreement 260008-ITN dated 
July 1, 2026, between Bank and Maricopa County, Arizona. 
“Servicing Bank Term” means the period, during which Bank provides services to County 
as servicing bank, with such term commencing July 1, 2026 and ending June 30, 2029, subject to 
extensions of not more than two additional years. 
“Unmatured Event of Default” means any condition or event that with notice, passage of 
time, or both would be an Event of Default. 
2.
REVOLVING LINE OF CREDIT FACILITY. 
2.1
Credit Facility.  Subject to the terms and conditions of this Agreement, Bank 
agrees to make Advances to Borrowers from time to time on or before the Scheduled Commitment 
Expiration Date, provided that the outstanding amount of Advances with respect to any Borrower 
from time to time shall not exceed the Commitment Amount for such Borrower.  Advances to each 
Borrower shall be on a revolving basis.  Advances repaid may be re-borrowed subject to the terms 
and conditions of this Agreement.  Upon occurrence of an Event of Default or an Unmatured Event 
of Default with respect to any Borrower, Bank, in its absolute and sole discretion and without 
notice, may suspend the commitment to make Advances with respect to such Borrower.  In

5 
4931-4618-1527.6  
addition, upon occurrence of an Event of Default with respect to any Borrower, Bank, in its 
absolute and sole discretion and without notice, may terminate the commitment to make Advances 
to such Borrower.  The obligation of each Borrower to repay Advances is evidenced by the Note 
as to the amount outstanding thereunder with respect to such Borrower.  Neither the Maricopa 
County Treasurer nor the County shall be liable for amounts owed by any Borrower hereunder.  
Although the outstanding principal of the Note may be zero from time to time, the Loan Documents 
shall remain in full force and effect until the Commitment terminates and all Obligations are paid 
and performed in full. 
2.2
Requests for Advances and Repayments.  Each request for an Advance will 
be made in writing in a manner mutually acceptable to Bank and an Authorized Person, or by 
another means mutually acceptable to Bank and an Authorized Person.  Each request for an 
Advance shall identify which Borrower or Borrowers it relates to and the amount of such request 
for an Advance related to each Borrower. 
2.3
Advances and Repayments.   Advances will be deposited in and repayments 
will be withdrawn from the designated account of the County with Bank, initially being the account 
number ending in 1401, or such other accounts with Bank as designated in writing by an 
Authorized Person; provided that such deposits and repayments may be made by way of on-line 
banking portals.  Each Borrower hereby irrevocably authorizes and directs Bank to make such 
credits and debits of such demand deposit account with respect to nonrestricted operating revenues 
of Borrowers. 
2.4
Advances - Repayment.  Each Borrower agrees to apply all “nonrestricted 
operating revenues”, as such term is described in the Act, according to the priorities set forth in 
the Act.  If there remain any amounts outstanding on the Note as of June 30 of any year with 
respect to each Borrower, such Borrower agrees to notify Bank on or before June 30 of such year 
of the amounts on deposit in the demand deposit account and other accounts of such Borrower 
with Bank which constitute nonrestricted operating revenues. 
2.5
Advances in Excess of Commitment Amount.  If with or without the 
approval of Bank the aggregate outstanding amount of Advances to a Borrower at any time exceeds 
the Commitment Amount for such Borrower, that Borrower shall repay the excess immediately 
upon demand by Bank. 
2.6
Authority to Amend Commitment.  In accordance with the provisions of the 
Act, the Maricopa County Treasurer on behalf of the Borrowers is hereby authorized to request 
Bank to amend this Agreement and the Note from time to time with respect to the following 
matters: 
2.6.1
To amend Schedule I to (a) add additional Borrowers, and (b) 
modify the Commitment Amount with respect to each Borrower; and 
2.6.2
To extend the Scheduled Commitment Expiration Date, as described 
in Section 2.8; and 
2.6.3
To increase or decrease the Commitment Amount Cap; provided 
that the Commitment Amount Cap shall not be increased to an amount which exceeds

6 
4931-4618-1527.6  
$400,000,000, without such amendment being approved by resolution adopted by the Maricopa 
County Board of Supervisors. 
2.6.4
Each Borrower understands, acknowledges and agrees that any 
request of Bank pursuant to this Section 2.6 shall be decided by Bank (in each instance) acting in 
Bank’s sole and absolution discretion. 
2.7
Procedure to Amend Commitment.  The Agreement and Note may be 
amended by a written amendment substantially in the form attached hereto as Exhibit B (the 
“Addendum”) executed by Bank and by the Maricopa County Treasurer on behalf of the 
Borrowers.  Each amendment, when dated and fully executed, shall be construed to amend all prior 
versions of this Agreement and Note, whether or not it is actually attached to all copies of this 
Agreement or the Note. 
2.8
Extension of Scheduled Commitment Expiration Date.  The Commitment 
provided to Borrowers hereunder shall be in effect initially for fiscal year 2026-2027.  Borrowers 
and Bank may agree to extend the Commitment for each fiscal year thereafter through the 
execution of the Addendum extending the Scheduled Commitment Expiration Date from June 30, 
2027, to June 30, 2028 for fiscal year 2027-2028, and June 30, 2029 for fiscal year 2028-2029.  
Provided that the Bank Services Term is extended beyond June 30, 2029, Borrowers and Bank 
may agree to further extend the Commitment for subsequent fiscal years by extending the 
Scheduled Commitment Expiration Date to June 30 of the next calendar year.  Notwithstanding 
the foregoing, nothing set forth herein authorizes the Commitment to be extended beyond the 
expiration of the Servicing Bank Term. 
3.
CONDITIONS PRECEDENT TO ADVANCES. 
3.1
CONDITIONS PRECEDENT TO INITIAL ADVANCE.  Bank must 
receive the following items, in form and content acceptable to Bank, before Bank is required to 
make any Advances to or on behalf of a Borrower under this Agreement. 
3.1.1
Legal Opinion of Borrower. A written opinion of the legal counsel 
for such Borrower, in a form satisfactory to Bank, opining on the following: 
(a)
Authorization.  The execution, delivery, and performance by Borrower of 
the Loan Documents have been duly authorized by all requisite action by or on behalf of 
Borrower. 
(b)
Enforceability.  The Loan Documents have been duly executed and 
delivered on behalf of Borrower.  The Loan Documents are legal, valid, and binding 
obligations of Borrower, enforceable in accordance with their terms against Borrower, 
except as such enforceability may be limited by Arizona Revised Statutes Sections 42-
17101 et. seq., bankruptcy, insolvency, moratorium, reorganization, or similar laws and by 
equitable principles of general application. 
3.1.2
Loan Documents.  An executed original of this Agreement and the 
Note.

7 
4931-4618-1527.6  
3.1.3
County Resolution.  A copy of the resolution of the County 
approving this Agreement and the Note. 
3.1.4
Borrower’s Financial Statement and Annual Budget.  A copy of 
such Borrower’s published Annual Financial Statement for fiscal year ending June 30, 2025 (and 
each fiscal year thereafter) and the adopted budget for Borrower for its fiscal year 2026-2027 (and 
each fiscal year thereafter) and such other information and documents as Bank may reasonably 
request. 
3.2
CONDITIONS PRECEDENT TO ALL ADVANCES.  Bank shall be 
obligated to make an Advance when requested on behalf of a Borrower only if the following 
conditions precedent are satisfied. 
3.2.1
Representations and Warranties Accurate.  The representations and 
warranties by Borrower in the Loan Documents are correct on and as of the date of this Agreement 
and, except as Borrower shall have otherwise notified Bank in writing prior to the date thereof, on 
and as of the date of each Advance, before and after giving effect to such Advance and to the 
application of the proceeds of such Advance, as though made on and as of such date. 
3.2.2
No Violation of Limits on Advances.  The making of the Advance 
to Borrower would not result in the outstanding amount of Advances exceeding the Commitment 
Amount to such Borrower or the Commitment Amount Cap. 
3.3
Bank’s Waiver of Conditions.  Bank may elect, in its absolute and sole 
discretion, to waive any of the foregoing conditions precedent.  Any such waiver shall be effective 
only if (i) it is in writing executed by Bank, (ii) it specifically identifies the condition precedent, 
and (iii) describes the particular Advance as to which such condition precedent is waived.  Any 
such waiver shall be limited to the condition(s) precedent specifically described therein.  Delay or 
failure by Bank to insist on satisfaction of any condition precedent of an Advance shall not be a 
waiver of such condition precedent or any other condition precedent.  If Borrower is unable to 
satisfy any condition precedent of an Advance, the making of the Advance shall not preclude Bank 
from thereafter declaring the condition or event causing such inability to be an Event of Default. 
4.
BORROWER REPRESENTATIONS AND WARRANTIES. 
4.1
Closing Representations and Warranties.  Each Borrower represents and 
warrants to Bank as of the date of this Agreement: 
4.1.1
Existence and Authorization.  Borrower is a duly formed, organized 
and validly existing political subdivision of the State of Arizona.  The execution, delivery, and 
performance by Borrower of the Loan Documents have been duly authorized by all requisite action 
by or on behalf of Borrower. 
4.1.2
No Approvals.  No approval, authorization, bond, consent, 
certificate, franchise, license, permit, registration, qualification, or other action or grant by or filing 
with any Person is required in connection with the execution, delivery, or performance by 
Borrower of the Loan Documents that has not been obtained.

8 
4931-4618-1527.6  
4.1.3
No Conflicts.  The execution, delivery, and performance by 
Borrower of the Loan Documents will not conflict with, or result in a violation of or a default 
under: any applicable law, ordinance, regulation, or rule (federal, state, or local); any judgment, 
order, or decree of any arbitrator, other private adjudicator, or Governmental Authority to which 
Borrower is a party or by which Borrower or any of the assets or property of Borrower is bound; 
or any agreement, document, or instrument to which Borrower is a party or by which Borrower or 
any of the assets or property of Borrower is bound. 
4.1.4
Execution and Delivery and Binding Nature of Loan Documents.  
The Loan Documents have been duly executed and delivered on behalf of Borrower.  The Loan 
Documents are legal, valid, and binding obligations of Borrower, enforceable in accordance with 
their terms against Borrower, except as such enforceability may be limited by Arizona Revised 
Statutes Sections 42-17101 et. seq., bankruptcy, insolvency, moratorium, reorganization, or 
similar laws and by equitable principles of general application. 
4.1.5
Accurate Information.  All information in any loan application, 
financial statement, certificate, or other document and all other information delivered by or on 
behalf of Borrower to Bank in obtaining the Commitment is correct and complete in all material 
respects, and there are no omissions therefrom that result in any such information being 
incomplete, incorrect, or misleading in any material respect as of the date thereof. 
4.1.6
Borrower’s Financial Condition.  No material adverse change from 
Borrower’s financial condition or operations as reflected in the Annual Financial Statement for 
fiscal year ending June 30, 2025, shall have occurred as of the date of this Agreement. 
4.1.7
Litigation.  There is no lawsuit, tax claim, or other dispute pending 
or overtly threatened against Borrower which, if lost, would materially impair Borrower’s financial 
condition or Borrower’s ability to repay any amount payable under this Agreement, except as have 
been or will be disclosed in writing to Bank. 
4.1.8
Purpose of Advances.  This Agreement is made pursuant to the Act.  
The purpose of Advances is to provide funds for the general operations of Borrower; provided, 
however, proceeds may not be used for any expenses, costs, or reimbursements relating to 
Borrower’s sponsorship of charter schools without the prior written consent of Bank. 
4.1.9
No Event of Default or Unmatured Event of Default.  No Event of 
Default and no Unmatured Event of Default has occurred and is continuing. 
4.1.10 Anti-Corruption Laws and Sanctions.  Borrower has implemented 
and maintains in effect policies and procedures that address matters relating to compliance by 
Borrower and its directors, officers, and employees with Anti-Corruption Laws and applicable 
Sanctions.  To the knowledge of Borrower, (a) none of Borrower or its respective directors, officers 
or employees or (b) any agent of Borrower that will act in any capacity in connection with or 
benefit from the line of credit issued pursuant to the terms hereof, is a Sanctioned Person. The use 
of the proceeds of drawings under the line of credit or any other transaction contemplated by this 
Agreement will not violate any Anti-Corruption Law or applicable Sanctions.

9 
4931-4618-1527.6  
4.1.11 Limitation of Representations and Warranties.  The foregoing 
representations and warranties are solely the representations and warranties of Borrowers.  The 
County in no way makes any representations or warranties with respect to the organization, 
financial condition, or any other fact, with respect to any of the Districts listed in Schedule I hereto. 
4.2
Representations and Warranties Upon Requests for Advances.  Each request 
for an Advance on behalf of any Borrower shall be a representation and warranty by such Borrower 
to Bank that the representations and warranties in this Section 4 are correct and complete as of the 
date of the Advance with respect to such Borrower, except as Borrower shall have otherwise 
notified Bank in writing prior to the date thereof, and that the conditions precedent in Section 3 
are satisfied as of the date of the Advance. 
5.
BORROWER AFFIRMATIVE COVENANTS.  Each Borrower agrees that: 
5.1
Existence.  Borrower shall continue to be a validly existing political 
subdivision of the State of Arizona. 
5.2
Books and Records: Access By Bank.  Borrower shall maintain a system of 
accounting for and appropriate books and records showing its receipt and use of (i) nonrestricted 
operating revenues, (ii) proceeds of Advances, and (iii) other funds available for expenditure for 
the general operations of Borrower.  During business hours, after an Event of Default, Borrower 
shall give representatives of Bank access to all assets, property, books, records, and documents of 
Borrower relating to clauses (i), (ii) and (iii) of this Section 5.2 and shall permit such 
representatives to inspect such assets and property and to audit, copy, examine, and make excerpts 
from such books, records, and documents. 
5.3
Information and Statements.   
5.3.1
Borrower shall furnish to Bank: (i) as soon as available and in any 
event within two hundred ten (210) days after the end of each fiscal year of Borrower, copies of 
annual financial reports, (ii) as soon as available and in any event prior to sixty (60) days after the 
beginning of each fiscal year, Borrower’s budget for such fiscal year, as adopted, (iii) any other 
information and documents given to any securities rating agency or other Person in connection 
with the indebtedness of Borrower and (iv) such additional information and statements as the Bank 
may request, from time to time. 
5.3.2
The County shall furnish to Bank: (i) as soon as available and in any 
event within two hundred ten (210) days after the end of each fiscal year of the County, copies of 
audited annual financial reports, and (ii) as soon as available and in any event prior to sixty (60) 
days after the beginning of each fiscal year, the County’s budget for such fiscal year, as adopted. 
5.4
Law; Judgments; Material Agreements; Approvals and Permits.  Borrower 
shall comply with all laws, ordinances, regulations, and rules (federal, state, and local) and all 
judgments, orders, and decrees of any arbitrator, other private adjudicator, or Governmental 
Authority relating to Borrower or the assets, business, operations, or property of Borrower.  
Borrower shall comply in all material respects with all material agreements, documents, and 
instruments to which Borrower is a party or by which Borrower or any of the assets or property of 
Borrower is bound or affected.

10 
4931-4618-1527.6  
5.5
Further Assurances.  Borrower shall promptly execute, acknowledge, and 
deliver and, as appropriate, cause to be duly filed and recorded such additional agreements, 
documents, and instruments and do or cause to be done such other acts as Bank may reasonably 
request from time to time to better assure, perfect, preserve, and protect the rights and remedies of 
Bank under the Loan Documents. 
5.6
Use of Advances.  Borrower shall use proceeds of Advances only to pay 
expenses incurred in its general operations (collectively, “Operating Expenses”) and shall be 
limited to the extent set forth in Section 4.1.8.  Borrower shall only use proceeds of Advances to 
pay then due Operating Expenses, and shall only receive such Advances when it has no other 
available funds to pay such Operating Expenses.  Borrower shall not use the Advances (i) to 
purchase or carry margin stock (within the meaning of Regulation U of the Board of Governors of 
the Federal Reserve System) or to extend credit to others for the purpose of purchasing or carrying 
margin stock or to refund indebtedness originally incurred for such purpose, in each case in 
violation of, or for a purpose which violates, or would be inconsistent with, Regulation T, U or X 
of the Board of Governors of the Federal Reserve System, (ii) in furtherance of an offer, payment, 
promise to pay, or authorization of the payment or giving of money, or anything else of value, to 
any Person in violation of any Anti-Corruption Laws, (iii) for the purpose of funding, financing or 
facilitating any activities, business or transaction of or with any Sanctioned Person, or in any 
Sanctioned Country, or (iv) in any manner that would result in the violation of any Sanctions 
applicable to any party hereto. 
5.7
Registration of Warrants.  The Maricopa County Treasurer, as agent for 
each Borrower, shall perform its obligations under the Act, including without limitation, under 
Arizona Revised Statutes Section 11-604.01.E thereof, which Act is hereby incorporated herein 
by reference. 
5.8
Security Interest Grants.  Each Borrower shall not grant or suffer to exist 
any lien, claim, or encumbrance to or in favor of any person or entity other than Bank covering the 
nonrestricted operating revenues of such Borrower (it being understood that Tax Anticipation 
Notes, General Obligation Bonds, and other payment-source-specific financing commitments of 
such Borrower deal with operating revenues which are restricted and thus are not “nonrestricted 
operating revenues”).  Each Borrower and Bank agree that, pursuant to the Act, Bank is entitled to 
a security interest in the nonrestricted operating revenues received by the Maricopa County 
Treasurer on behalf of such Borrower to the extent of any credit extended under this Agreement. 
5.9
Anti-Corruption Policies and Procedures.  Borrower will maintain in effect 
policies and procedures that address matters relating to compliance by Borrower and its directors, 
officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
6.
BANK’S OBLIGATIONS TO BORROWER ONLY.  The obligations of Bank 
under this Agreement are for the benefit of each Borrower only.  No other Person shall have any 
rights hereunder or be a third-party beneficiary hereof. 
7.
SURVIVAL.  The representations, warranties, and covenants of each Borrower in 
the Loan Documents shall survive the execution and delivery of the Loan Documents and the 
making of Advances.

11 
4931-4618-1527.6  
8.
INTEGRATION, 
ENTIRE 
AGREEMENT, 
CHANGE 
DISCHARGE, 
TERMINATION, WAIVER APPROVAL, CONSENT, ETC.  The Loan Documents contain the 
complete understanding and agreement of each Borrower and Bank and supersede all prior 
representations, warranties, agreements, arrangements, understandings, and negotiations on the 
matters set forth in the Loan Documents.  No provision of the Loan Documents may be changed, 
discharged, supplemented, terminated, or waived except in a writing signed by the parties thereto.  
Delay or failure by Bank to insist on performance of any obligation when due or compliance with 
any other term or condition in the Loan Documents shall not operate as a waiver thereof or of any 
other obligation, term, or condition or of the time of the essence provision.  Acceptance of late 
payments shall not be a waiver of the time of the essence provision, the right of Bank to require 
that subsequent payments be made when due, or the right of Bank to declare an Event of Default 
if subsequent payments are not made when due.  Any approval, consent, or statement that a matter 
is satisfactory by Bank under the Loan Documents must be in writing executed by Bank and shall 
be construed to apply only to the Persons and facts specifically set forth in the writing.  Delay or 
failure by a Borrower to insist on performance of any obligation when due or compliance with any 
other term or condition in the Loan Documents shall not operate as a waiver thereof or of any other 
obligation, term, or condition or of the time of the essence provision. 
9.
BINDING EFFECT.  The Loan Documents shall be binding upon and shall inure 
to the benefit of Bank and each Borrower and their successors and assigns, provided, however, 
that a Borrower may not assign any of its rights or delegate any of its obligations under the Loan 
Documents and any purported assignment or delegation shall be void, and provided further that 
Bank may sell participations in or assign all or portions of the loan commitment contained in this 
Agreement, and may exchange financial information about a Borrower, but not financial 
information with regard to employees of such Borrower, with actual or potential participants or 
assignees; provided, however, such actions shall not be taken by Bank without the prior written 
approval of such Borrower, which approval shall not be unreasonably withheld. 
10.
COSTS, EXPENSES, AND FEES.  Each Borrower agrees to pay on demand all 
external and internal costs, expenses, and fees (including, without limitation, as applicable, inside 
and outside attorneys and paralegals costs, expenses, and fees) of Bank (a) in enforcement of the 
Loan Documents and exercise of the rights and remedies of Bank, (b) in defense of the legality, 
validity, binding nature, and enforceability of the Loan Documents and the perfection and priority 
of the liens and encumbrances granted in the Loan Documents, (c) in gaining possession of, 
holding, preserving, and protecting the Collateral, (d) otherwise in relation to the Loan Documents, 
the Collateral, or the rights and remedies of Bank under the Loan Documents or relating to the 
Collateral, and (e) in preparing for the foregoing, whether or not any legal proceeding is brought 
or other action is taken.  Such costs, expenses, and fees shall include, without limitation, all such 
costs, expenses, and fees incurred in connection with any bankruptcy, receivership, replevin, or 
other court proceedings (whether at the trial or appellate level).  Each Borrower agrees to pay 
interest on such costs, expenses, and fees at the Default Rate from the date incurred by Bank until 
paid in full.  Such interest shall be computed on the basis of a 365-day year and actual days elapsed. 
11.
SEVERABILITY.  If any provision or any part of any provision of the Loan 
Documents is unenforceable, the enforceability of the other provisions or the other provisions and 
the remainder of the subject provision, respectively, shall not be affected and they shall remain in 
full force and effect.

12 
4931-4618-1527.6  
12.
CHOICE OF LAW.  The Loan Documents shall be governed by the law of the State 
of Arizona, without giving effect to conflict of laws principles. 
13.
TIME OF ESSENCE.  Time is of the essence with regard to each provision of the 
Loan Documents as to which time is a factor. 
14.
NOTICES AND DEMANDS.  All demands or notices under the Loan Documents 
shall be in writing (including, without limitation, telecopy, telegraphic, telex, or cable 
communication) and mailed, telecopied, telegraphed, telexed, cabled, or delivered to the respective 
party hereto at the address specified at the end of this Section 14 or such other address as shall 
have been specified in a written notice.  Any demand or notice mailed shall be mailed first-class 
mail, postage-prepaid, return-receipt-requested and shall be effective upon the earlier of (i) actual 
receipt by the addressee, and (ii) the date shown on the return-receipt.  Any demand or notice not 
mailed will be effective upon the earlier of (i) actual receipt by the addressee, and (ii) the time the 
receipt of the telecopy, telegram, telex, or cable is mechanically confirmed. 
Addresses for Notices to Borrower: 
Maricopa County 
Office of Procurement Services  
Attn: Contract Administration 
320 W. Lincoln Street 
Phoenix, AZ  85003-2494 
Telephone: (602) 506-6169 
Address for Notice to Bank: 
JPMorgan Chase Bank, N.A. 
150 W University Drive, 3rd Floor   
Tempe, AZ 85281-3640 
Attn: Dan Warren, Executive Director 
Telephone: (602) 221-6096 
15.
RESCISSION OR RETURN OF PAYMENTS.  If at any time or from time to time, 
whether before or after payment and performance of the Obligations in full, all or any part of any 
amount received by Bank in payment of, or on account of, any Obligation is or must be, or is 
claimed to be, avoided, rescinded, or returned by Bank to a Borrower or any other Person for any 
reason whatsoever (including, without limitation, bankruptcy, insolvency, or reorganization of 
Borrower or any other Person), such Obligation and any liens, security interests, and other 
encumbrances that secured such Obligation at the time such avoided, rescinded, or returned 
payment was received by Bank shall be deemed to have continued in existence or shall be 
reinstated, as the case may be, all as though such payment had not been received. 
16.
HEADINGS.  The headings at the beginning of each section of the Loan 
Documents are solely for convenience and are not part of the Loan Documents.

13 
4931-4618-1527.6  
17.
MULTIPLE CREDIT ACCOMMODATIONS.  If from time to time a Borrower 
has more than one loan or other credit accommodation with Bank, such Borrower agrees that, 
unless otherwise agreed by Bank and such Borrower in writing, (i) the Loan Documents and the 
agreements, documents, and instruments evidencing and relating to such other loan(s) and credit 
accommodation(s) shall all remain in effect and neither shall supersede the other, regardless of 
whether the Loan Documents and such other agreements, documents, and instruments have 
differing terms, conditions, and requirements, and (ii), regardless of any such differences, such 
Borrower shall comply with all the terms, conditions, and requirements of the Loan Documents 
and of such other agreements, documents, and instruments. 
18.
SECURITY INTEREST.  Pursuant to the Act, Bank is entitled to and each 
Borrower hereby grants to Bank a security interest in the nonrestricted operating revenues received 
by the Maricopa County Treasurer on behalf of such Borrower and in all proceeds of such 
nonrestricted operating revenues to secure the Obligations. 
19.
WAIVER OF SPECIAL DAMAGES.  EACH BORROWER WAIVES, TO THE 
MAXIMUM EXTENT NOT PROHIBITED BY LAW, ANY RIGHT BORROWER MAY HAVE 
TO CLAIM OR RECOVER FROM BANK IN ANY LEGAL ACTION OR PROCEEDING ANY 
SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. 
20.
USURY LAWS.  Notwithstanding any other provision of this Agreement, the 
parties agree that the maximum rate or rates of interest to be charged by Bank hereunder shall not 
exceed the maximum rates permitted under the Act, as it exists on the date hereof.  This Section 
covers the transactions described in this Agreement and any other agreements with Bank or its 
affiliates executed in connection with this Agreement, to the extent they are subject to the Arizona 
usury laws (collectively, the “Transactions”).  Each Borrower understands and believes that the 
Transactions comply with Arizona usury laws.  However, if any interest or other charges paid or 
payable in connection with the Transactions are ever determined to exceed the maximum amount 
permitted by law, such Borrower agrees that: 
(a)
the amount of interest or other charges payable or paid by such Borrower 
pursuant to the Transactions shall be reduced to the maximum amount permitted by law; 
and 
(b)
any excess amount previously collected from such Borrower in connection 
with the Transactions which exceeded the maximum amount permitted by law will be 
credited against the then outstanding principal balance.  If the outstanding principal balance 
has been repaid in full, the excess amount paid will be refunded to such Borrower. 
21.
COUNTERPARTS.  This Agreement may be executed in as many counterparts as 
necessary or convenient, and by the different parties on separate counterparts each of which, when 
so executed, shall be deemed an original but all such counterparts shall constitute but one and the 
same agreement. 
22.
TERMINATION UPON CONFLICT OF INTEREST.  This Agreement may be 
subject to termination under the circumstances described in and as provided in Section 38-511 of 
the Arizona Revised Statutes.  If this Agreement is terminated pursuant to said Section 38-511, all

14 
4931-4618-1527.6  
Advances made for the benefit of Borrowers and all accrued and unpaid interest thereon shall, to 
the fullest extent permitted by applicable law, be due and payable immediately. 
23.
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 AGREEMENT.  THIS PROVISION IS A MATERIAL 
INDUCEMENT TO BANK TO PROVIDE THE FINANCING DESCRIBED HEREIN. 
24.
ARM'S LENGTH TRANSACTION.  Each Borrower acknowledges and agrees that 
the transaction described in this Agreement is an arm's length commercial transaction between 
such Borrower and Bank in which (a) Bank is acting solely as a principal and not as an advisor, 
including, without limitation, a "Municipal Advisor," as such term is defined in Section 15B of the 
Securities and Exchange Act of 1934, as amended, and the related final rules (the "Municipal 
Advisor Rules"), agent or a fiduciary of any Borrower, (b) Bank is relying on the bank exemption 
in the Municipal Advisor Rules, (c) Bank has not provided any advice or assumed any advisory or 
fiduciary responsibility in favor of any Borrower with respect to the transaction contemplated 
hereby and the discussions, undertakings and procedures leading thereto (whether or not Bank, or 
any affiliate of Bank, has provided other services or advised, or is currently providing other 
services or advising any Borrower on other matters), (d) Bank has financial and other interests that 
differ from those of such Borrower, and (e) such Borrower has consulted with its own financial, 
legal, accounting, tax and other advisors, as applicable, to the extent it deemed appropriate.   
25.
LEGAL ARIZONA WORKERS ACT COMPLIANCE ARIZONA REVISED 
STATUTES SECTION 41-4401.  The parties warrant that at all times during the term of this 
Agreement they will comply with all state and federal immigration laws applicable to the parties 
and their employees, and with the requirements of Arizona Revised Statutes Section 23-214 (A).  
The parties shall further ensure that each subcontractor who performs work under this Agreement 
will likewise comply with all applicable state and federal immigration laws.  Failure to comply 
with this provision shall constitute a material breach of this Agreement.  Each Borrower retains 
the right to inspect the paperwork of any contractor or subcontractor that is employed within the 
United States of America to ensure compliance with such laws.  Such inspection shall require the 
execution of a confidentiality agreement in form and substance provided by Bank. 
26.
BOYCOTT OF ISRAEL. If Bank engages in for-profit activity and has 10 or more 
employees, and if this Agreement has a value of $100,000 or more, Bank certifies it is not currently 
engaged in, and agrees for the duration of this Agreement to not engage in, a boycott of goods or 
services from Israel. This certification does not apply to a boycott prohibited by 50 U.S.C. § 4842 
or a regulation issued pursuant to 50 U.S.C. § 4842. 
27.
NO USE OF FORCED LABOR.  To the extent applicable under Arizona Revised 
Statutes Section 35-394, Bank hereby certifies it does not currently, and for the duration of this 
Agreement shall not use: (i) the forced labor of ethnic Uyghurs in the People’s Republic of China, 
(ii) any goods or services produced by the forced labor of ethnic Uyghurs in the People’s Republic 
of China, and (iii) any contractors, subcontractors or suppliers that use the forced labor or any

15 
4931-4618-1527.6  
goods or services produced by the forced labor of ethnic Uyghurs in the People’s Republic of 
China.  The foregoing certification is made to the best knowledge of Bank without any current 
independent investigation or without any future independent investigation for the duration of this 
Agreement.  If Bank becomes aware during the duration of this Agreement that it is not in 
compliance with such certification, Bank shall take such actions as provided by law, including 
providing the required notice to the Maricopa County Treasurer. If the Maricopa County Treasurer 
determines that Bank is not in compliance with the foregoing certification and has not taken 
remedial action upon one hundred eighty (180) days after such noncompliance, the Maricopa 
County Treasurer shall terminate this Agreement. 
[SIGNATURE PAGES FOLLOW]

[Signature Page to Maricopa County Districts Business Loan Agreement]  
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 
JPMORGAN CHASE BANK, N.A. 
By:  
Name:  David Chan 
Title:  Authorized Officer

4931-4618-1527.6  
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

4931-4618-1527.6  
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 
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

4931-4618-1527.6  
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

A-1 
4931-4618-1527.6  
Exhibit A 
To 
Business Loan Agreement 
SPECIMEN OF PROMISSORY NOTE 
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

A-2 
4931-4618-1527.6  
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%). 
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.

A-3 
4931-4618-1527.6  
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. 
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.

A-4 
4931-4618-1527.6  
(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. 
(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

A-5 
4931-4618-1527.6  
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. 
(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

A-6 
4931-4618-1527.6  
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 
TO CLAIM OR RECOVER FROM BANK IN ANY LEGAL ACTION OR PROCEEDING ANY 
SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES. 
[SIGNATURE PAGE FOLLOW] 
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

A-7 
4931-4618-1527.6

A-8 
4931-4618-1527.6  
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

A-9 
4931-4618-1527.6  
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 
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

A-10 
4931-4618-1527.6  
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

B-1 
4931-4618-1527.6  
Exhibit B 
To 
Business Loan Agreement 
FORM OF ADDENDUM 
(MARICOPA COUNTY DISTRICTS REVOLVING LINE OF CREDIT) 
ADDENDUM NO. ___ 
EFFECTIVE DATE 
____________ 
PARTIES: 
Borrower: 
Each of the Districts listed in Schedule I attached to 
the hereinafter defined Agreement, through the 
Maricopa County Treasurer as their agent 
Bank: 
JPMorgan Chase Bank, N.A., a national banking 
association authorized to do business in the State of 
Arizona 
RECITAL: 
Bank and Borrowers are parties to that certain Business Loan Agreement (Maricopa 
County Districts Revolving Line of Credit), dated July 1, 2026 (the “Agreement”), and Borrowers 
have made payable to Bank that certain Promissory Note, dated July 1, 2026 (the “Note”), as the 
Agreement and the Note have been amended, modified, extended, renewed, restated, or 
supplemented.  Bank and Borrowers desire to enter into this Addendum No. _____ (this 
“Addendum”) to modify the Agreement and the Note, as described herein. 
AGREEMENT: 
For good and valuable consideration, the receipt and sufficiency of which are hereby 
acknowledged, Bank and Borrowers agree as follows: 
1. 
Definitions.  Unless otherwise defined in this Addendum, the capitalized words and 
phrases used herein shall have the meanings as described in the Agreement. 
2. 
Modifications to Schedule I.  Schedule I to the Agreement and Schedule I to the 
Note are hereby amended as follows (the “Modifications”): 
[The following Districts are hereby added to the Agreement and the Note, as Borrowers, 
and hereby assume all rights and obligations of a Borrower, subject to the commitment amounts 
set forth below:]
Name 
Commitment Amounts

B-2 
4931-4618-1527.6  
[The commitment amounts for the following listed Borrowers are hereby modified as 
follows:]
Name 
Previous Commitment 
Amounts 
New 
Commitment 
Amounts 
3. 
Schedule I.  To incorporate the Modifications into the Agreement and the Note, 
Schedule I to the Agreement and Schedule I to the Note are hereby deleted in their entireties and 
replaced with the schedule attached hereto as Schedule I.  On and after the Effective Date, all 
references in the Agreement and the Note to Schedule I shall mean and refer to Schedule I, attached 
hereto. 
4. 
Modification to Scheduled Commitment Expiration Date.  The Scheduled 
Commitment Expiration Date is hereby extended from June 30, 20__ to June 30, 20__.  On and 
after the Effective Date, all references in the Agreement to the Scheduled Commitment Expiration 
Date shall mean and refer to June 30, 20__. 
5. 
Commitment Amount Cap/Principal Amount of Note.  The Commitment Amount 
Cap and the Principal Amount of the Note are hereby modified to be in the amount of 
_________________ and No/100 Dollars ($__________) (the “Revised Cap Amount”); provided, 
however, that the definitions of Commitment Amount and Commitment Amount Cap shall not, in 
and of themselves, have any effect on any Scheduled Commitment Expiration Date, the Maturity 
Date or the Servicing Bank Term.  On and after the Effective Date, all references in the Agreement 
and in the Note to the Commitment Amount Cap shall mean and refer to the Revised Cap Amount.   
6. 
Full Force and Effect.  Except as modified in this Addendum, the terms and 
conditions of the Loan Documents remain unchanged and in full force and effect. 
7. 
Representations and Warranties.  Each Borrower hereby represents and warrants to 
Bank that the representations and warranties in Section 4 of the Agreement are correct and 
complete as of the Effective Date with respect to such Borrower, except as Borrower shall have 
otherwise notified Bank in writing prior to the Effective Date. 
8. 
Governing Law.  This Addendum shall be deemed to be a contract made under the 
laws of the State of Arizona for all purposes and shall be construed in accordance with the laws of 
said State, without regard to principles of conflicts of law. 
IN WITNESS WHEREOF, Bank and Borrowers have caused this Addendum to be 
executed and delivered as of the Effective Date. 
MARICOPA COUNTY TREASURER,

B-3 
4931-4618-1527.6  
As Agent for the Districts Listed on Schedule I to the Agreement 
By: 
Name: _____________________________   
Title:   Maricopa County Treasurer 
JPMORGAN CHASE BANK, N.A. 
By: 
Name:  _____________________________ 
Title:  ______________________________