CAMELBACK COMMUNITY CHURCH - SUMMARY LETTER.PDF

Squire Patton Boggs (US) LLP 
2325 E. Camelback Road, Suite 700 
Phoenix, Arizona 85016 
O 
+1 602 528 4000 
F 
+1 602 253 8129 
squirepattonboggs.com 
 
 
 
 1100546132\1\ 
April  2, 2024 
 
 
To: 
Board of Supervisors  
 
 
Board of Directors 
 
Maricopa County, Arizona 
 
 
The Industrial Development Authority 
 
 
 
 
 
 
 
of the County of Maricopa 
 
Re: 
Not to Exceed $5,000,000 – The Industrial Development Authority of the 
County of Maricopa Revenue Refunding Bonds (Camelback Community 
Church Educational Facilities Project), Series 2024 
 
Ladies and Gentlemen: 
At the Board of Directors’ meeting of The Industrial Development Authority of the County of 
Maricopa (the “Maricopa IDA”) on April 9, 2024, the Maricopa IDA Board will be asked to grant final 
approval and adopt a resolution authorizing the issuance and sale of the bonds described above 
(the “2024 Bonds”). This letter provides a summary of the proposed financing.   
AUTHORITY 
The Maricopa IDA is an Arizona nonprofit corporation, formed with the permission of Maricopa 
County and incorporated under and pursuant to the Arizona Industrial Development Financing Act, 
Title 35, Chapter 5, Arizona Revised Statutes, as amended (the “Act”).  
THE APPLICANT/BORROWER 
The Applicant/Borrower, Camelback Community Church, is an Arizona nonprofit corporation 
and a tax-exempt organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as 
amended (the “Code”). Applicant/Borrower owns an educational facility located at 7634 West 
Camelback Road, Glendale, Arizona (the “Project”) and, pursuant to a use and reimbursement 
agreement, the Project is operated by Camelback Education Inc., d/b/a/ Camelback Academy, as a 
charter school duly organized and validly existing under Title 15, Chapter 1, Article 8 of the Arizona 
Revised Statutes, as amended.   
THE PROJECT 
The Maricopa IDA will loan the proceeds of the 2024 Bonds to Applicant/Borrower to be used, 
together with other available moneys, to assist the Applicant/Borrower in refunding the outstanding The 
Industrial Development Authority of the County of Maricopa Education Revenue Bonds (Camelback

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Board of Directors  
April 2, 2024 
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Academy Project) Tax-Exempt Series 2017A Bonds and Taxable Series 2017B Bonds, which were used 
to finance the acquisition, construction, renovation, improvement, expansion, and/or equipping of the 
Project.   
NOTIFICATION TO ARIZONA ATTORNEY GENERAL 
As required by the provisions of Arizona Revised Statutes, Section 35-721.F, the Maricopa IDA 
will notify the Arizona Attorney General of its intention to issue the 2024 Bonds.   
TAX EXEMPT FINANCING 
Pursuant to Section 147(f) of the Code, the Maricopa County Board of Supervisors must approve 
the issuance of the 2024 Bonds after a public hearing following reasonable public notice. A public 
hearing was held by a representative of the Maricopa IDA on March 26, 2024, and a Report and Minutes 
of Public Hearing will be submitted to the Clerk of the Maricopa County Board of Supervisors. 
No allocation of the Arizona “volume cap” is required for the issuance of the 2024 Bonds because 
the 2024 Bonds will be issued as “qualified 501(c)(3) bonds.” 
On or prior to closing, the Maricopa IDA will receive an opinion from Watson Sloane PLLC, as 
bond counsel, to the effect that interest on any tax-exempt series of the 2024 Bonds will be exempt from 
federal and State of Arizona income taxes. 
FINANCING PARTICIPANTS 
The major participants in the financing are as follows: 
Issuer:  
The Industrial Development Authority of the County of Maricopa  
Issuer’s Counsel: 
Squire Patton Boggs (US) LLP  
Bond Counsel 
Watson Sloane PLLC 
Applicant/Borrower: 
Camelback Community Church 
Applicant/Borrower’s Counsel: 
Bellah Law 
Applicant/Borrower’s Financial 
    Advisor: 
Kosan Associates 
School:  
Camelback Education Inc., d/b/a/ Camelback Academy 
Lender’s’ Counsel: 
Quarles & Brady LLP 
Lender: 
Arizona Bank & Trust

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Board of Directors  
April 2, 2024 
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PRINCIPAL FINANCING DOCUMENTS 
 
Document 
Parties 
Financing Agreement 
Issuer, Lender and Borrower 
Continuing Covenant Agreement 
Borrower and Lender 
Permissive Use (Lease) Agreement 
Borrower and School 
 
 
PLAN OF FINANCING  
The 2024 Bonds will be issued in one or more series of tax-exempt or taxable bonds pursuant to 
the Financing Agreement, and the proceeds received from the sale of the 2024 Bonds will be loaned to 
Applicant/Borrower pursuant thereto and applied, together with other available moneys, to finance or 
refinance, as applicable, the Project as described above. 
The 2024 Bonds will be offered for sale by a bank direct placement to the Lender.  It is not 
anticipated the 2024 Bonds will have an investment grade rating. 
FINAL APPROVAL 
At the Maricopa IDA Board meeting on April 9, 2024, the Maricopa IDA Board will be asked to 
grant final approval and adopt a resolution authorizing the issuance and sale of the 2024 Bonds and 
related matters.  
BOARD OF SUPERVISORS APPROVAL 
Under the provisions of A.R.S. § 35-721.B., the 2024 Bonds to be issued by the Maricopa IDA 
require the approval of the Maricopa County Board of Supervisors.  The Maricopa County Board of 
Supervisors is being requested, at its meeting on April 24, 2024, to act as required by law to adopt a 
resolution approving the issuance of the 2024 Bonds under the Act and with respect to Section 147(f) of 
the Code. 
Under the provisions of the Act, specifically A.R.S. § 35-742, Maricopa County is not in any 
event liable for the payment of principal or interest on any bonds issued by the Maricopa IDA or 
for the performance of any pledge, mortgage, obligation or agreement of any kind undertaken by 
the Maricopa IDA, and none of the bonds or any of its obligations shall be construed to constitute 
an indebtedness of Maricopa County within the meaning of any constitutional or statutory 
provision. 
LEGAL COUNSEL RECOMMENDATION 
 
As legal counsel to the Maricopa IDA, we have reviewed drafts of the principal financing 
documents and based upon our review of such and our review of the proceedings to date relating to the

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proposed issuance of the 2024 Bonds, we believe the principal financing documents are now in 
substantially final form, adequately meet the requirements of the Act, and are in both form and substance 
acceptable for the Maricopa IDA Board and the Maricopa County Board of Supervisors to act upon, and 
that the Resolution of the Maricopa IDA Board authorizing the issuance and sale of the 2024 Bonds and 
related matters and the Resolution of the Maricopa County Board of Supervisors approving the issuance 
of the 2024 Bonds and related matters, are in form and substance acceptable for adoption.