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suntan 8687 East Via de Ventura eta HL |DIAl scottsdale, Arizona 85258 www.imcida.com Janis L. Larson janis@mcida.com 602-834-5226 x 1 February 20, 2024 Via Federal Express Ms. Juanita Garza, Clerk Board of Supervisors, Maricopa County 301 West Jefferson, 10th Floor Phoenix, Arizona 85003-2148 Re: Not to Exceed $700,000,000 National Finance Authority Revenue Bonds (Four Three Education, Inc. Project), Series 2023A Dear Ms. Garza: The National Finance Authority is issuing its Education Revenue Bonds (Four Three Education, Inc. Project), Series 2024A in an amount not to exceed $700,000,000 (the “Bonds”) with proceeds to be used to finance/refinance the acquisition of assets and facilities of The University of Phoenix, Inc. located within Maricopa County, Arizona. Section 147(f) of the Internal Revenue Code, as amended, requires, for bonds to be issued on a tax-exempt basis, that a public hearing be held not only in New Hampshire where the bonds will be issued by the National Finance Authority, but in each location where the property financed with bond proceeds is located, in this case, Maricopa County, Arizona. As an accommodation, The Industrial Development Authority of the County of Maricopa will be conducting the required public hearing on Friday, February 23, 2024. We requested to be on the Board of Supervisors’ agenda for the February 28, 2024, meeting, and, in this regard, a copy of the proposed resolution to be considered and adopted by the Board of Supervisors is included herein. Finally, I am including a copy of a summary of the project prepared by John Hutchinson of Nixon Peabody, legal counsel to the National Finance Authority, dated February 7, 2024, which provides more details of the planned financing. Please let me know if you have any questions and, as always, we appreciate your assistance. Yours very truly, a er, ON Janis Larson Administrator Enclosures ce: Maricopa County Board of Supervisors Ms. Andrea Cummings Ms. Shelby Scharbach