ARIZONA CHRISTIAN UNIVERSITY 2023 - ADDITIONAL INFORMATION.PDF

8687 East Via de Ventura

Me % R u Kn | 1 |D/A| scottsdale, Arizona 85258

www.mcida.com

Janis L. Larson
janis@mcida.com
602-834-5226 x 1

October 10, 2023
VIA FED EX

Ms. Juanita Garza, Clerk

Board of Supervisors, Maricopa County
301 West Jefferson, 10th Floor
Phoenix, Arizona 85003-2148

Re: Not to Exceed $27,000,000 The Industrial Development Authority of the
County of Maricopa Educational Facilities Revenue Bonds (Arizona
Christian University Project), Series 2023 (the “Bonds’’) — C-18-24-042-X-
00

Dear Ms. Garza:

On October 10, 2023, the Board of Directors of The Industrial Development
Authority of the County of Maricopa (the “Authority”) adopted a resolution authorizing and
approving the issuance of the above-referenced bonds. A copy of the approved resolution is
included for the records of Maricopa County.

As you and the Board of Supervisors are aware, the approving action of the
Authority requires the approval of the Board of Supervisors.

We requested to be on the Board of Supervisors’ agenda for the October 18, 2023,
meeting (your number C-18-24-042-X-00), and, in this regard, a copy of the proposed resolution
to be considered and adopted by the Board of Supervisors is included herein.

A public hearing pursuant to Section 147(f) of the Internal Revenue Code of 1986,
as amended (the “Code”), relating to the issuance of the Bonds, was held on September 25, 2023.
A copy of the Report of Public Hearing is attached for your records.

Finally, I am including a copy of a summary of the project prepared by our legal
counsel, Monika Calamita of IceMiller, dated September 27, 2023, which provides more details
of the planned financing.

Please let me know if you have any questions and, as always, we appreciate the

assistance you provide.
Yours very truly,

an Larson :

Administrator

Enclosures

ce: Maricopa County Board of Supervisors
Ms. Andrea Cummings
Ms. Shelby Scharbach

RESOLUTION OF THE BOARD OF DIRECTORS OF THE INDUSTRIAL
DEVELOPMENT AUTHORITY OF THE COUNTY OF MARICOPA
AUTHORIZING THE ISSUANCE AND SALE OF ONE OR MORE
SERIES OF ITS TAX-EXEMPT AND/OR TAXABLE EDUCATION
FACILITIES REVENUE BONDS (ARIZONA CHRISTIAN UNIVERSITY
PROJECT), SERIES 2023, IN AN AGGREGATE ORIGINAL PRINCIPAL
AMOUNT NOT TO EXCEED $27,000,000 AND RELATED MATTERS

WHEREAS, The Industrial Development Authority of the County of Maricopa (the
“Authority”), is an Arizona nonprofit corporation designated as a political subdivision of the
State of Arizona (the “State”), incorporated with the approval of Maricopa County, Arizona (the
“County”), pursuant to the provisions of the Constitution and laws of the State and under the
Industrial Development Financing Act, Arizona Revised Statutes §§ 35-701 et seg, as amended
(the “Act”);

WHEREAS, the Authority is authorized and empowered, among other things, to issue
revenue bonds for the purposes set forth in the Act, including the making of secured and
unsecured loans to finance or refinance the acquisition, construction, improvement, equipping or
operating of a “project” (as defined in the Act), whenever the Board of Directors of the Authority
(the “Board of Directors”) finds such loans to further advance the public interest;

WHEREAS, Arizona Christian University (the “Borrower”), an Arizona nonprofit
corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of
1986, as amended (the “Code”), that owns and operates a university campus located at 1 W
Firestorm Way, Glendale, Arizona (the “Campus”), has requested that the Authority issue its
revenue bonds for the purpose of assisting the Borrower with financing or refinancing the costs
of (i) the acquisition, construction, improvement, maintenance and equipping of certain
educational facilities of the Borrower located at the Campus (the “Facilities”), and (ii) prepaying
certain outstanding loans previously incurred by the Borrower for the purpose of financing the
acquisition, construction, improvement, maintenance and equipping of certain educational
facilities located at the Campus (the “Outstanding Loans”);

WHEREAS, in furtherance of the purposes and interests of the Authority under the Act,
the Authority proposes to issue one or more series of its Education Facilities Revenue Bonds
(Arizona Christian University Project), Series 2023A (the “Series 2023A Bonds”), and its
Education Facilities Revenue Bonds (Arizona Christian University Project), Taxable Series
2023B (the “Taxable Series 2023B Bonds” and, together with the Series 2023A Bonds, the
“Bonds”), in an aggregate original principal amount of not to exceed $27,000,000;

WHEREAS, the proceeds of the Series 2023A Bonds will be loaned to the Borrower to
(a) finance, refinance or reimburse the Borrower for all or a portion of the costs of acquiring,
constructing, renovating, improving, maintaining and equipping, as applicable, the Facilities, (b)
prepay all or a portion of the Outstanding Loans, (c) establish a debt service reserve fund for the
benefit of the Series 2023A Bonds, (d) establish a repair and replacement fund, (e) fund certain
program expenses, including online programs and enrollment and retention programs, (f) pay
capitalized interest on the Series 2023A Bonds, if any, and (g) pay certain cost of issuance
relating to the sale of the Series 2023A Bonds (collectively, the “Series 2023A Project”);

WHEREAS, the proceeds of the Taxable Series 2023B Bonds will be used to make a loan
to the Borrower to (a) prepay all or a portion of the Outstanding Loans, (b) finance, refinance or
reimburse the Borrower for all or a portion of the costs of acquiring, constructing, renovating,
improving, maintaining and equipping, as applicable, the Facilities, (c) fund certain working
capital expenses, (d) establish a debt service reserve fund for the benefit of the Taxable Series
2023B Bonds, (e) pay capitalized interest on the Taxable Series 2023B Bonds, if any, and (f) pay
certain costs of issuance relating to the Taxable Series 2023B Bonds (the “Series 2023B Project”
and, together with the Series 2023A Project, the “Project’”);

WHEREAS, the Bonds will be issued pursuant to a Series 2023 Bond Trust Indenture, to
be dated as of the first day of the month in which the Bonds are issued (the “Series 2023 Bond
Trust Indenture”), between the Authority and U.S. Bank Trust Company, National Association,
successor in interest to U.S. Bank Trust Company, National Association, as trustee (the “Bond
Trustee”), and the proceeds of the Bonds will be loaned to the Borrower pursuant to a Series
2023 Loan Agreement, to be dated as of the first day of the month in which the Bonds are issued
(the “Series 2023 Loan Agreement”), between the Authority and the Borrower;

WHEREAS, the Bonds will be payable from the trust estate established under the Series
2023 Bond Trust Indenture, which will include (a) payments owed by the Borrower as the initial
member of an obligated group (the “Obligated Group”) on its Direct Note Obligation, Series
2023A (The Industrial Development Authority of the County of Maricopa) (the “Series 2023A
Obligation”) and on its Direct Note Obligation, Series 2023B (The Industrial Development
Authority of the County of Maricopa) (the “Series 2023B Obligation” and, together with the
Series 2023A Obligation, the “Series 2023 Obligations”), to be issued and executed by the
Borrower, as representative of the Obligated Group (the “Obligated Group Representative”), and
delivered to the Bond Trustee pursuant to a Master Trust Indenture, dated as November 1, 2019
(the “Master Trust Indenture”), between the Borrower and U.S. Bank Trust Company, National
Association, as master trustee (the “Master Trustee”), as supplemented by a Fifth Supplemental
Master Trust Indenture (the “Fifth Supplemental Indenture”), to be dated as of the first day of the
month in which the Bonds are issued, between the Obligated Group Representative and the
Master Trustee, and payable from the trust estate established under the Master Trust Indenture,
which will include (i) all right, title and interest of the Authority in and to the Series 2023
Obligations and any Additional Obligations (as defined in the Master Trust Indenture) pledged
and assigned for payment of the Bonds and all sums payable in respect of the indebtedness
evidenced in the Series 2023 Loan Agreement, (ii) all rights, title and interest of the Authority in
and to the Series 2023 Loan Agreement and the amounts payable to the Authority under the
Series 2023 Loan Agreement (except Unassigned Rights (as defined in the Series 2023 Loan
Agreement)), and (iii) any and all other property conveyed, pledged, assigned or transferred as
and for additional security under the Series 2023 Loan Agreement by the Authority or the
Borrower or any other Member (as defined in the Master Trust Indenture) of the Obligated
Group or by anyone on behalf of the Bond Trustee, including without limitation funds of the
Borrower held by the Bond Trustee as security for the Bonds, and (b) the debt service reserve
fund and certain other funds established under the Series 2023 Bond Trust Indenture and held by
the Bond Trustee;

WHEREAS, the Bonds will be sold by B.C. Ziegler and Company, as underwriter (the
“Underwriter”), pursuant to a Bond Purchase Agreement (the “Bond Purchase Agreement”),
among the Authority, the Borrower and the Underwriter, and the Underwriter will distribute to

2

investors a Preliminary Official Statement (the “Preliminary Official Statement”), which,
together with certain changes thereto, will become the final Official Statement, relating to the
Bonds and the transactions described therein (the “Official Statement”); and

WHEREAS, there have been prepared and presented to the Board of Directors
substantially final forms of the following documents which the Authority proposes to approve or
authorize (items (a), (b), (e) and (f) collectively, the “Authority Documents” and items (a)
through (f), the “Documents”):

(a) the Series 2023 Bond Trust Indenture, including the initial forms of the Bonds;
(b) the Series 2023 Loan Agreement,

(c) the Master Trust Indenture and the Fifth Supplemental Indenture, including the
forms of the Series 2023 Obligations;

(d) the Series 2023 Deed of Trust, Assignment of Leases and Rents, Security
Agreement and Fixture Filing;

(e) the Bond Purchase Agreement; and
(f) the Preliminary Official Statement.

NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of The Industrial
Development Authority of the County of Maricopa, as follows:

Section 1. Ratification of Actions, All actions (not inconsistent with the provisions
of this Resolution) heretofore taken by or at the direction of the Authority and its directors,
officers, counsel, advisors, or agents directed toward the issuance and sale of the Bonds,
including the public hearing described in Section 12 hereto, are hereby approved and ratified.

Section 2. Findings. The Board of Directors finds and determines, based on the
information provided by the Borrower, that the issuance of the Bonds and the making of a loan to
the Borrower for the purpose of financing and/or refinancing all or a portion of the cost of the
Project and the costs and expenses incidental thereto, are in furtherance of the purposes and
interests of the Authority and the Act, are in the public interest, will provide a benefit within the
State, and that the Project will constitute a “project” within the meaning of the Act.

Section 3. Authorization and Terms of Bonds. The Bonds, which shall be named as
set forth herein or as otherwise set forth in the Series 2023 Bond Trust Indenture, are hereby
approved and authorized to be issued pursuant to a plan of finance in an aggregate principal
amount of not to exceed $27,000,000 to be dated, to mature (no later than 40 years after their
date of issuance), to bear interest (not in any event to exceed 10 percent per year), to be subject
to redemption, to be payable as to principal and interest, and with such other terms, all as
provided in the executed Series 2023 Bond Trust Indenture and the Bond Purchase Agreement.

Section 4. Special Limited Obligations. The Bonds shall be payable solely from the
property held and receipts and revenues received by or on behalf of the Authority pursuant to the
Series 2023 Bond Trust Indenture and the Series 2023 Loan Agreement. Nothing contained in

(a) this Resolution, (b) the Documents, or (c) any other agreement, certificate, document, or
instrument executed in connection with the issuance of any of the Bonds shall be construed as
obligating the Authority (except as a special limited obligation to the extent provided in such
documents or instruments) or obligating the County, or the State to pay the principal of or
premium, if any, or interest on the Bonds, or as incurring a charge upon the general credit of the
Authority, the County or the State, nor shall the breach of any agreement contemplated by this
Resolution, the Documents, or any other instrument or documents executed in connection
herewith or therewith impose any charge upon the general credit of the Authority, the County or
the State. The Authority has no taxing power.

Section 5. Other Bonds. Prior to the issuance of the Bonds, the Authority has or will
have issued, and subsequent to the issuance of the Bonds, the Authority may issue, bonds in
connection with the financing of other projects (the “Other Bonds”). Any pledge, mortgage, or
assignment made in connection with the Other Bonds shall be protected, and any funds pledged
or assigned for payment of principal of or premium, if any, or interest on the Other Bonds shall
not be used for the payment of principal of or premium, if any, or interest on the Bonds. Any
pledge, mortgage, or assignment made in connection with the Bonds shall be protected, and no
funds pledged or assigned for the payment of the Bonds shall be used for the payment of
principal of or premium, if any, or interest on the Other Bonds.

Section 6. Conditions. The Bonds shall not be issued unless and until:

(a) The Borrower fully complies with all applicable provisions of the
Authority’s Procedural Policies and Financing Application Guidelines, adopted July 17, 2018
(the “Procedural Guidelines”), relating to the issuance and sale of the Bonds.

(b) Prior to closing, the Borrower shall make arrangements satisfactory to the
Authority as to the payment of the Authority’s administrative fee.

(c) | The Arizona Attorney General does not disapprove the issuance of the
Bonds in the manner contemplated by Arizona Revised Statutes § 35-721.

(4) Onor prior to the closing, the Authority shall receive an opinion from The
Stratton Law Firm, PLLC, as bond counsel (the “Bond Counsel”), in a form acceptable to the
Authority, to the effect that interest on any tax-exempt series of the Bonds will be exempt from
federal and State income taxes.

(e) On or prior to closing, the Borrower shall deliver an opinion or opinions,
addressed and in form acceptable to the Authority, to the effect that any offering materials
distributed in connection with the offer and sale of the Bonds are correct and complete in all
material respects, and do not contain any untrue statements of material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they were made, not misleading.

(f) If the Bonds are to be offered publicly, they must obtain an investment
grade rating to the Authority and its legal counsel from a nationally recognized rating agency. If
such a rating is not obtained, (a) the offer and sale of the Bonds must be limited to “accredited
investors” within the meaning of Rule,501 of Regulation D or “ qualified institutional buyers”

within the meaning of Rule 144A, promulgated under the Securities Act, (b) any subsequent
transfers and resales of the Bonds must be similarly restricted, and (c) the Authority must receive
investment letters from the initial purchasers (or the equivalent representations from the
Underwriter) in form and substance satisfactory to the Authority’s legal counsel.

(g) The Authority, its officers and directors, and the County, must be provided
with full indemnification in connection with the issuance and sale of the Bonds, in form and
substance satisfactory to the Authority’s legal counsel, from a credit-worthy source acceptable to
the Authority.

(h) Legal counsel to the Authority must receive such documents, legal
opinions, certificates and other proceedings as are necessary and advisable to evidence
compliance by the Borrower, the Underwriter and other financing participants with the
Authority’s policies and procedures and applicable federal and State laws.

(i) Prior to closing, the Borrower must submit final copies of all the required
legal opinions, certificates, documents and other proceedings required herein. All legal opinions,
certificates, documents and other proceedings will be in compliance with the provisions hereof
only if they are in all material respects satisfactory to the Authority’s legal counsel as to which
the legal counsel shall act reasonably.

@) All requirements of the Code must be satisfied prior to closing.

(k) _ The Board of Supervisors of the County has approved the proceedings
under which the Bonds are to be issued.

Section 7. Authority Documents: Authority’s Signatures. The forms, terms, and
provisions of each of the Authority Documents, in the forms of such Authority Documents
(including the exhibits thereto) presented to this meeting, are hereby approved, with such
insertions, deletions, and changes as are approved by the officers authorized to execute the
Authority Documents (which approval will be conclusively established by their execution and/or
delivery thereof). Upon satisfaction of the conditions set forth in Section 6 hereof, any of the
Authority’s officers or the Executive Director (each an “Authorized Officer”) are each hereby
authorized to execute and deliver each of the Authority Documents and any and all additional
agreements, certificates, documents and other instruments, in forms approved by counsel to the
Authority, as they may deem necessary or appropriate to implement and carry out the purposes
and intent of this Resolution or relating to the issuance of the Bonds or, with respect to any of the
Documents not calling for execution by the Authority, to approve and deliver such Documents,
with respect to any one or more series of the Bonds.

Section 8. Sale of Bonds; Authentication. The sale of the Bonds to the Underwriter
pursuant to the terms and provisions of the Bond Purchase Agreement is hereby authorized and
approved and each Authorized Officer is hereby authorized to execute and deliver the Bond
Purchase Agreement. Any Authorized Officer is hereby authorized to execute and deliver to the
Bond Trustee a written order of the Authority for the authentication and delivery of the Bonds by
the Bond Trustee to the Underwriter.

Section 9. Further Actions. The Authorized Officers, agents, employees and
Executive Director of the Authority (the “Executive Director”), upon satisfaction of the
conditions set forth in Section 6 hereof, shall take all action necessary or reasonably required to
carry out, give effect to and consummate the transactions contemplated hereby, including
without limitation, the execution and delivery of the closing and other documents required to be
delivered in connection with the issuance, sale and delivery of the Bonds. From and after the
execution and delivery of each of the Authority Documents, the Authorized Officers, agents,
employees and Executive Director are hereby authorized, empowered and directed to do all such
acts and things and to execute all such documents, certificates and assignments as may be
necessary to carry out and comply with the provisions of each of the Authority Documents
including, from time to time, to execute, on behalf of the Authority, any subsequent
amendments, waivers or consents entered into or given in accordance with the Authority
Documents (as executed and delivered).

Section 10. Open Meeting Laws. It is found and determined that all formal actions of
the Authority and its Board of Directors concerning and relating to the adoption of this
Resolution were adopted in an open meeting and that all deliberations that resulted in those
formal actions were in meetings open to the public, in compliance with all legal requirements of
the State and the Authority.

Section 11. Preliminary Official Statement. The lawful use and distribution by the
Underwriter of the Preliminary Official Statement and the Official Statement relating to the
original issuance of the Bonds and any amendments thereof or supplements thereto, are hereby
authorized. Except for information contained in the Preliminary Official Statement and the
Official Statement under the headings “THE ISSUER” and “LITIGATION,” as such information
relates to the Authority, the Authority has not confirmed, and assumes no responsibility for, the
accuracy, sufficiency or fairness of any statements in the Preliminary Official Statement and the
Official Statement or any amendments thereof or supplements thereto, or in any reports, financial
information, offering or disclosure documents or other information relating to the Project, the
Borrower, the Obligated Group or the history, businesses, properties, organization, management,
financial condition, market area or any other matter relating to the Borrower, the Obligated
Group, the Project or otherwise contained in the Preliminary Official Statement and the Official
Statement.

Section 12. Public Hearing. If directed by Bond Counsel, the Authority is hereby
authorized to arrange, in consultation with the Borrower and Bond Counsel, a date for a public
hearing on the plan of financing of the “project” and the proposed issuance of the Bonds, as
required by Section 147(f) of the Code, and to publish a public notice of the hearing in such form
as approved by the Borrower and Bond Counsel.

Section 13. Irrepealability. After the Bonds are delivered by the Authority to the
Underwriter upon receipt of payment therefor, this Resolution shall be and remain irrepealable
until the Bonds and interest thereon shall have been fully paid, canceled, and discharged.

Section 14. Additional Authorized Officers. In the event of the inability or
unavailability of any Authorized Officer to perform any duty assigned to such officer by the
terms of this Resolution, any director of the Authority or the Executive Director is hereby
authorized and directed to do so.

Section 15. | No Personal Liability. The members of the Board of Directors and any
officer, official, employee or agent of the Authority shall not be subject to any personal liability
or accountability by reason of the issuance of the Bonds. The liability of the Authority with
respect to the Documents, or any other document executed in connection with the transactions
contemplated hereby, shall be limited as provided in the Act and such Documents.

Section 16. Severability. If any section, paragraph, clause, or provision of this
Resolution shall, for any reason, be held to be invalid or unenforceable, the invalidity or
unenforceability of such section, paragraph, clause, or provision shall not affect any of the
remaining provisions of this Resolution.

Section 17. Waiver. Any provisions of the Authority’s Bylaws, the Procedural
Guidelines, or prior resolutions inconsistent herewith are waived to the extent only of such
inconsistency. This waiver shall not be construed as repealing any such Bylaws, the Procedural
Guidelines, or prior resolutions or any part thereof.

Section 18. Headings. Subject headings included in this Resolution are included for
purpose of convenience only and shall not affect the construction or interpretation of any of its
provisions.

Section 19. Notice. Notice of Arizona Revised Statutes Section 38-511 is hereby
given. The provisions of that statute by this reference are incorporated herein to the extent of
applicability to matters contained herein under the laws of the State.

Section 20. Resolution Not to be Construed_as Providing Advice Concerning
Municipal Securities. None of this Resolution, any of the Documents or any action taken by the
Authority, any member of the Board of Directors, the Executive Director or the Authority’s
counsel in connection with issuance of the Bonds is intended to provide, and shall not be
construed as providing, advice of any kind to the Borrower with respect to the issuance of the
Bonds for purposes of 15 United States Code Section 780-4(e)(4)(A)@. The Authority is a
conduit issuer and none of the Authority, the Board of Directors, the Executive Director or the
Authority’s counsel is acting or will act as a municipal advisor, financial advisor or fiduciary to
any party involved in the issuance of the Bonds.

Section 21. Effective Date. This Resolution shall be effective immediately.

Adopted and approved on October 10, 2023.

THE INDUSTRIAL DEVELOPMENT AUTHORITY OF
THE COUNTY OF MARICOPA

Authorized Officer

THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE COUNTY OF MARICOPA

REPORT OF PUBLIC HEARING WITH RESPECT TO
NOT TO EXCEED $27,000,000
OF
THE INDUSTRIAL DEVELOPMENT AUTHORITY
OF THE COUNTY OF MARICOPA
EDUCATIONAL FACILITIES REVENUE BONDS
(ARIZONA CHRISTIAN UNIVERSITY PROJECT)
SERIES 2023

On Monday, September 25, 2023, commencing at approximately 10:00 a.m., MST, the
undersigned, on behalf of The Industrial Development Authority of the County of Maricopa
(the “Authority”), conducted a Public Hearing pursuant to the requirements of Section 147(f) of the
Internal Revenue Code of 1986, as amended, regarding the proposed issuance by the Authority of
its Educational Facilities Revenue Bonds (Arizona Christian University Project), Series 2023
(the “Bonds”), in an aggregate principal amount not to exceed $27,000,000. The Public Hearing
was held telephonically via the toll-free dial-in number of 1-833-220-6615 entering Conference ID
970133#.

The Notice of Public Hearing was published on the MCIDA.com website on September 14,
2023, and a copy of the proof of publication of Notice of Public Hearing is attached to this report.

At the time and place set for the Public Hearing, I opened the telephone call for the Public
Hearing so that interested persons could comment and be heard with respect to the proposed
issuance of Bonds. The telephonic conference line was kept open until approximately 10 minutes
after the appointed time and no other person joined the call to comment on the proposed issuance
of bonds.

No written comments or submissions were received prior to the Public Hearing.

DATED: September 25, 2023. +4)

Greey Ghelt¥, Business Development Officer

The Industrial Development Authority
of the County of Maricopa

CERTIFICATE OF POSTING PUBLIC HEARING NOTICE

The notice of public hearing (the “Notice”) attached hereto as Exhibit A was published on
the website of The Industrial Development Authority of the County of Maricopa (the “Authority”)
located on the Home Page at http://www.mcida.com on September 14, 2023. The Notice was
published in an area of the Authority’s website that is used to inform the residents of Maricopa
County, Arizona about public hearings to be held by the Authority affecting the residents and that
is clearly identified and accessible to members of the general public seeking information
concerning the plan of finance described in the Notice. Evidence of the website publication of the
Notice is included with Exhibit B attached hereto. The Notice remained published on the
Authority’s website continuously through the date of the public hearing described in the Notice.

IN WITNESS WHEREOF, the undersigned, on behalf of the Authority, has set her hand
as of the date first written above.

THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF MARICOPA

Jahig L. Larson Ce"
Adfninistrator

EXHIBIT A
TO CERTIFICATE OF PUBLICATION

NOTICE OF PUBLIC HEARING

(Attached)

NOTICE OF PUBLIC HEARING

NOTICE IS HEREBY GIVEN that at 10:00 a.m. MST, on September 25, 2023, a public
hearing will be held as required by Section 147(f) of the Internal Revenue Code of 1986, as
amended (the “Code”), with respect to a plan of finance for the proposed issuance of one or
more series of tax-exempt bonds (collectively, the “Bonds”) by The Industrial Development
Authority of the County of Maricopa (the “Authority”) in a principal amount not to exceed
$27,000,000. The Bonds are expected to be issued by the Authority as qualified 501(c)(3)
bonds as defined in Section 145 of the Code at the request of, and for the benefit of, Arizona
Christian University, an Arizona nonprofit corporation and an organization described in Section
501(c)(3) of the Code, as borrower of the proceeds of the Bonds (the “Borrower”). The
Borrower owns and operates a university campus located at 1 W Firestorm Way, Glendale,
Arizona (the “Campus”).

The Authority will issue the Bonds pursuant to Title 35, Chapter 5, Arizona Revised
Statutes, as amended, and will loan the proceeds of the Bonds to the Borrower to (1) pay the
costs of acquiring, constructing, renovating, improving, maintaining and equipping, as
applicable, certain educational facilities of the Borrower located at the Campus (the
“Facilities”), (2) prepay certain outstanding loans previously incurred by the Borrower for the
purpose of financing the Facilities, (3) establish a debt service reserve fund for the benefit of
the Bonds, (4) establish a repair and replacement fund, (5) fund certain program expenses,
including online programs and enrollment and retention programs, (6) pay capitalized interest
on the Bonds, if any, and (7) pay certain cost of issuance relating to the sale of the Bonds
(collectively, the “Project”). The Campus and the Facilities will be owned and operated by the
Borrower.

The principal of, premium, if any, and interest of the Bonds shall never constitute the
debt or indebtedness or liability of the Authority, Maricopa County, the State of Arizona, or any
political subdivision of the State of Arizona within the meaning of any provision of the
Constitution of the State of Arizona, and shall not constitute or give rise to a pecuniary liability
or charge against their general credit or any taxing powers, but shall be payable solely form the
sources provided for in the proceedings pursuant to which the Bonds are issued.

The hearing will commence at 10:00 a.m. MST, on September 25, 2023, and will be held
telephonically by an authorized representative of The Industrial Development Authority of the
County of Maricopa via the toll-free dial-in number 1-833-220-6615 (enter code 970133 and
press #). Interested persons wishing to express their views on either the plan of finance for the
issuance of the Bonds or the Project will be given an opportunity to do so at the public hearing,
or may, prior to the time of the hearing submit written comments to The Industrial
Development Authority of the County of Maricopa, 8687 E. Via de Ventura, Suite 306,
Scottsdale, Arizona 85258, Attention: President, clearly marked: “Arizona Christian
University” for receipt before the time of the hearing.

THE INDUSTRIAL DEVELOPMENT
AUTHORITY OF THE COUNTY OF
MARICOPA

EXHIBIT B
TO CERTIFICATE OF PUBLICATION

EVIDENCE OF PUBLICATION

(Attached)

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