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The Pima IDA is empowered to issue its bonds to provide funds for the financing
or refinancing of the costs of the acquisition, construction, improvement, rehabilitation or equipping of a “project,” as defined in A.R.S. § 35-701 – 733 (the “IDA statute”). The applicable projects include the purchase or lease of land, buildings, machinery, or equipment suitable for:
- Manufacturing, processing, or assembling of manufactured or agricultural products.
- Storing, warehousing, distributing, or selling of industrial, agricultural, or mining products, or for related research and development.
- Buildings that serve as company headquarters or regional offices.
- Nonprofit organizations
- Multifamily housing projects
- Charter schools (provided they are nonprofits)
Since each type of project will need to be reviewed by the Pima IDA and bond counsel for compliance with the IDA statute, review the IDA statute and its comprehensive list of project definitions to see if a particular project fits within the IDA statute.
The Pima IDA has no taxing power and does not have the power to pledge the general credit or taxing powers of Pima County, the State of Arizona or any political subdivision thereof. The Pima IDA is not pledging its general credit for the Bonds.
The Bonds are special limited obligations of the Pima IDA. No recourse shall be had for the payment of the principal of, premium, if any, or interest on any of the Bonds or for any claim based thereon or upon any obligation, covenant or agreement in the bond documents against any past, present, or future officer, director, counsel, financial advisor, or agent of the Pima IDA, or of any successor to the Pima IDA, under any rule of law or equity, statute, or constitution or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such officers, directors, counsel, financial advisor or agent, as such, has been expressly waived as a condition of and in consideration for the execution of the Indenture and the issuance of the Bonds. The Pima IDA has no material obligations with respect to the Bonds or any Project after the issuance of the Bonds.
Except for this special limited obligation from the trust estate set forth in the bond documents, none of the revenues to pay any the of Pima IDA’s Bonds will come from the Pima IDA and therefore the Pima IDA’s financial information and status is irrelevant to any investment decision with respect to any of its Bonds.
Municipal Advisor Disclaimer
Website Not to be Construed as Providing Advice Concerning Municipal Securities.
The Pima IDA is a conduit issuer of revenue bonds and none of the Pima IDA, the Board of Directors, Pima County, its Board of Supervisors, or the Pima IDA’s counsel is acting or will act as a municipal advisor, financial advisor or fiduciary to any other party involved in the issuance of any Bonds. The Pima IDA will not provide any advice or recommendation to any Borrower or anyone on a Borrower’s behalf regarding the “issuance of municipal securities” or any “municipal financial product” and nothing herein shall be interpreted to the contrary. The Pima IDA is not registered as a municipal advisor and does not intend to so register.
Nothing in or relating to the website of the Pima IDA, nor any action taken by the Pima IDA, nor any statement or document signed by any member of the Board of Directors, Pima County (as the Pima IDA’s governing body) or the Pima IDA’s counsel in connection with any issuance of the Bonds, is intended to provide, and shall not be construed as providing, advice of any kind to any Borrower with respect to the issuance of Bonds for purposes of 15 U.S.C. Section 780-4(e)(4)(A)(i).