Maricopa County Boards and Commissions > Industrial Development Authority Board of Directors

INDUSTRIAL DEVELOPMENT AUTHORITY BOARD OF DIRECTORS
The Industrial Development Authority Board of Directors assists in the financing of commercial and industrial enterprises; safe, sanitary, and affordable housing; and healthcare facilities through the issuance of multiple revenue bonds.

MISSION: The Industrial Development Authority of the County of Maricopa (the “Authority”) is a
nonprofit corporation designated by statute as a political subdivision of the State of Arizona (the “State”), duly formed under the Arizona Revised Statutes Section 10-002, et seq. (relating to nonprofit corporations) (the “Non-Profit Act”) and the Arizona Revised Statutes Section 35-107, et seq. (relating to industrial development financing) (the “State Act”). The Authority is governed by a Board of Directors consisting of 9 members, each of whom must be a qualified elector of Maricopa County (the “County”), and elected by the Maricopa County Board of Supervisors. Note: The Authority’s Directors need not be a resident of any particular Supervisorial District. The Authority performs an essential government function by assisting in the financing of (a) commercial and industrial enterprises (b) safe, sanitary and affordable housing; and (c) healthcare facilities. The Authority primarily fulfills its essential government function through the issuance of multiple revenue bonds, the interest income on which may either be tax-exempt or taxable. In most instances, the Authority issues its bonds on a “conduit basis” for the benefit of the prospective user of the bond proceeds (the “Borrower”), who, in turn, ultimately has an obligation to pay (a) all the Authority’s direct and indirect costs associated with the issuance of the bonds, (b) the principal and interest on the bonds, and (c) a share of the Authority’s actual administrative expenses incurred for each of the Authority’s fiscal years during the period of time the Borrower’s bonds are outstanding. By statute, the Authority (x) does not have any taxing power, (y) is proscribed from pledging its full faith and credit, and (z) the Authority is also proscribed from pledging the full faith and credit or taxing power of the County for the repayment of the bonds. In addition to issuing municipal revenue bonds on a conduit basis, the Authority is
involved in other activities.

 

       
CURRENT MEMBERS:      
 
Victor D. Vidales, III
District 1
 
 
Gary Sundberg
District 1
 
Merwin Grant
District 2
 
 
Bill McAllister
District 2
Lisa James 
Lisa James
District 3
 

Charlie Thompson 

Charlie Thompson
District 3
 
Gregg Ghelfi
District 4
 
 
Steven Bales, Jr.
District 4
 
David Adame
District 5
       
         


MEETINGS:
Regular meetings are held at 301 West Jefferson, 10th Floor, Board of Supervisors Conference Room

MEETING NOTICE DISCLOSURE STATEMENT: Link to Disclosure Statement

LIAISON: Janis Larson, Administrator, Industrial Development Authority of the County of Maricopa, Phone: (602) 440-4844

FORMATION AUTHORITY: The Authority was formed in accordance with State Act Sections 35-702 and 35-703 by resolution of the Maricopa County Board of Supervisors dated November 5, 1973.

COMPOSITION: A.R.S. § 35-705: The authority shall have a board of directors in which all powers of the authority shall be vested and which shall consist of any number of directors, not less than three nor more than nine, all of whom shall be duly qualified electors of the municipality or county with respect to which the authority was formed. In the case of a corporation formed with the permission of the Arizona board of regents the directors must be qualified electors of this state. The directors shall serve as such without compensation, except that they shall be reimbursed for their actual expenses incurred in the performance of their duties in the same manner as is provided for other state officers. No director shall be an officer or employee of the authorizing municipality or county. All directors shall declare any conflict of interest as provided in title 38, chapter 3, article 8. The directors shall be elected by the governing body of the authorizing municipality or county, and they shall be so elected that they shall hold office for overlapping terms. At the time of the election of the first board of directors the governing body of the municipality or the county shall divide the directors into three groups containing as nearly equal whole numbers as possible. The first term of the directors included in the first group shall be two years, the first term of the directors included in the second group shall be four years, the first term of the directors included in the third group shall be six years, and thereafter the terms of all directors shall be six years. The governing body may remove a director at any time, with or without cause.

DUTIES AND POWERS: The Authority’s duties and powers are set for in A.R.S. § 35-706 and the Non Profit Act.

WEBSITE: http://www.mcida.com/