The Arizona Industrial Development Authority (AZIDA) is a nonprofit corporation and political subdivision of the State of Arizona. AZIDA is a conduit issuer of municipal revenue bonds with the ability to assist private and public borrowers across the country. With AZIDA as their financing partner, applicants for financing often find they can substantially reduce borrowing costs for their most important projects.

AZIDA issues conduit revenue bonds for the benefit of private users. Repayment of the bonds is the obligation of the private user, not of AZIDA or the State of Arizona. The proceeds of these revenue bonds may be used for commercial enterprises of any kind, and the interest on the bonds may be exempt from federal income taxation (consult your tax lawyer). In Arizona, interest on bonds issued by AZIDA is always exempt from state income taxation.


The Board of Directors for the Arizona Finance Authority and the Arizona Industrial Development Authority typically meets on the fourth Wednesday of each month, starting at 3:30pm. This schedule is subject to change, and special meetings may additionally be scheduled as needed.

Board meetings will be held at 100 N. 15th Ave, Suite 103, Phoenix, AZ, 85007, unless otherwise noted in the meeting agenda. The agenda for Board meetings will be posted here at least 24 hours in advance of each meeting.

For more information regarding scheduled meetings
past meetings, including agendas and minutes…


Dirk Swift
AzIDA Executive Director
602-319-9620  |


Patrick A. Ray
AzIDA Program Manager
Cathedral Rock Issuer Services, LLC
480-902-3107  |


Kelly A. McGuire, Esq.
AzIDA Conduit Bond Issuer’s Counsel
Kutak Rock LLP
Kutak Rock Logo
480-429-5000  |



Gary Naquin
AZIDA President,
Corporate Banking, Senior Vice President & Director:
MidFirst Bank

Jim Keeley
Founding partner and Senior Executive Vice President:
Colliers International’s Scottsdale office

Lea Márquez Peterson
Serves on the Arizona Corporation Commission
and is President: Márquez Peterson Group,
a community affairs firm in Southern Arizona

Mike Godbehere
President and Co-Founder:
GCON Inc. Company



Independent Registered Municipal Advisor Representation Letter

December 1, 2019

Independent Registered Municipal Advisor Representation Letter

The Arizona Industrial Development Authority (the “Authority”) is hereby disclosing and notifying all potential underwriters and placement agents that it has retained an independent registered municipal advisor (“Municipal Advisor”).

By publicly posting the following written disclosure, the Authority intends that market participants receive and use it for purposes of the Independent Registered Municipal Advisor Exemption (the “IRMA Exemption”) as provided in the Securities and Exchange Commission’s final rules adopted for municipal advisor registration (the “Final MA Rules”).

The Authority is represented by and will rely on its Municipal Advisor, Hilltop Securities Inc., and more specifically, Timothy E. Nelson ( and Michael J. Marz (, for General Municipal Advisory Services and to provide advice on proposals from financial services firms concerning the issuance of certain municipal securities and municipal financial products.  The individuals listed above are the Municipal Advisor points of contact specifically retained by the Authority and have been employed by the Municipal Advisor for two years (or more) prior to the date of this disclosure and, thus, are not “associated” (as defined in the Final MA Rules) at either an entity level or an individual level with persons seeking to rely on the IRMA Exemption.  Any changes to the Authority’s Municipal Advisor contact information going forward will be promptly posted to the Authority’s website.

The written notice required under the IRMA Exemption of the Final MA Rules stating that an underwriter or placement agent is not a municipal advisor and is, therefore, not subject to a fiduciary duty to the Authority should be provided to the Authority at the address noted below.

Notices and proposals to the Authority should be addressed to Patrick Ray (, Program Manager, at 7702 E. Doubletree Ranch Rd., Suite 300, Scottsdale AZ 85258.  To encourage the continued sharing of ideas and propriety information by market participants, the Authority intends to keep original materials provided by and concepts it discusses with market participants from time to time confidential (to the extent provided by law) but hereby reserves the right, in its sole discretion, to share any information which will be seriously considered by the Authority with its Municipal Advisor.

Please note that aside from regulatory mandated correspondence between an underwriter and a municipal advisor, an underwriter or placement agent should not communicate speak directly with, or send documents directly to, the Authority’s Municipal Advisor unless specifically directed to do so by the Authority’s Program Manager.

This Representation Letter may be relied upon until December 1, 2023, unless amended or otherwise replaced by a new Representation Letter posted to the Authority’s website.

– Patrick Ray, Program Manager