In November 2017, GreatHearts Arizona offered its second bond issue enhanced by the Arizona Public School Credit Enhancement Program. This program allows the bond issues carrying the enhancement to receive a AA- rating by Standard & Poor’s. This issue, totaling $19.5 million, will be the second time that GreatHearts has used the program. The funds will allow GreatHearts to acquire and renovate a campus for its Archway Classical Academy – Scottsdale, providing over 600 new seats for that academy. Archway Scottsdale is one of the highest performing elementary schools in the state, and now will be located adjacent to their Scottsdale Preparatory Academy, which serves older grades in the Scottsdale area. Earlier in 2017 GreatHearts issued about $34 million in bonds enhanced by the State’s program for expansion of their Maryvale and Veritas campuses, which added about 1,000 seats to the network. GreatHearts carries a BBB- underlying rating, which was affirmed with this issue, and to date is the only investment grade organization enhanced under the State’s program. Buck Financial has served as financial adviser to GreatHearts since 2014, and with this issue will have assisted the Arizona network with approximately $180 million in tax-exempt bonds. GreatHearts provides a classical liberal arts education with the goal of developing great-hearted leaders, and we are proud to be able to work with such a high-quality organization.