Title
Issuance of Education Facility Revenue Bonds (Legacy Traditional School - Cadence Project), Series 2017 (Resolution 21555)
Description
Request City Council adoption of a resolution granting approval for the issuance of Education Facility Revenue Bonds (Legacy Traditional School - Cadence Project), Series 2017, to be issued in one or more tax-exempt and/or taxable senior and/or subordinate series in an aggregate principal amount not to exceed $22,500,000.
Report
Summary
The requested resolution is granting approval of the proceedings under which The Industrial Development Authority of the City of Phoenix, Ariz., (the “Phoenix IDA”) has previously resolved to issue up to $22,500,000 of Education Facility Revenue Bonds (the “Revenue Bonds”) for use by Legacy Traditional Schools - Nevada, Inc. (the “Borrower”), a Nevada nonprofit corporation, to:
a) finance acquisition, construction, improvement, and equipping of land and buildings for charter school facilities (the “Project”), and
b) pay certain costs related to the issuance of the Revenue Bonds.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds at its meeting held on June 8, 2017.
Location
The Project is to be located near the northwest corner of East Lake Mead Parkway and Pawnee Lane in Henderson, Nev.
With the exception of certain housing bonds, the Phoenix IDA can finance projects located anywhere in Arizona. In addition, the Phoenix IDA may issue bonds to finance projects outside of Arizona, if the out-of-state project provides a benefit within the State.
Department
Responsible Department
This item is submitted by Deputy City Manager Paul Blue.