Title
Issuance of Education Facility Revenue Bonds (Leman Academy of Excellence - Oro Valley Project), Series 2018 (Resolution 21670)
Description
Request City Council approval for the issuance of Education Facility Revenue Bonds (Leman Academy of Excellence Project), Series 2018, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $33,000,000.
Report
Summary
Request City Council adoption of a resolution 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 $33,000,000 of Education Facility Revenue Bonds (the “Revenue Bonds”) for use by Leman Academy of Excellence, Inc. (the “Borrower”), an Arizona nonprofit corporation, to
a) finance acquisition of land and a building used as charter school facilities in Oro Valley, Arizona,
b) finance construction, improvement, and equipping of an additional building at the same site, and
c) 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 August 9, 2018.
Location
The Project is located at 12255 N. La Canada Drive in Oro Valley, Arizona.
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 Assistant City Manager Milton Dohoney, Jr.