Title
Issuance of Education Facility Revenue Bonds (Summit School Project), Series 2019 (Resolution 21732)
Description
Request City Council approval for the issuance of Education Facility Revenue Bonds (Summit School Project), Series 2019, to be used in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $8,000,000.
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 $8,000,000 of Education Facility Revenue Bonds (the "Revenue Bonds") for use by Foothills Educational Foundation (the "Borrower"), an Arizona nonprofit corporation, to
a) refinance acquisition, renovation, construction, improvement, and equipping of land and buildiings used as charter school facilities in Phoenix, Arizona.
Concurrence/Previous Council Action
The Phoenix IDA Board has previously resolved to issue the Revenue Bonds at its meeting held on March 20, 2019.
Location
The Project is located at 4515 E. Muirwood Drive in Phoenix, Ariz.
Council District: 6
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.