Title
Issuance of Education Facility Revenue and Refunding Bonds (Ball Charter Schools (Val Vista) Project), Series 2018 (Resolution 21635)
Description
Request City Council approval for the issuance of Education Facility Revenue and Refunding Bonds (Ball Charter Schools (Val Vista) Project), Series 2018, to be issued 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 and Refunding Bonds (the “Revenue Bonds”) for use by Ball Charter Schools (Val Vista) (the “Borrower”), an Arizona nonprofit corporation, to
a) finance or refinance the acquisition, construction, improvement, and equipping of charter school facilities in Gilbert, Arizona,
b) finance or refinance improvements of additional charter school facilities in Chandler, Arizona, 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 April 12, 2018.
Location
The Projects are located at 4120 S. Val Vista Drive in Gilbert, Arizona, and 2207 N. Dobson Road in Chandler, Arizona, respectively.
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.