Title
***REVISED ITEM (SEE ATTACHED CORRECTION MEMO)*** Reissuance of Education Facility Revenue and Refunding Bonds (KIPP Tech Valley Charter School Project), Series 2016 (Resolution 21701)
Description
Requests City Council approval for the reissuance of Education Facility Revenue and Refunding Bonds (KIPP Tech Valley Charter School Project), Series 2016, previously issued in an aggregate principal amount of $12,000,000.
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, (the “Phoenix IDA”) has previously resolved to reissue $12,000,000 of Education Facility Revenue and Refunding Bonds (the “Revenue Bonds”) used by KIPP Tech Valley Charter School (the “Borrower”), a New York nonprofit corporation, to:
a) refund certain bonds,
b) finance its education facilities located in the state of New York, 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 reissue the Revenue Bonds at its meeting held on Nov. 20, 2018.
Location
The Project is located at 321 Northern Blvd., Albany, NY.
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.