Title
Issuance of Education Facility Revenue Bonds (Legacy Traditional Schools - Phoenix Campus), Series 2017 (Resolution 21570)
Description
Requests City Council approval for the issuance of Education Facility Revenue Bonds (Legacy Traditional Schools - Phoenix Campus), Series 2017, to be issued in one or more tax-exempt and/or taxable series in an aggregate principal amount not to exceed $30,000,000.
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 $30,000,000 of Education Facility Revenue Bonds (the “Revenue Bonds”) for use by Legacy Traditional School - East Mesa (the “Borrower”), an Arizona nonprofit corporation, to
a) finance acquisition, design, 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 Aug. 23, 2017.
Location
The Project will be located at the northeast corner of North 99th Avenue and West Campbell Avenue in Phoenix, 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.
Council District: 5
Department
Responsible Department
This item is submitted by Assistant City Manager Milton Dohoney, Jr.