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File #: 210336    Version: 0
Type: Resolution Status: Passed
File created: 6/15/2021 In control: COMMON COUNCIL
On agenda: Final action: 7/7/2021
Effective date:    
Title: Resolution approving the issuance of revenue bonds by the Industrial Development Authority of the County of La Paz, Arizona, for the benefit of Campus Partners 1 to finance the acquisition, improvements, and operation of an existing charter school known as Milwaukee Scholars Charter School located at 7000 West Florist Avenue, in the 2nd Aldermanic District.
Sponsors: ALD. JOHNSON
Indexes: CHARTER SCHOOLS, REVENUE BONDS
Attachments: 1. Hearing Notice List
Number
210336
Version
ORIGINAL
Reference

Sponsor
ALD. JOHNSON
Title
Resolution approving the issuance of revenue bonds by the Industrial Development Authority of the County of La Paz, Arizona, for the benefit of Campus Partners 1 to finance the acquisition, improvements, and operation of an existing charter school known as Milwaukee Scholars Charter School located at 7000 West Florist Avenue, in the 2nd Aldermanic District.
Analysis
This resolution authorizes:
1. The issuance of revenue bonds by The Industrial Development Authority of the County of La Paz, Arizona, for the benefit of Campus Partners 1 to finance the acquisition, improvements, and operation of an existing charter school known as Milwaukee Scholars Charter School located at 7000 West Florist Avenue.
2. A TERFA Hearing to be conducted.
3. Publication of a TERFA Notice.
4. The Mayor to execute the requested certificate from bond counsel upon satisfactory completion of a TERFA Hearing. The bonds shall not constitute a debt or pecuniary liability or a legal or moral obligation of the City.
Body
Whereas, The Industrial Development Authority of the County of La Paz, Arizona (The Authority), is an Arizona nonprofit corporation designed as a political subdivision of the State of Arizona, authorized to issue revenue bonds to finance a project with the approval of the political subdivision in which the project is located; and

Whereas, Campus Partners 1 (CP1) is a nonprofit corporation organized and existing under the laws of the State of Michigan that has applied to the Internal Revenue Service to be recognized as a tax-exempt organization described in s. 501(c)(3) of the Internal Revenue Code of 1986, as amended (the Code), which is exempt from federal taxation under s. 501(a) of the Code; and

Whereas, CP1 has requested The Authority to issue its revenue bonds in one or more series pursuant to a plan of finance for the project described below within the City in an estimated maximum aggrega...

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