Vote: approved

Item Text

78. RESOLUTION APPROVING THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE TOWN OF FLORENCE, INC EDUCATION REVENUE BONDS (ACCEL REFUNDING PROJECT) Adoption of a resolution approving the issuance by The Industrial Development Authority of the Town of Florence, Inc., of not to exceed $3,000,000 of Education Revenue Bonds (ACCEL Refunding Project), this resolution being adopted solely for the purpose of satisfying the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended. The Industrial Development Authority of the Town of Florence, Inc., proposes to issue its not to exceed $3,000,000 Education Revenue Bonds (ACCEL Refunding Project), Series 2014 (the “Bonds”) to redeem and refund The Industrial Development Authority of the City of Phoenix 501(c)(3) Revenue Bonds (ACCEL Project), Series 2009 (the “Bonds to be Refunded”) outstanding and to pay all or a portion of the costs of issuance of the Bonds. The Bonds to be Refunded were used to finance or refinance the acquisition, construction, renovation, improvement, expansion, equipping and operation of two private nonsectarian school facilities serving special education students ages 5-22 and located at 1430 East Baseline Road in Tempe, Arizona and 2821 West Northern Avenue in Phoenix, Arizona. ACCEL is an Arizona nonprofit corporation designated as a 501(c)(3) corporation under federal law that operates schools and programs for individuals with cognitive, behavioral, and physical challenges by providing educational, therapeutics and vocational programs. ACCEL contracts with over 40 Maricopa County school districts and serves over 300 special needs students and over 40 adults on five sites within Maricopa County. Due to the fact that the financed facilities are located in Maricopa County, Section 147(f) of the Code requires that the issuance of the bonds be approved by the Maricopa County Board of Supervisors, solely for satisfying the requirements of said Section 147(f), this approval being in addition to the regular approvals required by the Florence IDA and the Florence Town Council. The Bonds will be special limited obligations of the Authority and will not be a debt, obligation or liability of Maricopa County. (C-94-15-009-4-00)

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