Vote: approved

Item Text

17. RESOLUTION APPROVING THE INDUSTRIAL DEVELOPMENT AUTHORITY OF THE COUNTY OF YAVAPAI, EDUCATION REFUNDING BONDS (ARIZONA AGRIBUSINESS AND EQUINE CENTER, INC. PROJECT), SERIES 2015 Adoption of a resolution approving the issuance by The Industrial Development Authority of the County of Yavapai, of not-to-exceed $9,000,000 of Education Refunding Bonds (Arizona Agribusiness and Equine Center, Inc. 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 County of Yavapai, proposes to issue its not to exceed $9,000,000 Education Refunding Bonds (AAEC Project), Series 2015 (the “Series 2015 Bonds”) to redeem and refund The Industrial Development Authority of the City of Tucson Education Revenue Bonds (AAEC Project), Series 2004A and Taxable Series 2004A-T (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 three charter school facilities located at 1924 East Baseline Road, Phoenix Arizona, 2165 North Power Road, Mesa Arizona, and 17811 North 32nd Street, Phoenix, Arizona. 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 Yavapai County IDA and the Yavapai County Board of Supervisors. The Bonds will be special limited obligations of the Authority and will not be a debt, obligation or liability of Maricopa County. (C-94-15-025-M-00)

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