Title
Title
ADOPT A RESOLUTION APPROVING THE GLENDALE INDUSTRIAL DEVELOPMENT AUTHORITY'S ISSUANCE OF REVENUE BONDS NOT TO EXCEED $15,000,000 IN SUPPORT OF THE MIDWESTERN UNIVERSITY FOUNDATION'S STUDENT LOAN PROGRAM
Staff Contact: Brian Friedman, Director, Office of Economic Development
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Purpose and Recommended Action
Recommendation
This is a request for City Council to waive reading beyond the title and adopt a resolution authorizing the Glendale Industrial Development Authority (Authority) to issue revenue bonds in one or more series, pursuant to a plan of finance, in an aggregate principal amount not to exceed $15,000,000 for the purpose of:
* Financing student loans for residents of the State of Arizona attending Midwestern University at either its Glendale, Arizona campus or its Downers Grove, Illinois campus; and, for residents of any state attending Midwestern University at its Glendale, Arizona campus;
* To fund reserves; and,
* To pay costs associated with the issuance of the bonds.
All of which is in accordance with the Industrial Development Financing Act, Title 35, Chapter 5, Arizona Revised Statues, as amended, and has no impact on the City's own ability to issue bonds or the City's bond rating.
Background
The Authority is an Arizona nonprofit corporation designated by law as a political subdivision of the State of Arizona. Under the provisions of the Industrial Development Financing Act, the City Council of the City of Glendale is the governing body of the Authority, is responsible for electing the Directors of the Authority, and must approve the issuance of the bonds by the Authority.
The Authority is empowered to issue the bonds, and loan the proceeds from the sale of the bonds for the purposes provided for in the Act. Under the provisions of A.R.S. ? 35-742, the City of Glendale is not liable or obligated for the payment of bonds or other debt obligations issued by the Authority. Neither the Authority's issuance...
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