RESOLUTION 5141: ADOPT A RESOLUTION APPROVING THE ISSUANCE OF REVENUE AND REFUNDING BONDS NOT TO EXCEED $42,000,000 BY THE GLENDALE INDUSTRIAL DEVELOPMENT AUTHORITY FOR THE ROYAL OAKS LIFE CARE COMMUNITY PROJECT
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 and refunding bonds in one or more series, for the Royal Oaks Life Care Community pursuant to a plan of finance, in an aggregate principal amount not to exceed $42,000,000 for the purpose of:
* Refunding and refinancing the outstanding principal amount of the Arizona Health Facilities Authority Senior Living Revenue Bonds Series 2014A and Series 2014B (Royal Oaks Life Care Community);
* Paying for certain expenses relating to the issuance of the Bonds and the refunding/refinancing.
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 nor does it affect the City's bond rating.
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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 of bon...
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