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File #:
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22-045
Version:
1
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Name:
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Resolution to consider approving the issuance of Tax-Exempt Bonds for the benefit of La Verne Elementary Preparatory Academy, and/or Related Entity
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Type:
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Resolution
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Status:
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Public Hearing
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On agenda:
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5/6/2025
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Final action:
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Title:
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Resolution to consider approving the issuance of Tax-Exempt Bonds for the benefit of La Verne Elementary Preparatory Academy, and/or Related Entity
Recommended Action:
It is recommended that the City Council:
1. Conduct a public hearing regarding the proposed issuance of tax-exempt financing, in an amount not to exceed $22,000,000, for the benefit of 9966 I Ave, LLC, a California limited liability company whose sole member is LaVerne Elementary Preparatory Academy Foundation, a California nonprofit public benefit corporation, and/or a related entity (the “Borrower”). The financing would be used to (a) finance and/or refinance the costs of acquiring, constructing, installing, improving, furnishing, and equipping charter school facilities located at 16955 Lemon Street, Hesperia, California 92345, in the amount of $21,000,000, and 9966 I Avenue, Hesperia, California 92345, in the amount of $1,000,000; (b) fund a debt service reserve and related working capital; (c) paying capitalized ...
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Title Resolution to consider approving the issuance of Tax-Exempt Bonds for the benefit of La Verne Elementary Preparatory Academy, and/or Related Entity
Recommended Action:
It is recommended that the City Council:
1. Conduct a public hearing regarding the proposed issuance of tax-exempt financing, in an amount not to exceed $22,000,000, for the benefit of 9966 I Ave, LLC, a California limited liability company whose sole member is LaVerne Elementary Preparatory Academy Foundation, a California nonprofit public benefit corporation, and/or a related entity (the “Borrower”). The financing would be used to (a) finance and/or refinance the costs of acquiring, constructing, installing, improving, furnishing, and equipping charter school facilities located at 16955 Lemon Street, Hesperia, California 92345, in the amount of $21,000,000, and 9966 I Avenue, Hesperia, California 92345, in the amount of $1,000,000; (b) fund a debt service reserve and related working capital; (c) paying capitalized interest on the bonds; and (d) pay issuance and other related costs associated with the project; and
2. Adopt a resolution approving the issuance of tax-exempt bonds in an amount not to exceed $22,000,000 by the California Public Finance Authority (CalPFA).
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