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REQUEST FOR
<br />COUNCIL ACTION �
<br />/ 6T
<br />CITY COUNCIL MEETING DATE:
<br />JUNE 7, 2016
<br />TITLE:
<br />CLERK OF COUNCIL USE ONLY:
<br />APPROVED
<br />{STRATEGIC PLAN NO. 3,21
<br />CITY MANAGIR'
<br />RECOMMENDED ACTION
<br />CONTINUED TO
<br />FILE NUMBER
<br />Conduct a Tax Equity and Fiscal Responsibility Act Hearing in consideration of the
<br />issuance of tax - exempt bond financing by the California Municipal Finance Authority on
<br />behalf of the Nova Academy Children's Foundation, Inc., for the benefit of NOVA Academy
<br />Early College High School, to finance the costs of (a) acquiring land and education and
<br />related facilities located at 500 W. Santa Ana Blvd., City of Santa Ana, County of Orange,
<br />California, for use by Nova Academy Early College High School, currently serving students
<br />in grades 9 -12; (b) funding a debt service reserve fund for the Bonds; (c) paying
<br />capitalized interest on the Bonds; and (d) paying certain Bond issuance expenses
<br />(collectively, the "Project ").
<br />2. Adopt a resolution approving the issuance of revenue bonds by the California Municipal
<br />Finance Authority in an amount not to exceed $19,000,000 (the "Bonds ") for the purpose
<br />of financing or refinancing the acquisition, construction and improvement of certain
<br />educational facilities.
<br />DISCUSSION
<br />The proceeds of the Bonds will be used by Nova Academy Facilities, LLC (the "Borrower"), the
<br />sole member of which is the Nova Academy Children's Foundation, Inc., (the "Foundation "), for
<br />the benefit of Nova Academy Early College High School (the "Lessee'), pursuant to a plan of
<br />financing for the Project, as defined above, in the approximate amount of $19,000,000 to finance
<br />the costs of (a) acquiring land and education and related facilities located at 500 W. Santa Ana
<br />Blvd., City of Santa Ana, County of Orange, California (the "Facilities "), for use by Nova Academy
<br />Early College High School, currently serving students in grades 9 -12; (b) funding a debt service
<br />reserve fund for the Bonds; (c) paying capitalized interest on the Bonds; and (d) paying certain
<br />Bond issuance expenses.
<br />75A -1
<br />❑ As Recommended
<br />PUBLIC HEARING ON ISSUANCE OF TAX EXEMPT
<br />❑ As Amended
<br />❑ Ordinance on Reading
<br />BONDS FOR THE BENEFIT OF NOVA ACADEMY
<br />El Ordinance on 2 Reading
<br />EARLY COLLEGE HIGH SCHOOL AND RESOLUTION
<br />❑ Implementing Resolution
<br />APPROVING THE ISSUANCE OF BONDS
<br />❑ Set Public Hearing For
<br />{STRATEGIC PLAN NO. 3,21
<br />CITY MANAGIR'
<br />RECOMMENDED ACTION
<br />CONTINUED TO
<br />FILE NUMBER
<br />Conduct a Tax Equity and Fiscal Responsibility Act Hearing in consideration of the
<br />issuance of tax - exempt bond financing by the California Municipal Finance Authority on
<br />behalf of the Nova Academy Children's Foundation, Inc., for the benefit of NOVA Academy
<br />Early College High School, to finance the costs of (a) acquiring land and education and
<br />related facilities located at 500 W. Santa Ana Blvd., City of Santa Ana, County of Orange,
<br />California, for use by Nova Academy Early College High School, currently serving students
<br />in grades 9 -12; (b) funding a debt service reserve fund for the Bonds; (c) paying
<br />capitalized interest on the Bonds; and (d) paying certain Bond issuance expenses
<br />(collectively, the "Project ").
<br />2. Adopt a resolution approving the issuance of revenue bonds by the California Municipal
<br />Finance Authority in an amount not to exceed $19,000,000 (the "Bonds ") for the purpose
<br />of financing or refinancing the acquisition, construction and improvement of certain
<br />educational facilities.
<br />DISCUSSION
<br />The proceeds of the Bonds will be used by Nova Academy Facilities, LLC (the "Borrower"), the
<br />sole member of which is the Nova Academy Children's Foundation, Inc., (the "Foundation "), for
<br />the benefit of Nova Academy Early College High School (the "Lessee'), pursuant to a plan of
<br />financing for the Project, as defined above, in the approximate amount of $19,000,000 to finance
<br />the costs of (a) acquiring land and education and related facilities located at 500 W. Santa Ana
<br />Blvd., City of Santa Ana, County of Orange, California (the "Facilities "), for use by Nova Academy
<br />Early College High School, currently serving students in grades 9 -12; (b) funding a debt service
<br />reserve fund for the Bonds; (c) paying capitalized interest on the Bonds; and (d) paying certain
<br />Bond issuance expenses.
<br />75A -1
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