Title
A RESOLUTION CONCERNING ECONOMIC DEVELOPMENT REVENUE BONDS for the purpose of issuing economic development revenue bonds in an aggregate principal amount not to exceed twenty-two million dollars ($22,000,000), and to loan the proceeds from the sale of such bonds to (i) Chesapeake Lighthouse Foundation, Inc., (the “Foundation”) a not-for-profit corporation organized under the laws of the State of Maryland, and (ii) Chesapeake Education Services, L.L.C., (“CES”) a limited liability company organized under the laws of the State of Maryland (“CES” and the Foundation, are collectively referred to as the “Facility Applicant”).
Background
This Resolution provides the authority to issue and sell up to $22,000,000 in economic development revenue bonds on behalf of the Chesapeake Lighthouse Foundation, Inc., a not-for-profit corporation organized under the laws of the State of Maryland, and Chesapeake Education Services, L.L.C., a limited liability company organized under the laws of the State of Maryland (collectively the “Facility Applicant”). The bonds are being issued pursuant to the Maryland Economic Development Revenue Bond Act, Sections 12-101 through 12-118.
The Facility Applicant operates three charter schools in Prince George’s County and one in Anne Arundel County. Bond proceeds will be utilized by the Facility Applicant to refinance existing debt, and to fund capital improvements, a debt service reserve fund and costs of issuance. Debt service is the sole responsibility of the Facility Applicant.