Reference No. CR-065-2018    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 10/16/2018
Introduced Date 9/25/2018 Public Hearing Date
Effective date: 11/1/2018    
Title: A RESOLUTION CONCERNING ECONOMIC DEVELOPMENT REVENUE BONDS for the purpose of issuing, pursuant to and in accordance with the Maryland Economic Development Revenue Bond Act, economic development revenue bonds in an aggregate principal amount not to exceed Seventeen Million Dollars ($17,000,000), and to loan the proceeds from the sale of such bonds to (i) Chesapeake Lighthouse Foundation, Inc., a not-for-profit corporation organized under the laws of the State of Maryland (the “Foundation”), and (ii) Chesapeake Education Services, L.L.C., a limited liability company organized under the laws of the State of Maryland (“CES” and, together with the Foundation, the “Facility Applicant”), to be used for the purpose of financing or refinancing the costs of certain facilities, within the meaning of the Act (as defined herein), located in Prince George’s County, Maryland (the “County”), to be used by the Facility Applicant in connection with its tax-exempt purposes of operating not-for-profit ch...
Proposers/Sponsors: County Executive, Derrick Leon Davis, Mel Franklin, Deni L. Taveras, Obie Patterson
Attachments: 1. R2018065, 2. CR-65-2018 AIS, 3. CR-65-2018 Report, 4. CR-65-2018 Fiscal Imapct
Contact: Ronald Halper, Office of Finance
Title
A RESOLUTION CONCERNING ECONOMIC DEVELOPMENT REVENUE BONDS for the purpose of issuing, pursuant to and in accordance with the Maryland Economic Development Revenue Bond Act, economic development revenue bonds in an aggregate principal amount not to exceed Seventeen Million Dollars ($17,000,000), and to loan the proceeds from the sale of such bonds to (i) Chesapeake Lighthouse Foundation, Inc., a not-for-profit corporation organized under the laws of the State of Maryland (the “Foundation”), and (ii) Chesapeake Education Services, L.L.C., a limited liability company organized under the laws of the State of Maryland (“CES” and, together with the Foundation, the “Facility Applicant”), to be used for the purpose of financing or refinancing the costs of certain facilities, within the meaning of the Act (as defined herein), located in Prince George’s County, Maryland (the “County”), to be used by the Facility Applicant in connection with its tax-exempt purposes of operating not-for-profit charter schools in accordance with and pursuant to the laws of the State of Maryland; authorizing the County Executive to specify, prescribe, determine, provide for, approve, execute and deliver any and all matters, details, forms, documents or procedures necessary or appropriate to effectuate the authorization, sale, security, issuance, delivery and payment of and for such bonds and the lending of the proceeds thereof; reserving certain rights in the County; providing for the effective date of this Resolution; providing for the termination of this Resolution; and generally providing for and determining various matters in connection with such bonds and the lending of the proceeds thereof.

Background
This legislation provides the authority to issue and sell up to $17,000,000 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 Servic...

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