Reference No. CR-066-2015    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 10/27/2015
Introduced Date 10/20/2015 Public Hearing Date
Effective date: 11/3/2015    
Title: A RESOLUTION CONCERNING ECONOMIC DEVELOPMENT REVENUE BONDS for the purpose of and pursuant to and in accordance with Sections 12-101 through 12-118 of the Economic Development Article of the Annotated Code of Maryland as amended (the Maryland Economic Development Revenue Bond Act “the Act”), issuing economic development revenue bonds in an aggregate principal amount not to exceed Thirty-Seven Million Five Hundred Thousand Dollars ($37,500,000), 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 such Act (as defined herein), located in Prince...
Proposers/Sponsors: County Executive, Karen R. Toles, Mel Franklin, Derrick Leon Davis, Obie Patterson, Deni L. Taveras
Attachments: 1. R2015066, 2. I-CR-66-2015 Attachment A, 3. CR-66-2015 AIS, 4. CR-66-2015 Transmittal, 5. CR-066-2015 Fiscal Impact
Contact: Ronald Halper, Office of Finance

Title

A RESOLUTION CONCERNING ECONOMIC DEVELOPMENT REVENUE BONDS for the purpose of and pursuant to and in accordance with Sections 12-101 through 12-118 of the Economic Development Article of the Annotated Code of Maryland as amended (the Maryland Economic Development Revenue Bond Act “the Act”), issuing economic development revenue bonds in an aggregate principal amount not to exceed Thirty-Seven Million Five Hundred Thousand Dollars ($37,500,000), 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 such Act (as defined herein), located in Prince George’s County, Maryland (the “County”) and Anne Arundel County, Maryland, 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 Thirty-Seven Million Five Hundred Thousand Dollars ($37,500,000) in Economic Development Revenue Bonds on behalf of the Chesapeake Lighthouse Foundation, Inc., a not-for-profit corporation, and Chesapeake Education Services, L.L.C., a limited liability company (collectively the “Facility Applicant”).  The bonds are being issued pursuant to Sections 12-101 through 12-118 of the Economic Development Article of the Annotated Code of Maryland (the Maryland Economic Development Revenue Bond Act).

 

The fiscal impact on the County for any bonds will be neutral.  Debt service is the sole responsibility of the Facility Applicant.  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.  The Facility Applicant operates three charter schools in Prince George’s County and one in Anne Arundel County. 

 



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