MEETING DATE:
June 24, 2025
SUBJECT:
Title
RESOLUTION NO. 2025-9454 - APPROVING THE ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $30,000,000 FOR THE PURPOSE OF FINANCING CERTAIN EDUCATIONAL FACILITIES AND CERTAIN OTHER MATTERS RELATING THERETO FOR THE BENEFIT OF BAYPOINT PREPARATORY ACADEMY
Body
Recommendation:
Recommendation
ADOPT a Resolution approving the issuance of revenue bonds by the California Enterprise Development Authority in an aggregate principal amount not to exceed $30,000,000 for the purpose of financing certain educational facilities and certain other matters relating thereto for the benefit of Baypoint Preparatory Academy
Body
Board or Commission Action
Not applicable
Relevant Council Strategic Theme
Not applicable
Relevant Department Goal
Not applicable
Introduction:
California Enterprise Development Authority (the "Authority" or "CEDA") is a joint powers authority established by the California Association for Local Economic Development ("CALED") whose purpose is to issue tax-exempt and taxable conduit revenue bonds to fund commercial and industrial development projects within member jurisdictions. Federal and state laws provide the ability for cities and counties to join together under cooperative agreements to form joint powers authorities to issue tax-exempt and taxable bonds to fund projects that provide a public benefit and serve the needs of residents within the jurisdictions of the participating members. The City of San Marcos (the "City") joined CEDA as an associated member in April 2013 pursuant to Resolution No. 2013-7773.
Baypoint Preparatory Academy ("Borrower") is a California limited liability company, the sole member of which is Baypoint Preparatory Academy ("School"), a California nonprofit public benefit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended ("Code"...
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