Oregon nonprofit gets bonds for charter headquarters
LANCASTER — Wonderful Foundations, an Oregon-based nonprofit corporation, will get up to $22 million in tax-exempt revenue bonds issued by the California Municipal Finance Authority to finance and refinance the purchase of Learn4Lire charter school network’s Lancaster headquarters.
The City Council unanimously approved the issuance of the bond funds at its Dec. 10 meeting following a public hearing to give the public an opportunity to comment.
The California Municipal
Finance Authority was formed to assist local governments, nonprofit organizations and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California.
The bond funds will be used to purchase Learn4LIfe’s Lifelong Learning Administrative Corp., at 177 Holston Drive, in the Lancaster Business Park. Proceeds from the sale of the bond will be used to purchase public charter school facilities in Contra Costa, Riverside, and San Bernardino counties.
The City has no financial obligation or legal responsibility with regard to repayment of the debt.
“In order to allow them to proceed with their financing they need a public hearing to have been held, which we are now accomplishing,” City Attorney Allison Burns said, in response to a question from Mayor R. Rex Parris. “And then we adopt a resolution saying we’ve done so, so that they can proceed with their financing, which has no liability to us and no obligation on our part.”
No one from the public addressed the City Council in regard to the bonds.