Ore­gon non­profit gets bonds for char­ter head­quar­ters

Antelope Valley Press - - Front Page - By JULIE DRAKE Val­ley Press Staff Writer

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.

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