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Council authorizes IDA revenue bonds of up to $135 million for Wake Preparatory Academy project
Summary
The council approved resolution 2025-045 authorizing the Sierra Vista Industrial Development Authority to issue taxable education facility revenue bonds, series 2025, for Wake Preparatory Academy in an aggregate amount not to exceed $135 million; staff said the bonds are special limited obligations with no city liability.
The Sierra Vista City Council on June 12 approved resolution 2025-045 authorizing the Sierra Vista Industrial Development Authority (IDA) to issue taxable education facility revenue bonds, series 2025, in an aggregate principal amount not to exceed $135,000,000 for a Wake Preparatory Academy facility.
A representative speaking on behalf of the Sierra Vista IDA explained the IDA statutes permit issuance of bonds inside or outside Arizona and said the proposed sale would be conducted publicly by Robert W. Baird to institutional or accredited investors, with a planned sale in July if council approved the authorization. The representative emphasized these bonds are "special limited obligations" payable solely from revenues of the underlying school and that there is "no financial liability for either the city, the state, or the Sierra Vista IDA" beyond those pledged revenues.
Councilmembers asked for clarification about the bond type; one councilmember noted it is not a city-backed debt and thanked the presenter for the explanation. Mayor Pro Tem moved the authorization; council voted in favor with no opposition announced on the record.
