Title
TEFRA Hearing-Phoenix Montessori Academy
Action
ACTION:
1) Open a TEFRA Public Hearing to receive comments on the proposed financing by Phoenix Montessori Academy
2) Close the Public Hearing and adopt a Resolution entitled Resolution of the Board of Commissioners of Mecklenburg County, North Carolina Approving the Issuance of Bonds in a Maximum Stated Principal Amount of $25,000,000 to be Issued by the Public Finance Authority for the Benefit of Phoenix Montessori Academy.
Staff Contact: Tyrone C. Wade, County Attorney
Presentation: No
BACKGROUND/JUSTIFICATION:
As more fully explained in the attached Resolution the Public Finance Authority (the "Authority") has been requested to issue the Bonds and to lend the proceeds from the sale thereof to Phoenix Montessori Academy, a North Carolina nonprofit corporation and designated as an organizations described in Section 501 (c)(3) of the Internal Revenue code of 1986, as amended (the "Code") in an aggregated principal amount not to exceed $25,000,000 for the following purpose:
(1) For the sole purpose of qualifying the interest on the Bonds for exclusion from the gross income of the owners thereof for federal income tax purposes pursuant to the applicable provisions of the Code, the Board hereby approves the plan of finance that includes the issuance of the Bonds, in one or more series or issuances, in a maximum stated principal amount not to exceed $25,000,000, by the Authority for the purpose of providing funds to finance the Project, provided that in no event shall Mecklenburg County, the State of North Carolina or any political subdivision thereof be liable for such Bonds nor shall the Bonds constitute a debt of Mecklenburg County, the State of North Carolina or any political subdivision thereof. It is the purpose and intent of the Board that this resolution constitutes approval of the issuance of the Bonds by the applicable elected representative of the Project Jurisdiction for the Project, which is the governmental unit having jurisdiction over the area in which the Project is located, in accordance with Section 147(f) of the Code and Section 66.0304(11)(a) of the Wisconsin Statutes and Section 4 of the Joint Exercise Agreement.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
N/A