Title
TEFRA Hearing-TELRA Institute Project
Action
ACTION:
1) Open a TEFRA Public Hearing to receive comments on the proposed financing by the TELRA Institute
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 Educational Facilities Revenue Bonds by the Public Finance Authority in an aggregate principal amount not to exceed $35,000,000 for the purposes state.
Staff Contact: Tyrone C. Wade, County Attorney
Presentation: No
BACKGROUND/JUSTIFICATION:
As more fully explained in the attached Resolution, TELRA supporting Organization, Inc. (the "Borrower") has requested that the Public Finance Authority (the "Authority") issue its Educational Facilities Revenue Bonds (TELRA Institute Project), to be issued as qualified Section 501 (c)(3) bonds under Section 145 of the Code in one or more series, issuance, or advances (the “Bonds”), in an aggregate principal amount not to exceed $35,000,000 for the following purpose:
(1) refinancing of all of the Authority’s outstanding Educational Facilities Revenue Bonds (Telra Institute Project) Series 2021A, originally issued in the aggregate principal amount of up to $14,820,000, the proceeds of which, together with the proceeds of the Authority’s Taxable Educational Facilities Revenue Bonds (Telra Institute Project) Series 2021B (collectively the “Series 2021 Bonds”), originally issued in the aggregate principal amount of $525,000 were used to (i) finance and refinance the acquisition, construction, renovation, improvement, and equipping of certain land and charter educational facilities of Telra Institute, Inc. (the “Corporation”), a North Carolina nonprofit corporation and an organization described in Section 501(c)(3) of the Code, and the Borrower located at 4150 McKee Road in Charlotte, Mecklenburg County, North Carolina 28270 (the “Series 2021 Facilities”); (ii) pay capitalized interest ...
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