Title:
TEFRA Hearing - ACTS Retirement-Life Communities, Inc.
Summary
ACTION:
(1) Open TEFRA public hearing and receive comments on the proposed financing by ACTS Retirement-Life Communities, Inc.
(2) Close public hearing and adopt resolution entitled:
RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE COUNTY OF MECKLENBURG, NORTH CAROLINA, APPROVING THE ISSUANCE BY THE PUBLIC FINANCE AUTHORITY OF ITS ACTS RETIREMENT LIFE COMMUNITIES, INC. OBLIGATED GROUP, SERIES 2018 BONDS IN ONE OR MORE SERIES (THE “BONDS”), IN AN AMOUNT NOT TO EXCEED $97,000,000
Staff Contact: Tyrone C. Wade, County Attorney
Presentation: NO
BACKGROUND/JUSTIFICATION:
As more fully explained in the attached Resolution, ACTS Retirement-Life Communities, Inc. ( “Borrower”) has requested that the Public Finance Authority, a public authority existing under the laws of the State of Wisconsin (the “Authority”), issue its ACTS Retirement Life Communities, Inc. Obligated Group, Series 2018 Bonds, (the “Bonds”), in an aggregate principal amount not to exceed $97,000,000, and loan proceeds of the Bonds to the Borrower for the following purposes:
(i) to finance the current refunding, refinancing and/or restructuring of all or a portion of a revolving line of credit issued by Bank of America to the Borrower
(ii) the current refunding, refinancing and/or restructuring of all or a portion of the construction loan made by Branch Banking and Trust Company for certain properties located in North Carolina (collectively, the “Bonds to be Refunded”)
(iii) financing or refinancing (Including reimbursement) the costs of acquisition, construction, equipping and improvement of existing and additional facilities of the Borrower, specifically the existing skilled nursing facility to assisted living units at 733 Plantation Estates Drive, Matthews, NC 28105.
ACTS Retirement-Life Communities, Inc. is using the Wisconsin Public Finance Authority as the issuer of the Bonds because of a desire to have a 30-year matur...
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