Title
TEFRA Hearing - Pioneer Springs Community School
Action
ACTION:
(A) Open TEFRA public hearing and receive comments on the proposed financing by Pioneer Springs Community School
(B) 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 education revenue bonds (Pioneer Springs Community School) series 2020 in an aggregate principal amount not to exceed $15,000,000.
Staff Contact: Tyrone C. Wade, County Attorney
Presentation: No
BACKGROUND/JUSTIFICATION:
As more fully explained in the attached Resolution , Tetrapod Holdings, LLC (the "Borrower"), a North Carolina limited liability company whose sole member is Pioneer Springs Community School, Inc. (the "Lessee"), a North Carolina non profit corporation has requested that the Public Finance Authority, a public authority existing under the laws of the State of Wisconsin (the "Authority"), issue its Education Revenue Bonds (Pioneer Springs Community School) series 2020 (the "Bonds") in an aggregate principal amount not to exceed $15,000,000 and loan the proceeds thereof to the Borrower for the following purposes:
(a) financing and refinancing the acquisition, construction, renovation, improvement, and equipping of certain land and charter educational facilities of the Borrower and Lessee to be owned by the Borrower and leased to the Lessee for use as a charter school known as "Pioneer Springs Community School: located or to be located at 9132, 9200, 9232, 9300, and 9314 Bob Beatty Road, Charlotte, North Carolina 28269 (the "Project");
(b) refinancing one or more taxable loans incurred by the Lessee to finance the Lessee's Teachers' and State Employees Retirement System withdrawal payment;
(c) funding a debt service reserve fund for the Bonds;
(d) paying capitalized interest on the Bonds, if any; and
(e) paying all or a portion of the co...
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