Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Public Hearing and Resolution Approving California Municipal Finance Authority Tax-Exempt Loan for the benefit of The Benedictine Fathers of the Priory, Inc., dba Woodside Priory School
RECOMMENDATION:
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Conduct a public hearing under the Tax Equity and Fiscal Responsibility Act regarding the issuance of a tax-exempt loan by the California Municipal Finance Authority in an amount not to exceed $13,000,000 for paying, or reimbursing money advanced to pay, certain costs of acquiring, constructing, renovating, improving, equipping and installing certain educational facilities, including related support and administrative facilities and site improvements, located on or adjacent to the borrower's main campus at 302 Portola Road, including at 119, 121, 123, 125, 127 and 129 Gambetta Lane, Portola Valley, California, 94028, including certain new faculty housing facilities and expansion of and improvements to campus dining facilities and all related fixtures, furnishings and equipment (collectively, the "Campus Facilities") located or to be located within the County of San Mateo, California:
A) Open public hearing
B) Close public hearing
C) Adopt a resolution approving the issuance of a tax-exempt loan to the California Municipal Finance Authority for the benefit of The Benedictine Fathers of the Priory, Inc., dba Woodside Priory School, in an aggregate principal amount not to exceed $13,000,000 in one or more series for the purpose of financing and refinancing the acquisition, construction, improvement, and equipping of certain educational, support and administrative facilities owned and managed within the County by The Benedictine Fathers of the Priory, Inc., dba Woodside Priory School.
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BACKGROUND:
The California Municipal Finance Authority (the "CMFA" or "Authority") was created on January 1,...
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