Special Notice / Hearing: 7 days newspaper publication (26 CFR ?1.147(f)-1)
Vote Required: Majority
To: Honorable Board of Supervisors
From: John D. Nibbelin, County Attorney
Subject: Public Hearing and Resolution Approving Issuance of California Enterprise Development Authority Tax-Exempt Revenue Bonds for the benefit of Crystal Springs Upland School
RECOMMENDATION:
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Conduct a public hearing under the Tax Equity and Fiscal Responsibility Act (TEFRA) regarding the issuance of tax-exempt bonds by the California Enterprise Development Authority:
A) Open public hearing
B) Close public hearing
C) Adopt a resolution approving the issuance by the California Enterprise Development Authority of tax-exempt revenue bonds for the benefit of Crystal Springs Uplands School or a related entity in an aggregate principal amount not to exceed $35,000,000 for the purpose of financing, refinancing and/or reimbursing the cost of the construction, improvement, equipping and furnishing of certain educational facilities located within San Mateo County.
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BACKGROUND:
The California Enterprise Development Authority (the "Authority") was created on June 1, 2006 pursuant to a joint exercise of powers agreement (the "Agreement") to assist its members and for-profit and nonprofit organizations located within the jurisdictions of the members in financing industrial and commercial development projects and other public purpose projects. To date, hundreds of cities and 36 counties, including the County of San Mateo, have become members of the Authority.
The Agreement provides that the Authority is a public entity, separate and apart from each member executing such agreement. The debts, liabilities and obligations of the Authority do not constitute debts, liabilities or obligations of the members executing such Agreement.
DISCUSSION:
Crystal Springs Uplands School, a nonprofit public benefit corporation or a related entity (the "Borrower"), duly organ...
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