Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John C. Beiers, County Counsel
Subject: Resolution Approving California Municipal Finance Authority Tax-Exempt Loan for the benefit of Silicon Valley International School
RECOMMENDATION:
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Adopt a resolution approving the execution of a tax-exempt loan or loans by the California Municipal Finance Authority for the benefit of Silicon Valley International School, in an aggregate principal amount not to exceed $25,000,000 in one or more series for the purpose of financing and refinancing the acquisition, construction, improvement, equipping, and maintenance of certain educational, support and administrative facilities leased, occupied and operated within the County by Silicon Valley International School.
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BACKGROUND:
The California Municipal Finance Authority (the "CMFA") was created on January 1, 2004 pursuant to a joint exercise of powers agreement to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. To date, over 320 municipalities, including the County of San Mateo, have become members of CMFA. The Joint Exercise of Powers Agreement provides that the CMFA is a public entity, separate and apart from each member executing such agreement. The debts, liabilities and obligations of the CMFA do not constitute debts, liabilities or obligations of the members executing such agreement.
DISCUSSION:
Silicon Valley International School (formerly known as International School of the Peninsula), a California nonprofit public benefit corporation (the "Borrower") and an organization described in, and exempt from tax under, Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"), has requested that the CMFA obtain a tax-exempt loan or loans in an aggregate principal amount not to exceed $25,000,000 (the "Authority Loan") in ...
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