DATE:
October 21, 2025
13
TO:
Board of Supervisors
SUBJECT
Title
APPROVAL OF THE ISSUANCE OF REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF LA JOLLA COUNTRY DAY SCHOOL IN AN AGGREGATE AMOUNT NOT TO EXCEED $45,000,000 (DISTRICT: 3)
Body
OVERVIEW
The County has received a request from the California Enterprise Development Authority ("CEDA" or "Authority") to conduct a public hearing as required by the Internal Revenue Code and to approve the Authority's issuance of one or more series of revenue bonds, notes or other obligations in an aggregate principal amount not to exceed $45,000,000 (the "Revenue Obligations"), for the benefit of La Jolla Country Day School (the "Borrower"), a California nonprofit public benefit corporation. The Borrower has applied for the financial assistance of the Authority to finance and/or refinance the acquisition, development, construction, equipping and furnishing of Borrower's educational facilities located at 9490 Genesee Avenue and 9409 Regents Road, La Jolla, California 92037, California 92115 (collectively, the "Project").
The Authority is authorized to assist nonprofit public benefit organizations and for-profit corporations with a public benefit project wishing to issue conduit revenue bonds, including the Borrower. In order to facilitate such a financing, the Authority and the Borrower are asking the County of San Diego, a member jurisdiction in which the Project resides, to approve the Authority's issuance of the Revenue Obligations. Although the Authority will be the issuer of the Revenue Obligations for the Borrower, the financing cannot proceed without the approval of an applicable legislative body.
On June 13, 2006 (12), the Board of Supervisors approved the issuance of $40,000,000 in revenue bonds by the Association of Bay Area Governments (ABAG) Finance Authority for Nonprofit Corporations for the benefit of the Borrower. Subsequent to such approval, on June 29,...
Click here for full text