DATE:
September 14, 2021
06
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING:
ISSUANCE OF REVENUE ANTICIPATION NOTES BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE PURPOSE OF PROVIDING WORKING CAPITAL TO FUND OPERATING EXPENSES FOR HARBOR SPRINGS CHARTER SCHOOL IN AN AGGREGATE MAXIMUM AMOUNT NOT TO EXCEED $4,000,000 (DISTRICTS: 1 & 5)
Body
OVERVIEW
The County has received a request from the California Municipal Finance Authority ("CMFA" 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 anticipation notes in an aggregate principal amount not to exceed $4,000,000 (the "Notes"), for the purpose of providing working capital to fund operating expenses for Harbor Springs Charter School (the "Borrower").
The Authority is authorized to assist in financing for nonprofit public benefit organizations or for-profit corporations with a public benefit project wishing to issue Notes, including the Borrower. In order to initiate such a financing, the Borrower is asking the County of San Diego, a member jurisdiction in which the project resides to: (1) conduct a public hearing to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code; and (2) approve the Authority's issuance of the Notes. Although the Authority will be the issuer of the Notes for the Borrower, the financing cannot proceed without the approval of an applicable legislative body.
Today's recommendations will provide the Authority with the required authorization to pursue its determination to issue the Notes on behalf of the Borrower for the financing.
RECOMMENDATION(S)
CHIEF ADMINISTRATIVE OFFICER
1. Pursuant to Section 147(f) of the Internal Revenue Code, hold a public hearing regarding the financing of the Project.
2. Adopt a Resolution entitled:
RESOLUTION OF THE BOARD OF SUPERVISORS OF THE COUNTY OF SAN DIEGO APPROVING THE ISSUANCE OF ...
Click here for full text