DATE:
September 27, 2022
27
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING: ISSUANCE OF TAX-EXEMPT AND/OR TAXABLE REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF PACIFIC RIDGE SCHOOL AND/OR SUCCESSOR ENTITY IN AN AGGREGATE MAXIMUM AMOUNT NOT TO EXCEED $7,500,000 (DISTRICT: 5)
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 obligations in an aggregate principal amount not to exceed $7,500,000 (the "Obligations"), for the benefit of Pacific Ridge School, a California nonprofit public benefit corporation (the "Borrower"). The Borrower has applied for the financial assistance of the Authority. The proceeds of the Obligations will be used to (i) refinance the cost of the acquisition, construction, installation, equipping and furnishing of the educational facilities located at 6269 El Fuerte Street, Carlsbad, California 92009, including, but not limited to, two new buildings containing approximately 45,000 square feet of space to house a new middle school, an arts program, classrooms, administration offices, a gymnasium and other related school facilities (the "Project"). A portion of such proceeds of the Obligations will be used to pay the costs of issuance and other related costs in connection with the financing.
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 Obligations, 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) ap...
Click here for full text