This resolution allows the California Enterprise Development Authority to issue up to $17 million in revenue bonds to help finance the purchase and renovation of facilities for the Chinese American International School. It is a formal approval needed for tax purposes under federal law.
Resolution approving for purposes of Internal Revenue Code, Section 147(f), the Issuance and Sale of Revenue Obligations by the California Enterprise Development Authority in an aggregate principal amount not to exceed $17,000,000 to finance the acquisition and renovation of educational and related facilities to be owned and operated by Chinese American International School, a California nonprofit public benefit corporation.
How it got here
This legislation originated from a request by the Chinese American International School for financing to acquire and renovate educational facilities, requiring approval from the Board of Supervisors for tax-exempt obligations.
A notice was published on the City’s website announcing a public hearing regarding the issuance of tax-exempt obligations for the financing of the project.
A telephonic public hearing was conducted to provide an opportunity for public comments on the proposed issuance of obligations.
Supervisor Melgar was requested to introduce a resolution to approve the issuance of tax-exempt obligations by the California Enterprise Development Authority on behalf of the Chinese American International School.
The Budget and Finance Committee recommended the resolution for approval.
The Board of Supervisors adopted the resolution approving the issuance of revenue obligations not to exceed $17 million.
The Mayor approved the resolution, finalizing the authorization for the issuance of the obligations.
Reconstructed from attached documents & the official record
