This resolution allows the California Enterprise Development Authority to issue up to $9 million in revenue obligations to fund various projects for Presidio Hill School, including construction and renovation of educational facilities. It is a formal approval necessary 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 $9,000,000 to finance and refinance the acquisition, construction, renovation, rehabilitation, improvement and/or equipping of educational and related facilities to be owned and operated by Presidio Hill School, a California nonprofit public benefit corporation, or its wholly-owned limited liability company.
How it got here
This legislation originated from a request by Presidio Hill School for financing through the California Enterprise Development Authority to support educational facility improvements.
A notice for a public hearing regarding the issuance of tax-exempt obligations was published on the City’s website on August 6, 2021, for a hearing scheduled on August 19, 2021.
The Office of Public Finance conducted a public hearing where no public comments were received regarding the proposed financing for Presidio Hill School.
Supervisor Stefani introduced a resolution to approve the issuance of tax-exempt obligations by the California Enterprise Development Authority on behalf of Presidio Hill 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 $9 million for Presidio Hill School.
The Mayor approved the resolution, finalizing the legislative process for the issuance of the obligations.
Reconstructed from attached documents & the official record
