This resolution allows the California Enterprise Development Authority to reissue revenue obligations up to $11.4 million to finance or refinance educational facilities owned by the National Center for International Schools. It is necessary for compliance with federal tax regulations.
Resolution approving for purposes of Internal Revenue Code, Section 147(f), the Reissuance (for federal income tax purposes) of Revenue Obligations by the California Enterprise Development Authority in an aggregate principal amount not to exceed $11,400,000 to finance or refinance certain educational and related facilities owned by the National Center for International Schools.
How it got here
This legislation originated from a request by the National Center for International Schools to refinance educational facilities through tax-exempt bonds.
A notice was published regarding a public hearing for the proposed reissuance of tax-exempt obligations by the California Enterprise Development Authority.
The Office of Public Finance conducted a public hearing where no comments were received regarding the reissuance of the obligations.
Supervisor Preston was requested to introduce a resolution to approve the reissuance of qualified 501(c)(3) bonds for the National Center for International Schools.
The Budget and Finance Committee recommended the resolution for approval.
The Board of Supervisors adopted the resolution approving the reissuance of revenue obligations not to exceed $11,400,000.
The Mayor approved the resolution, finalizing the legislative process.
Reconstructed from attached documents & the official record
