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CC - PUBLIC HEARING - (1) Conduct a Public Hearing Pursuant to the Requirements of Tax and Equity Fiscal Responsibility Act and the Internal Revenue Code of 1986, as Amended; (2) Adoption of a Resolution to Approve the Issuance of Revenue Bonds by the California Municipal Finance Authority to Assist in the Financing or Refinancing of the Willows Community School located in Culver City, California; and (3) Approve the Deposit of Approximately $9,000 in Issuance Fees to the General Fund.
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Meeting Date: 06/26/2017
Contact Person/Dept: Jeff Muir, Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [X] Action Item: [] Attachments: [X]
Commission Action Required: Yes [] No [X] Date:
Public Notification: (E-Mail) Meetings and Agendas - City Council (06/21/17)
Department Approval: Jeff Muir, Chief Financial Officer (06/07/17)
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RECOMMENDATION
Staff recommends the City Council:
1. Conduct the public hearing under the requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended; and
2. Adopt a Resolution approving the issuance of revenue bonds by the California Municipal Finance Authority (CMFA) for the benefit of the Willows Community School, a California nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, to provide for tax-exempt financing in an amount not to exceed $25,500,000 for the purpose of financing and refinancing the acquisition, construction, improvement, renovation, furnishing and/or equipping of certain educational and related facilities. Such adoption is solely for the purposes of satisfying the requirements of TEFRA, the Internal Revenue Code and California Government Code Section 6500; and
3. Approve the deposit of approximately $9,...
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