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CC - PUBLIC HEARING - (1) Conduct a Public Hearing Pursuant to the Requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) 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 Turning Point School located in Culver City, California; and (3) Approval the Deposit of Approximately $7,500 in Issuance Fees to the General Fund.
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Meeting Date: May 28, 2024
Contact Person/Dept: Punit Chokshi, 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]
Public Notification: (E-Mail) Meetings and Agendas - City Council (05/22/2024)
Department Approval: Lisa Soghor, Chief Financial Officer (05/17/2024)
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RECOMMENDATION
Staff recommends the City Council conduct a public hearing under the requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended, and (1) adopt a Resolution approving the issuance of revenue bonds by the California Municipal Finance Authority (CMFA) for the benefit of the Turning Point School (Corporation), 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 $15,000,000 for the purpose of making a loan to the Borrower (i) to refund the Authority's Revenue Bonds (Turning Point School), Series 2010 previously issued to finance or refinance certain educational facilities for the Corporation located in the City, (ii) to finance, refinance or reimburse the acquisition, renovation, construction and equipping of educational faciliti...
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