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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; and (2) Adoption of a Resolution to Approve the Issuance of Revenue Bonds by the California Enterprise Development Authority to Assist in the Financing or Refinancing of the Wildwood School, Inc.
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Meeting Date: December 10, 2018
Contact Person/Dept: Kambiz Borhani/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 (12/05/18)
Department Approval: Serena Wright-Black, Assistant City Manager (12/05/18)
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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 Enterprise Development Authority for the benefit of the Wildwood School, Inc., a California nonprofit corporation, to provide financing in an amount not to exceed $17,000,000 for the purpose of refinancing the obligations outstanding, costs of the acquisition, construction, renovation, furnishing and equipping of school's educational 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
PROCEDURE:
1. Mayor seeks motion from the City Council to receive and file the affidavits of publication and posting of notices, and correspondence received in response to the public hearing notices; and
2. Mayor calls for a staff report and the City Council Memb...
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