REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
October 8, 2019
FROM
MATTHEW ERICKSON, County Chief Financial Officer, Finance and Administration
SUBJECT
Title v
California Public Finance Authority Tax-Exempt Financing for the Benefit of Excelsior Charter Schools
End
RECOMMENDATION(S)
Recommendation
1. Conduct a Tax Equity and Fiscal Responsibility Act public hearing regarding the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $12 million, for the purpose of refinancing and/or financing the costs of the acquisition, construction, improvement, renovation, and equipping of educational and related facilities located at 1135-1145 North Church Street, Redlands, California 92374, each located within the County of San Bernardino.
2. Adopt Resolution approving the Joint Powers Agreement providing for County of San Bernardino membership in the California Public Finance Authority, and approving the issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $12 million, for the purpose of refinancing and/or financing the costs of the acquisition, construction, improvement, renovation, and equipping of educational and related facilities located at 1135-1145 North Church Street, Redlands, California 92374, each located within the County of San Bernardino.
(Presenter: Amanda Trussell, Principal Administrative Analyst, 387-5423)
Body
COUNTY AND CHIEF EXECUTIVE OFFICER GOALS & OBJECTIVES
Ensure Development of a Well-Planned, Balanced, and Sustainable County.
Provide for the Safety, Health and Social Service Needs of County Residents.
Pursue County Goals and Objectives by Working with Other Agencies.
FINANCIAL IMPACT
Bonds issued under this resolution are limited obligations of the California Public Finance Authority (CPFA) payable solely from revenues and other funds pledged therefor.
Pursuant to Section 8 of the joint exercise of powers agreement governing CPFA, the bonds do not constitute a debt of any Member of the Authority nor do the bonds represent a pledge of the faith and credit of the Members of the Authority. Approval of Recommendation 2 provides for County membership in the Authority.
BACKGROUND INFORMATION
This item will allow CPFA to refinance and/or finance the costs of the acquisition, construction, improvement, renovation, and equipping of educational and related facilities located at 1135-1145 North Church Street, Redlands, CA 92374, each located within the County of San Bernardino.
Pursuant to the Federal Internal Revenue Code, a public hearing must be conducted by the governmental entity having jurisdiction over the area in which the project is or will be located. Further, since CPFA is issuing the bonds, the approving body must be a member of CPFA. The County will meet both of these requirements upon approval of the Recommendations.
The bonds, when issued, will be limited obligations of CPFA payable solely from revenues and other funds pledged therefor. The financings will be structured so that the County has no financial liability. The bonds will not represent a pledge of the faith or credit of the County.
PROCUREMENT
Not applicable
REVIEW BY OTHERS
This item has been reviewed by County Counsel (Robert Messinger, Principal Assistant County Counsel, 387-5455) on September 19, 2019; Finance (Amanda Trussell, Principal Administrative Analyst, 387-5423) on September 19, 2019; Finance and Administration (Katrina Turturro, Deputy Executive Officer, 387-5423) on September 23, 2019.