REPORT/RECOMMENDATION TO THE BOARD OF SUPERVISORS
OF THE COUNTY OF SAN BERNARDINO
AND RECORD OF ACTION
June 2, 2020
FROM
MATTHEW ERICKSON, County Chief Financial Officer, Finance and Administration
SUBJECT
Title v
Empire Springs Charter School Tax-Exempt Financing
End
RECOMMENDATION(S)
Recommendation
Adopt Resolution approving the issuance by the California Municipal Finance Authority of one or more series of revenue anticipation notes in an aggregate principal amount not to exceed $5 million, for the purpose of working capital for the operation of and certain other matters for the Empire Springs Charter School and certain other matters in the City of Rancho Cucamonga.
(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 Municipal Finance Authority (CMFA) payable solely out of the revenues and receipts derived.
Pursuant to the joint exercise of powers agreement governing CMFA, in which the County is a member, the bonds do not constitute a debt of the County nor do the bonds represent a pledge of the faith and credit of the County.
A portion of the initial issuance fee will be remitted to the County (estimated at $5,000) and will cover the costs of legal and staff time associated with this action.
BACKGROUND INFORMATION
This item will allow CMFA to issue revenue anticipation notes for the purpose of working capital for the operation of the Empire Springs Charter School in the City of Rancho Cucamonga.
Pursuant to the Federal Internal Revenue Code, a public hearing must be conducted by the governmental entity having jurisdiction over the area in which ...
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