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Public Hearings 12.
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| BCC Regular Meeting |
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| RECOMMENDATION: |
5:33 p.m. Continuation of April 9, 2015, 5:32 p.m. TEFRA Public Hearing for consideration of authorizing the issuance, by the Wisconsin Public Finance Authority, of not-to-exceed $50,000,000 in revenue bonds, on behalf of the American Agape Foundation, Inc., or one of its affiliates, for the purpose of financing or refinancing the costs to acquire and rehabilitate certain residential rental housing communities, including, but not limited to, Oakwood Terrace located at 700 West Truman Avenue, Pensacola, Florida 32505.
Recommendation: That the Board take the following action concerning the issuance, by the Wisconsin Public Finance Authority (the “Issuer”), of not-to-exceed $50,000,000 in revenue bonds (the “Bonds”), on behalf of American Agape Foundation, Inc., or one of its affiliates (the “Company”), for the purpose of financing or refinancing the costs to acquire and rehabilitate certain residential rental housing communities, including, but not limited to, Oakwood Terrace located at 700 West Truman Avenue, Pensacola, Florida 32505:
A. Ratify the scheduling of the April 9, 2015, Public Hearing and publication of the Notice of the Tax Equity and Fiscal Responsibility Act (TEFRA) Public Hearing for consideration of authorizing the issuance of the Bonds and advertising of the Notice of Public Hearing;
B. Conduct the TEFRA Public Hearing; and
C. Following the Public Hearing, adopt and authorize the Chairman to execute the Resolution authorizing the issuance and sale of the Bonds, upon the terms established therein. The Bonds will not be issued by the County nor obligate the credit of the County or pose any obligation or liability for the County. |
| BACKGROUND: |
| On April 9, 2015, the Board approved the continuation of the April 9, 2015, TEFRA hearing to April 23, 2015 at 5:33 p.m., at which time the Board will conduct the TEFRA hearing and consider the adoption of the Resolution authorizing the issuance and sale of the Bonds upon the terms established therein.
The meeting was continued in order to allow the borrower of the proceeds of proposed revenue bonds additional time in which to provide the Board with more specific details concerning the physical improvements to be made to Oakwood Terrace and concerning operational improvements that will enhance the quality of life for residents of Oakwood Terrace.
The proposed Bonds are to be issued by the Issuer to finance or refinance (a) the costs to acquire and rehabilitate certain residential rental housing communities, including, but not limited to, Oakwood Terrace located at 700 West Truman Avenue, Pensacola, Florida 32505, (b) to pay capitalized interest on the Bonds, (c) to fund reserves, and (d) pay certain costs associated with the issuance of the Bonds. The Bonds do not constitute the debt or indebtedness of the County within the meaning of any provision or limitation of the statutes or Constitution of the State of Florida, and shall not constitute or give rise to a pecuniary liability of the County, or a charge against its general credit or taxing powers.
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| BUDGETARY IMPACT: |
| The County will not be required to make any payments or incur any costs for the Bonds. The County shall be also be reimbursed by the Borrower for out of pocket expenses as outlined in Chapter 46, Article VII, of the County’s Code of Ordinances (the “Conduit Bonds Ordinance”). |
| LEGAL CONSIDERATIONS/SIGN-OFF: |
| Richard Lott and JoLinda Herring, Bryant Miller Olive P.A., the County’s Bond Counsel, will review the documents on behalf of the County to insure that the County has no liability or obligation under the Bonds. |
| PERSONNEL: |
| None. |
| POLICY/REQUIREMENT FOR BOARD ACTION: |
| The Bonds will comply with the Board’s requirements for the issuance of conduit bonds, as established in the Conduit Bonds Ordinance. |
| IMPLEMENTATION/COORDINATION: |
| None. |
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