Subject:
Title
Resolution Approving the Issuance by the Orange County Industrial Development Authority of Revenue and Refunding Bonds (Central Florida YMCA Project) in an Amount not Exceeding $18,000,000
End
Fiscal Impact:
None.
Dept/Office:
County Attorney's Office
Requested Action:
Recommendation
The Orange County Industrial Development Authority (the "Authority") is requesting that the Board approve a Resolution to allow the issuance by the Authority of industrial development revenue and refunding bonds in an aggregate principal amount not exceeding $18,000,000 for the purpose of refinancing bonds issued by the Authority in 2014.
End
Summary Explanation and Background:
The Orange County Industrial Development Authority (the "Authority") is proposing to issue tax-exempt private activity bonds (the "Bonds") and loan the proceeds of the Bonds to the Central Florida Young Men's Christian Association, Inc. (the "Borrower") so that the Borrower can refinance its obligations with respect to the Authority's Industrial Development Revenue and Refunding Bonds (Central Florida YMCA Project), Series 2014 (the "Refunded Bonds") which were issued by the Authority pursuant to the terms of an Interlocal Agreement between the Authority and Brevard County dated October 21, 2014.
The proceeds of the Refunded Bonds were used to finance and refinance the acquisition, construction, renovation and equipping of social service center facilities in Orange County, Brevard County and certain other counties (collectively, the "Project"), as more particularly described in the materials provided by the Authority and included in the agenda package. The portion of the Project situated in Brevard County is located at 2400 Harrison Street, Titusville, Florida (the "Brevard Project"). The Borrower will continue to own and operate the Project, including the Brevard Project, and will be responsible for payment of debt service on the Bonds.
To comply with certain federal and state law requi...
Click here for full text