Subject:
Title
Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) hearing and Resolution approving the issuance of Capital Trust Agency Educational Facilities Revenue Bonds (Pineapple Cove Classical Academy at West Melbourne, Inc. Project), Series 2020 (the "Bonds")
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Fiscal Impact:
None
Dept/Office:
County Attorney's Office on behalf of Capital Trust Agency
Requested Action:
Recommendation
The Capital Trust Agency (CTA) is requesting that the Board hold a public hearing on the proposed Bonds and adopt a Resolution approving the Bonds for TEFRA purposes and for the ability of the CTA to issue the Bonds in a principal amount not exceeding $36,000,000, which proceeds CTA will loan to Pineapple Cove Classical Academy at West Melbourne, Inc., a Florida not for profit corporation (the "Borrower"), to refinance all or a portion of the remaining amount of the outstanding bonds herein described and to finance and refinance the construction, installation, improvement and equipping of an expansion to an existing charter school facility herein described; and authorize the Chair to execute the Resolution.
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Summary Explanation and Background:
The County has been approached by the firm of Bryant Miller Olive, which Firm is serving as Bond Counsel with respect to the Bonds. The Bonds will be issued by the Capital Trust Agency (the "Agency"). The primary purpose of the Bonds is to (i) refinance all of the remaining amount outstanding of the Agency's Educational Facilities Revenue Bonds (Pineapple Cove Classical Academy at West Melbourne, Inc. Project), Series 2018A and Taxable Series 2018B, the proceeds of which were applied to finance and refinance, including through reimbursement, the construction, installation, improvement and equipping of an approximately 57,750 square foot charter school facility to accommodate approximately 800 students at full occupancy, including related facilities, fixtures, furnishings and equipment, known as Pineapple Cove Classical ...
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