Agenda Item # 13.g.
City Commission Regular Meeting - 5:05 pm
- Meeting Date:
- 09/03/2024
- Re
- TEFRA Hearing - Synergy School of Tomorrow
- Submitted For:
- Linda Cox
SUBJECT:
Public Hearing and Resolution 24-R43 regarding TEFRA Hearing at the request of Synergy School of Tomorrow, Inc. to issue tax exempt private activity bonds to be used to finance renovations to and buildout of the facilities located at 5900 Tedder Road, 6130 Tedder Road, 2395 South Jenkins Road, 5200 Oleander Avenue, and 3209 Virginia Avenue in Fort Pierce, Florida, and related activities.
SUMMARY:
Synergy School of Tomorrow, Inc. is requesting the Public Finance Authority, a body corporate and politic of the State of Wisconsin (the “Authority”), to issue its Educational Facilities Revenue and Revenue Refunding Bonds, in an aggregate principal amount not to exceed $35,000,000 (the “Bonds”) for renovations to and buildout of the facilities located at 5900 Tedder Road, 6130 Tedder Road, 2395 South Jenkins Road, 5200 Oleander Avenue, and 3209 Virginia Avenue in Fort Pierce, Florida, and related activities.
PFA is a unit of government, and a body corporate and politic organized under and pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, as amended. PFA has issued a number of these private activity bond issues over the years throughout the country, many of them in Florida.
The Internal Revenue Code requires that, prior to the issuance of tax exempt private activity bonds, there must be a public hearing held in the local jurisdiction where the project is located, notice of that public hearing must be published in a newspaper of general circulation at least 7 days in advance, and the issuance of the bonds must be approved by an elected official with jurisdiction over the Project. For purposes of the Internal Revenue Code, the City of Ft. Pierce has jurisdiction over the Project, and the elected official would be the City Commission. The specific action that would be requested from the City is a resolution approving the issuance of the bonds for purposes of the Internal Revenue Code.
It is important to note that the Bonds would not be issued by the City, and the City would have no obligation, moral or otherwise, with respect to the Bonds, and the Bonds would not count against any caps or limits on the issuance of debt by the City.
PFA is a unit of government, and a body corporate and politic organized under and pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes, as amended. PFA has issued a number of these private activity bond issues over the years throughout the country, many of them in Florida.
The Internal Revenue Code requires that, prior to the issuance of tax exempt private activity bonds, there must be a public hearing held in the local jurisdiction where the project is located, notice of that public hearing must be published in a newspaper of general circulation at least 7 days in advance, and the issuance of the bonds must be approved by an elected official with jurisdiction over the Project. For purposes of the Internal Revenue Code, the City of Ft. Pierce has jurisdiction over the Project, and the elected official would be the City Commission. The specific action that would be requested from the City is a resolution approving the issuance of the bonds for purposes of the Internal Revenue Code.
It is important to note that the Bonds would not be issued by the City, and the City would have no obligation, moral or otherwise, with respect to the Bonds, and the Bonds would not count against any caps or limits on the issuance of debt by the City.
RECOMMENDATION:
Approve the resolution.
ALTERNATIVES:
Do not approve.
RESPONSIBLE STAFF:
Linda W. Cox, City Clerk
COORDINATED WITH:
Sara Hedges, City Attorney
Synergy School Representatives
Synergy School Representatives
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| City Manager | Nick Mimms | 07/30/2024 10:15 AM |
- Form Started By:
- Linda Cox
- Started On:
- 07/30/2024 09:04 AM
- Final Approval Date:
- 07/30/2024