Consent Agenda mgular Agenda F County Administrator's Siqnature: /' Subiect: BOARD OF COUNTY COMMISSIONERS DATE: November 8,2011 AGENDA ITEM NO. L Public Hearing Approval of Tax Equity Fiscal Responsibility Act (TEFRA) Resolution for issuance by the Pinellas County Educational Facilities Authority (the "Authority") of its Revenue and Revenue Refunding Bonds (Clearwater Christian College Project), Series 201 1 as properly advertised pursuant to the affidavit of publication of the TEFRA notice for this November 8, 201 1 meeting. a Department: County Administrator Staff Member Responsible: Mark Woodard Recommended Action: I RECOMMEND THE BOARD OF COUNTY COMMISSIONERS APPROVE THE ATTACHED TEFRA RESOLUTION AUTHORIZING THE TEFRA APPROVAL OF NOT-TO-EXCEED $10,500,000 PINELLAS COUNTY EDUCA1-IONAL FACII-ITIES AUTHORITY REVENLIE AND REVENUE REFUNDING BONDS (CLEARWATER CHRISTIAN COLLEGE PROJECT), SERIES 2011, AS PART OF A FINANCING PLAN ON BEHALF OF CLEARWATER CHRISTIAN COLLEGE PRIVATE SCHOOL, INC. Summary ExplanationlBackground: Clearwater Christian College Private School, Inc. (the "College") has requested the issuance of not-to-exceed $10,500,000 of Pinellas County Educational Facilities Authority Revenue and Revenue Refunding Bonds (Clearwater Christian College Project), Series 201 1. The proceeds of such bond issue will be used by the College to (1) refund the Authority's Refunding Revenue Bonds, Series 2001A (Clearwater Christian College Project), the proceeds of which were used to (a) refinance the costs of the acquisition, construction and equipping of a certain educational dormitory facility and certain other capital improvements related to the College's higher education purpose and located on the College's campus, (b) to refinance certain private loans to the College, the proceeds of which were used by the College to pay certain costs of capital improvements to physical facilities of the College, and (c) to refund the Issuer's Revenue Bonds, Series 1996 (Clearwater Christian College Private School, Inc. Project), the proceeds of which were used by the College to pay certain costs of capital improvements to physical facilities of the College, including an educational dormitory facility; (2) refinance a certain private loan, the proceeds of which was used by the College to make capital improvements to the College's campus; (3) finance engineering, research, permitting and construction activities associated with certain improvements to land and submerged land owned by the College and located on or adjacent to the College's campus, and to conjoined submerged land owned by the State of Florida (the "State") in its capacity as sovereign, all for the purpose of improving the ecology of those lands (the "Project"); and (4) pay all or a portion of the costs of issuance of the Bonds. The College will be the initial owner, operator and manager of the portion of the Project located on real property owned by the College, which has a street address of 3400 Gulf-to-Bay Boulevard, Clearwater, Florida, and the College will be operator and manager of the portion of the Project owned by the State in its capacity as sovereign. The College has received their initial approval from the Authority. Revised 07-1 8-03 Page 1 of 2
Fiscal lmpact/cost/revenue Summary: There is no fiscal impact to the County, the College is responsible for payment of all fees and expenses. The College is fully responsible for payment of the debt service on the Bonds; no funds of the County are pledged for the payment of the proposed Bonds. ExhibitslAttachments Attached: TEFRA Resolution Revised 07-1 8-03 Page 2 of 2
RESOLUTION NO. RESOLUTION OF BOARD OF COUNTY COMMISSIONERS OF PINELLAS COUNTY, FLORIDA APPROVING THE ISSUANCE OF NOT TO EXCEED $10,500,000 PINELLAS COUNTY EDUCATIONAL FACILITIES AUTHORITY REVENUE AND REVENUE REFUNDING BONDS (CLEARWATER CHRISTIAN COLLEGE PROJECT), SERIES 2011 PURSUANT TO SECTION 147(f) OF THE INTERNAL REVENUE CODE OF 1986; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of Pinellas County, Florida (the "Board"), adopted on October 11, 1977, Resolution No. 77-601, as amended and supplemented by Resolution No. 94-296 and Resolution No. 99-215 (collectively, the "Resolution"), creating the Pinellas County Educational Facilities Authority (the "Authority"); and WHEREAS, the Authority is by the Resolution empowered to issue its revenue bonds, the interest on which is excludable from gross income for federal income tax purposes for the purpose of providing financing for structures suitable for use as educational facilities, and other structures or facilities related thereto which are to be owned by non-profit providers of education and also including equipment and other similar items necessary or convenient for the operation of a particular facility pursuant to Chapters 243, Part I and 159, Part 11, Florida Statutes; and WHEREAS, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), requires, as a condition of exclusion from gross income for federal income tax purposes of the interest on private activity bonds, as defined in Section 141(a) of the Code, that the issuance of private activity bonds, such as the Pinellas County Educational Facilities Authority Revenue and Revenue Refunding Bonds (Clearwater Christian College Project),
Series 2011, in an amount not to exceed $10,500,000 (the "Bonds") be approved, after a public hearing following reasonable public notice, by the governmental unit on behalf of which such obligation is to be issued and the governmental unit having jurisdiction over the area in which the private activity bond-financed facility is to be located; and WHEREAS, the Authority issues its revenue and revenue refunding bonds on behalf of Pinellas County, Florida (the "County"), and the Board constitutes the elected legislative body of the County; and WHEREAS, the Authority has requested the Board, pursuant to Section 147(f) of the Code, to approve the issuance by the Authority of its Bonds; and WHEREAS, on October 25, 2011, the Board published a notice of a public hearing in the St. Petersburg Times, a newspaper of general circulation in Clearwater and Pinellas County, Florida, to be held at 9:30 a.m. on November 8, 2011, in the Board of County Commissioners' Assembly Room, Fifth Floor, Pinellas County Courthouse, 315 Court Street, Clearwater, Florida, to consider the Bonds and the location and nature of the project to be financed and refinanced with the proceeds of the Bonds; and WHEREAS, the public hearing so noticed, as indicated by the affidavit of the publisher of the St. Petersburg Times attached hereto as Exhibit "A," was duly held on November 8,2011. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF PINELLAS COUNTY, FLORIDA:
Section 1. The issuance by the Pinellas County Educational Facilities Authority of its not to exceed $10,500,000 Pinellas County Educational Facilities Authority Revenue and Revenue Refunding Bonds (Clearwater Christian College Project), Series 2011 for the purpose of: (i) refunding the Issuer's Refunding Revenue Bonds, Series 2001A (Clearwater Christian College Project), the proceeds of which were used to (a) refinance the costs of the acquisition, construction and equipping of a certain educational dormitory facility and certain other capital improvements related to the College's higher education purpose and located on the College's campus, (b) to refinance certain private loans to the College, the proceeds of which were used by the College to pay certain costs of capital improvements to physical facilities of the College, and (c) to refund the Issuer's Revenue Bonds, Series 1996 (Clearwater Christian College Private School, Inc. Project), the proceeds of which were used by the College to pay certain costs of capital improvements to physical facilities of the College, including an educational dormitory facility; (ii) refinancing a certain private loan, the proceeds of which was used by the College to make capital improvements to the College's campus; (iii) financing engineering, research, permitting and construction activities associated with certain improvements to land and submerged land owned by the College and located on or adjacent to the College's campus, and to conjoined submerged land owned by the State of Florida (the "State") in its capacity as sovereign, all for the purpose of improving the ecology of those lands (the "Project"); and (iv) paying all or a portion of the costs of issuance of the Bonds, is hereby approved pursuant to and in accordance with Section 147(f) of the Code. Section 2. This resolution shall take effect immediately upon its adoption.
In a regular meeting duly assembled on the 8th day of November, 2011, Commissioner offered the foregoing resolution and moved its adoption, which was seconded by Commissioner, and upon roll call the vote was: AYES: NAYS: ABSENT AND NOT VOTING:
APPHOdiD AS TO FORM