|Manatee County Government Administrative Center Honorable Patricia M. Glass Chambers, First Floor 9:00 a.m. - October 22, 2019|
Agenda Item #25
TEFRA approval for $24,000,000 Capital Trust Agency Educational Facilities Revenue Bonds (Team Success A School of Excellence, Inc. Projects)
Contact and/or Presenter Information
William E. Claque, Chief Assistant County Attorney, ext. 3750
I move to adopt Resolution R-19-151 which approves the request in Connection with the Issuance of Bonds by the Capital Trust Agency to Team Success A School of Excellence, Inc., to Finance Certain Charter School Facilities Located in Manatee County, Florida.
Section 147(f) of the Internal Revenue Code of 1986, as amended.
Team Success A School of Excellence, Inc., a Florida not for profit corporation, and/or one or more related and/or affiliated entities (the "Company") has requested the Capital Trust Agency (the "Agency") issue its Educational Facilities Revenue Bonds (Team Success A School of Excellence, Inc. Projects) in one or more series in an aggregate principal amount not to exceed $24,000,000 (collectively, the "Bonds") and loan the proceeds of the Bonds to the Company for the purpose of: (i) financing or refinancing, including through reimbursement the acquisition, construction and equipping of certain charter school facilities as fully described in Schedule I of the TEFRA Resolution (the "Charter School Facilities"), each located in Manatee County, Florida (the "County"); (ii) the funding of a debt service reserve fund for the Bonds, if deemed necessary or desirable; (iii) the funding of capitalized interest for the Bonds, if deemed necessary or desirable; and (iv) the payment of certain costs of issuing the Bonds (collectively, the "Project"). A representative from the Company will be available at the October 22, 2019, meeting of the Manatee County Board of County Commissioners (the "Board") to answer any questions regarding the Project.
Under the provisions of Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code"), the issuance of the Bonds to finance the Project will require a TEFRA approval from the County, as the political jurisdiction in which the Charter School Facilities are situated, following a public TEFRA hearing in connection with the issuance of the Bonds and the Project to be financed and refinanced thereby.
On October 16, 2019, the Agency held a TEFRA hearing on behalf of the County in order to hear public comments in favor or in opposition of the issuance of the Bonds and the Project to be financed and refinanced thereby. The TEFRA hearing was properly advertised in The Bradenton Herald and the Sarasota Herald-Tribune, both newspapers of general circulation within the County, on October 9, 2019, at least 7 days before the TEFRA hearing. The Agency, at the request of the Company, is now requesting that the County grant the TEFRA approval at the October 22, 2019, meeting of the Board in order to satisfy the remaining requirements of Section 147(f) of the Code. The Agency, on behalf of the Company, desires to cooperate with the County in the issuance of the Bonds for purposes of Chapter 163, Florida Statutes, and Section 159.29, Florida Statutes.
The TEFRA Resolution also includes, as an exhibit, a Report of Hearing Officer from the Agency detailing the minutes of the TEFRA hearing and including an affidavit of publication of the notice of public hearing.
County Attorney Review
Other (Requires explanation in field below)
Explanation of Other
Reviewed by William E. Clague, Chief Assistant County Attorney
Instructions to Board Records
Please provide one (1) executed copy of the Resolution to County Attorney's Office, William E. Clague, Chief Assistant County Attorney, and original to Board Records.
Cost and Funds Source Account Number and Name
Amount and Frequency of Recurring Costs
Attachment: Proof of Publication (Manatee) (01521424).pdf
Attachment: TEFRA - Manatee - Cover Letter (01518652-5).pdf
Attachment: TEFRA - Notice Public Hearing (Manatee County) (01518645-4).pdf
Attachment: TEFRA Resolution (Manatee County) (01517827-8).pdf
Attachment: CAO Memo - TEFRA Approval.pdf