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Approval of the TEFRA Resolution concerning Endeavor Charter Academy
Jim Dyer, Corporation Counsel, Corporation Counsel
The Calhoun County Board of Commissioners as the applicable elected representative of a government unit, does approve issunace of bonds by the Industrial Development Authority of the County of La Paz, Arizona, in accordance with the public hearing requirements of Section 147(f) of the Internal Revenue Code; and, further adopts the attached authorizing resolution, as presented, for the benefit of Campus Partners 1 and Endeavor Charter Academy, which is located in Calhoun County; provided that the bonds to be issued shall not be in any way a debt or liability of the County of Calhoun and the County of Calhoun shall not have any obligation with respect to the payment of the principal or redemption price of or interest on the Bonds.
The Corporation Counsel recommends that the resoluton be adopted.
To issue bonds consistent with the requirements of Section 147 (f) of the Internal Revenue Code, the elected representative of the local governmental unit with jurisdiction over a location where bond proceeds will be spent must approve the issuance of the bonds after holding a public hearing.
Campus Partners 1 seeks issuance of $14,500,000 in bonds by the Industrial Development Authority of the County of La Paz, Arizona. For theses bonds to be tax exempt, Section 147 (f) of the Internal Revenue Code, requires a local governmental unit to hold a public hearing on the issuance of the bonds.
Issuance of the bonds will facilitate a project to acquire, improve and operate over 70 charter schools in a multi-state area. Since Endeavor Charter Academy is one of the schools that will receive bond proceeds from Campus Partner 1 iand it is located in Calhoun County, Section 147 (f) requires a public hearing and approval by Calhoun County.
Approval for the issuance of the bonds does not obligate Calhoun County with respect to the payment of the principal or redemption price of or interest on the Bonds, and the proposed resolution specifically indicates that condition.
As suggested by the Commission.
It is recommended that the County Commission hold a public hearing as required by Section 147 (f) of the Internal Revenue Code, concerning the approval of a Resolution authorizing the issuance of certain bonds that will benefit Endeavor Charter Academy.
None. Approval of the resolution to authorize the issuance of the bonds does not obligate the County financially.
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