Subject:
Title
Tax Equity Fiscal Responsibility Act resolution for issuance by the Pinellas County Educational Facilities Authority of its Revenue and Revenue Refunding Bonds, Series 2015, in an aggregate principal amount of not-to-exceed $50,000,000 on behalf of Eckerd College.
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Recommended Action:
Recommended Action
Public hearing to adopt a Tax Equity Fiscal Responsibility Act (TEFRA) resolution authorizing TEFRA approval of the Educational Facilities Authority Revenue and Revenue Refunding Bonds for the Eckerd College Project, Series 2015, in an aggregate principal amount of not-to-exceed $50,000,000 on behalf of Eckerd College.
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Strategic Plan:
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
Eckerd College (Borrower) has requested the issuance of not-to-exceed $50,000,000 Pinellas County Educational Facilities Authority (EFA) Revenue and Revenue Refunding Bonds (Eckerd College Project), Series 2015 to (i) refund the outstanding Pinellas County Educational Facilities Authority Revenue Bonds (Eckerd College Project), Series 2006 (Series 2006 Bonds), (ii) finance or refinance residence hall renovations, a new Visual Arts Center, campus infrastructure improvements, and the acquisition, construction and equipping of various educational facilities, all of which are located on Borrower's campus, (iii) funding a debt service reserve fund for the Series 2015 Bonds, if determined necessary by Borrower, and (iv) paying certain costs of issuance of the Series 2015 Bonds. The EFA gave its preliminary approval on September 18, 2015.
Background Information:
The EFA previously issued the Series 2006 Bonds and the proceeds were used to (i) refund the EFA's Revenue Bonds (Eckerd College Project), Series 1989, the EFA's Revenue Bonds (Eckerd College Project), Series 1991, the EFA's Revenue Bonds (Eckerd College Project), Series 1993, and repay the 1997 loan to Borrower from the EFA's Refunding Program Revenue Bonds, Series 1985 (Pooled Independent Higher Educational Institutions Loan Program) (collectively, the Refunded Bonds), (ii) finance the construction and equipping of a new dormitory facility and the rehabilitation of Cobb Library located at Borrower and other capital improvements related to or required by such projects, and (iii) fund a debt service reserve fund for the Refunded Bonds.
Providing for this financing and refinancing will allow Borrower to keep the debt outstanding and in place on a tax-exempt basis and continue amortizing the debt with the new lender and to finance the new project on a tax-exempt basis.
Fiscal Impact:
No fiscal impact on the County. Borrower is responsible for payment of all fees and expenses.
Staff Member Responsible:
Bill Berger, Director, Office of Management and Budget
Partners:
Eckerd College
Pinellas County Educational Facilities Authority