Subject:
Title
Tax Equity Fiscal Responsibility Act Resolution for issuance by the Pinellas County Educational Facilities Authority of its Revenue Bonds in an aggregate principal amount not to exceed $9,000,000.00 on behalf of Athenian Academy, Inc.
label
Recommended Action:
Recommended Action
Conduct a public hearing to adopt a Tax Equity Fiscal Responsibility Act (TEFRA) resolution granting TEFRA approval of the Pinellas County Educational Facilities Authority Revenue Bonds in an aggregate principal amount not-to-exceed $9,000,000.00 on behalf of The Athenian Academy, Inc. (Borrower)
• Borrower is requesting issuance of bonds for acquisition of the facility the school is currently leasing at 2289 North Hercules Avenue, Clearwater, Florida.
• Borrower is responsible for payment of all fees and expenses.
• Issuance of these bonds will have no fiscal impact on the County.
Body
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:
Borrower has requested the issuance of a not-to-exceed $9,000,000.00 Pinellas County Educational Facilities Authority (EFA) Revenue Bond for the purpose of (i) the acquisition and undertaking improvements to a charter school facility located at 2289 North Hercules Avenue, Clearwater, Florida, including related facilities, fixtures, real property, furnishings, and equipment; (ii) the funding of a debt service reserve fund for the Bonds; (iii) the funding of capitalized interest for the Bonds, if required; and (iv) the payment of certain costs of issuance (the Project).
The Bonds will be sold only to "Qualified Institutional Buyers" as defined under Rule 144A of the Securities and Exchange Commission or "Accredited Investors" as defined in Regulation D of the Securities and Exchange Commission, each as promulgated under the Securities Act of 1933, as amended.
Athenian Academy’s enrollment capacity is approximately 600 students in grades kindergarten through eighth.
The EFA gave its preliminary approval of the issuance of the bond on July 22, 2021.
Background Information:
Providing for this financing will allow the EFA to issue the debt on behalf of the Borrower to finance the Project.
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:
The Athenian Academy, Inc.
Pinellas County Educational Facilities Authority
Attachments:
Resolution
Inducement Resolution Adopted by EFA on July 22, 2021
Public Hearing Notice
Borrower Request Letter to EFA