TITLE
Title
PUBLIC HEARING REGARDING TAX-EXEMPT BONDS TO BE ISSUED BY THE PUBLIC FINANCE AUTHORITY FOR THE BENEFIT OF WELL-SPRING RETIREMENT COMMUNITY, INC.
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SPONSOR
Sponsor
Brandon Lofton, Esq.
Robinson, Bradshaw & Hinson, P.A.
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BACKGROUND
Background
Well-Spring Retirement Community, Inc. (the “Corporation”) has requested that the Board of Commissioners hold a public hearing and adopt an approval resolution concerning tax-exempt bonds (the “Bonds”) to be issued by the Public Finance Authority (the “Authority”), a commission organized under and pursuant to the provisions of Sections 66.0301, 66.0303 and 66.0304 of the Wisconsin Statutes. Proceeds from the sale of the Bonds, in an amount not-to-exceed $42,000,000, will be loaned to the Corporation to (1) refinance certain indebtedness incurred to acquire, construct, improve and/or equip certain retirement facilities located in Guilford County (as more particularly described in the draft approval resolution), (2) expand and renovate resident amenities at the retirement facilities (as more particularly described in the draft approval resolution) and (3) pay certain expenses in connection with the authorization and issuance of the Bonds. The projects to be financed and refinanced with proceeds from the sale of the Bonds (collectively, the “Project”) will be initially owned and operated by the Corporation.
The Bonds will be special limited obligations of the Authority payable solely from the loan repayments to be made by the Corporation to the Authority, and certain funds and accounts established by the bond indenture for the Bonds. The principal of, premium, if any, and interest on the Bonds will not constitute an indebtedness or liability of the County of Guilford, the State of North Carolina, or any political subdivision of the State of North Carolina, or a charge against their general credit or any taxing powers.
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BUDGET IMPACT
Budget Impact
NO LOCAL JURISDICTION, COUNTY, STATE OF NORTH CAROLINA OR TAXPAYER FUNDS WILL BE INVOLVED, OBLIGATED, DUE OR PAID AS RESULT OF THE ISSUANCE OF THE BONDS.
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REQUESTED ACTION
Requested Action
The Corporation is requesting that the Board of Commissioners, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, (1) hold a public hearing to consider the proposed Project and Bonds and (2) adopt the proposed approval resolution approving the Project and the issuance of the Bonds.
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