TITLE
Title
PUBLIC HEARING AND APPROVAL OF TAX-EXEMPT BONDS TO BE ISSUED BY THE PUBLIC FINANCE AUTHORITY OF WISCONSIN FOR THE BENEFIT OF WESLEYAN EDUCATION CENTER
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SPONSOR
Sponsor
Brandon Lofton, Esq.
Robinson, Bradshaw & Hinson, P.A.
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BACKGROUND
Background
Wesleyan Education Center (the “Borrower”) has requested that the Board of Commissioners hold a public hearing and adopt an approval resolution concerning a tax-exempt bond (the “Bond”) 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 Bond, in an amount not-to-exceed $13,000,000, will be loaned to the Borrower to (1) refinance certain indebtedness incurred to acquire, construct, improve and/or equip certain educational facilities located in Guilford County (as more particularly described in the draft approval resolution), (2) construct, equip and improve additional educational facilities (as more particularly described in the draft approval resolution) and (3) pay certain expenses in connection with the authorization and issuance of the Bond. The projects to be financed and refinanced with proceeds from the sale of the Bond (collectively, the “Project”) will be initially owned and operated by the Borrower.
The Bond will be a special limited obligations of the Authority payable solely from the loan repayments to be made by the Borrower to the Authority. The principal of, premium, if any, and interest on the Bond 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 BUDGET IMPACT
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REQUESTED ACTION
Requested Action
The Borrower is requesting that the Board of Commissioner...
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