Guilford County
Share to Facebook Share to Twitter Bookmark and Share
File #: 2019-340    Version: 1 Name:
Type: Public Hearing Status: Passed
File created: 8/8/2019 In control: Board of Commissioners
On agenda: 9/5/2019 Final action: 9/5/2019
Title: PUBLIC HEARING TO CONSIDER APPROVAL, SOLELY FOR PURPOSES OF MEETING THE REQUIREMENTS OF THE INTERNAL REVENUE CODE, OF UP TO $57,000,000 IN RETIREMENT FACILITIES REVENUE BONDS TO BE ISSUED BY THE PUBLIC FINANCE AUTHORITY FOR THE BENEFIT OF FRIENDS HOMES, INC.
Attachments: 1. Notice of Friends Homes Public Hearing_090519, 2. Friends Homes Resolution_090519_FINAL
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.
TITLE
Title
PUBLIC HEARING TO CONSIDER APPROVAL, SOLELY FOR PURPOSES OF MEETING THE REQUIREMENTS OF THE INTERNAL REVENUE CODE, OF UP TO $57,000,000 IN RETIREMENT FACILITIES REVENUE BONDS TO BE ISSUED BY THE PUBLIC FINANCE AUTHORITY FOR THE BENEFIT OF FRIENDS HOMES, INC.
end

SPONSOR
Sponsor
Jeffrey Poley (Attorney, Parker Poe Attorneys & Counselors at Law)
end

BACKGROUND
Background
The Public Finance Authority (PFA) is a governmental unit of the State of Wisconsin created for the purpose of issuing tax-exempt and taxable conduit bonds for public and private entities nationwide. PFA is sponsored by the National Association of Counties, the National League of Cities, the Wisconsin Counties Association and the League of Wisconsin Municipalities. Any debt issued is not debt of the County or PFA, but rather is payable solely from debt service payments received from the entity involved (in this case, Friends Homes, Inc. (“Friends Homes”)). Other continuing care community projects financed in in the State of North Carolina by PFA include (1) Given’s Estates, (2) SearStone, and (3) Whitestone Masonic Home. In addition, major health systems utilizing PFA include (1) WakeMed, (2) Cape Fear Valley Health System and (3) Cone Health (in fact Guilford County approved the Cone Health financing). Over 100 projects (educational facilities, CCRCs, hospitals and others) in North Carolina have been financed by PFA. Each had to go through the same local public approval process.
PFA has been requested to issue the Bonds in the principal amount of up to $57,000,000 for (1) refinancing certain outstanding tax-exempt indebtedness of Friends Homes the proceeds of which were used for various capital improvements to Friends Homes’s campus; (2) financing new capital improvements to the campus (together with the refinanced capital improvements (the “Projects”)); (3) financing certain funds and accounts; and (4) paying certain costs of issuance.
Federal tax law requires that tax...

Click here for full text