TITLE
Title
PUBLIC HEARING TO CONSIDER APPROVAL, SOLELY FOR PURPOSES OF MEETING THE REQUIREMENTS OF THE INTERNAL REVENUE CODE, OF UP TO $19,000,000 IN EDUCATIONAL FACILITIES REVENUE BONDS TO BE ISSUED BY THE PUBLIC FINANCE AUTHORITY FOR THE BENEFIT OF REVOLUTION ACADEMY
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SPONSOR
Sponsor
Jeffrey Poley (Attorney, Parker Poe Attorneys & Counselors At Law)
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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, Revolution Academy (“Revolution Academy”)). Many North Carolina charter schools have been financed by PFA. In addition, Guilford County has approved other PFA financings, including ones for Cone Health and Friends Homes. Over 110 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 $19,000,000 for (1) financing the acquisition, construction, equipping and furnishing a new building and campus for a K-12 school to be known as Revolution Academy (the “Project”); (2) financing certain funds and accounts; and (3) paying certain costs of issuance.
Federal tax law requires that tax exempt bonds issued to finance or, in certain circumstances, refinance, facilities owned by nonprofit organizations be approved by the elected legislative body (or highest elected representative) of the governmental unit that has jurisdiction over the area in which the facility is to be located. P...
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