TITLE
Title
PUBLIC HEARING REGARDING TAX-EXEMPT BONDS TO BE ISSUED BY THE PUBLIC FINANCE AUTHORITY FOR THE BENEFIT OF MASONIC AND EASTERN STAR HOME OF NORTH CAROLINA, INC.
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SPONSOR
Sponsor
Alice Pinckney Adams, Esq., Robinson Bradshaw, P.A.
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BACKGROUND
Background
Masonic and Eastern Star Home of North Carolina, Inc. (the "Borrower") has requested that the Board of Commissioners hold a public hearing concerning tax-exempt bonds to be issued by the Public Finance 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 exceed $75,000,000, will be loaned to the Borrower to: (1) refund a taxable loan, the proceeds of which where used to finance a portion of the costs associated with the acquisition, construction, equipping and furnishing of an expansion to and renovation of the Borrower's continuing care retirement community facilities located at 700 South Holden Road, Greensboro, NC (described in further detail in the attached draft resolution); (2) pay, or reimburse the Borrower for paying, the costs of the project; (3) fund one or more debt service reserve funds; (4) pay a portion of the interest accruing on the bonds; and (5) pay certain expenses incurred in connection with the issuance of the bonds. The projects to be financed with proceeds from the sale of the bonds will be initially owned and operated by the Borrower.
The bonds will be special limited obligations of the Public Finance Authority payable solely from the loan repayments made by the Borrower, 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 Guilford County, 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 A RESULT OF THE ISSUANCE OF THESE BONDS
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REQUESTED ACTION
Requested Action
Hold a public hearing to consider the proposed issuance of not to exceed $75,000,000 of the bonds to be issued by the Public Finance Authority and projects financed, in accordance with Section 147(f) of the Internal Revenue Code of 1986 for the Masonic and Eastern Star Retirement Home.
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