TITLE
Title
APPROVE, SOLELY FOR THE PURPOSES OF MEETING THE REQUIREMENTS OF THE INTERNAL REVENUE CODE, UP TO $75,000,000 IN 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
During their July 16, 2020 regular meeting, the Guilford County Board of Commissioners held a public hearing on the proposed issuance of $75,000,000 in tax-exempt bonds to be issued by the Public Finance Authority for the benefit of Masonic and Eastern Star Home of North Carolina, Inc. Pursuant to S.L. 2020-3 amendments to N.C.G.S 166A-19.24(e), the Board provided twenty-four (24) hours beyond the public hearing to receive public comments prior to voting on the bonds.
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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
Adopt the attached resolution, which finds:
The $75,000,000 in tax-exempt bonds do not constitute a debt of the County; nor require a tax levy or pledge of the faith and credit of the County; nor will it affect the County's debt ratios or legal debt limit; and
The County has made no financial analysis of the bonds, Masonic and Eastern Star Home of North Carolina, Inc.; and
The County approves, solely for the purposes of meeting the requirements of the Internal Revenue Code of 1986, as amended, the issuance of not to exceed $75,000,000 in tax-exempt bonds by the Public Finance Authority for the benefit of Masonic and Eastern Star Home of North Carolina, Inc.
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