A Resolution Of The Board Of County Commissioners Of Pasco County, Florida (Regular) Approving The Issuance Of The Industrial Development Authority Of The County Of La Paz, Arizona Educational Facilities Revenue Bonds (The Florida Charter Educational Foundation, Inc. Projects), Series 2023, A Portion Of Which, In An Aggregate Principal Amount Not To Exceed $20,000,000.00 Will Be Used For The Purpose Of Financing And Refinancing The Acquisition, Construction, Improvement And Equipping Of Certain Charter School Facilities Located Within Pasco County And Certain Other Matters Relating Thereto; And Providing An Effective Date

2:30:18Mr. Chairman, this is a resolution of the Board of the Board of County Commissioners of Pasco County, Florida. approving the issuance of an industrial development authority of the County of La Paz. Arizona Educational Facilities Revenue Bond, the Florida Charter Educational Foundation Inc. project, series twenty twenty-three, a portion of which in an aggregate principle not to exceed twenty million dollars. uh will be used

2:30:48for the purposes of financing and refinancing the acquisition, construction, improvement and equipping of certain charter school facilities located within Basco County and certain other matters relating there too and providing an effective date. This is what is known as a TEFRA hearing under the Federal tax. Yep,

2:31:10I got my education.

2:31:11Okay.

2:31:12Mr. Chair, I have pr uh publication.

2:31:14Publication, good.

2:31:15Um P forty eight was published in the Tampa Bay Times on March 5th, 2023.

2:31:20Okay.

2:31:22Can I represent? Go ahead. Deputy New Commissioner is Dan Rosola, Assistant Budget Director, OMB. This is for the P48 is Innovation Preparatory Academy Tax Equity and Fiscal Responsibility Act, or TEFRA, application of public hearing. Essentially, the IRS establishes procedures where nonprofits can borrow money at tax-exempt rates. The county facilitates that process among the stakeholders. To be clear, Pasco is not borrowing the money. And Innovation Preparatory Academy is not borrowing from Pasco

2:31:53County.

2:31:57Federal tax law Uh requires that the issuance of tax exempt bonds for a qualified private activity. IRS regulation requires approval from the County Commission as the highest elected governing body with its jurisdiction over the area. in which the project will occur. It also requires a finding that the project is in the public interest. And requires a public hearing to gather input from the public. Approval will allow FARTA Charter Educational Foundation or FCEF to borrow at a tax exempt

2:32:27rate, which is the lower interest rate.

2:32:31FCEF is seeking to borrow $20 million. Those funds will be issued by the Industrial Development Authority of the County of La Paz, Arizona. Not Pasco County. And the purpose of the bonds is to finance the acquisition. development, construction, and equipping of an approximately 56,000 square foot charter school building and ancillary facilities. The Innovation Preparatory Academy will be located in Wesley Chapel. It will so also bond the bonds will also fund capitalized interests and other

2:33:02cost of issuance. Again, the county is not responsible for paying the debt service. There is no cost to the county resulting from the approval of this application, and FCEF is not borrowing from Pasco County. We have representatives from the school and also bound bond council if there are any questions. At this time I'll ask the Chair to open it up for public comment.

2:33:22Okay. Any questions for Dan?

2:33:29We have no questions? Okay. Uh anyone here from the public wish to speak to the item?

2:33:34Mr. Chairman I have no one signed up for P forty eight and no one on WebEx.

2:33:38Move

2:33:38to approve.

2:33:39We'll close public comment. We have a motion and a second. Yeah, roll call vote.

2:33:44District one, Commissioner Oakley.

2:33:46Aye.

2:33:46District two, Commissioner Weightman. Aye. District three, Commissioner Starkey. Aye. District four, Commissioner Bradford. Aye. District five, Chairman Mariano.

2:33:55Aye. So be looking forward to sign those documents soon.

2:34:00Such a weird thing.