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), In One or More Series, A Portion Of Which, In An Aggregate Principal Amount Not To Exceed $25,000,000.00 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.

2:20:40P seventy seven was advertised in the Tampa Bay Times, November 19, 2023.

2:20:45Hi, Amy Farrell, Budget Director with the Office of Management and Budget. P77 is a resolution for the Tax Equity and Fiscal Responsibility Act application and public hearing for the Innovation Preparatory Academy. So what is a tephra? It's a federal tax law that allows for the issuance of tax-exempt bonds for qualified private activity. IRS regulations require approval from the County Commission as the highest elected governing body with jurisdiction over the area in

2:21:15which the project will occur. A finding the project is in the public interest, a public hearing to gather input for the public, An approval will allow the Florida Charter Educational Foundation to borrow at a tax-exempt rate. So we are here today to ensure that we're complying with these IRS regulations. So how will the bond be used? FCEF is seeking to borrow up to $25 million. Funds will be issued by the Industrial Development Authority of the County of La Paz, Arizona, not Pasco

2:21:46County. The purpose of the bonds is to finance the acquisition, development, construction, and equipping of an approximately 56,300 square foot charter school building and ancillary facilities. The charter school will be the Innovation Preparatory Academy and located in Wesley Chapel. It will fund capitalised interests and other costs of issuance as well. The county will have no obligation with respect to the bonds. The county is not responsible for paying the debt

2:22:16service. There is no cost to the county resulting from the approval of this application, and FCEF is not borrowing from the county. I now ask the Chair to open for public comment.

2:22:28Okay.

2:22:30Yes,

2:22:30no one signed up.

2:22:31No one signed up? No sir. Does anyone in the audience wish to speak to this item?

2:22:35Seeing no one, move for approval.

2:22:39Got a motion and a second. All those in favor say aye. Aye. Aye. Motion passed. 3-0. Move on to P seventy eight.