PLACEMENT: Departmental
TITLE:
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THE BOARD OF COUNTY COMMISSIONERS IS ASKED TO CONSIDER A RESOLUTION APPROVING ISSUANCE BY THE CAPITAL TRUST AGENCY OF EDUCATIONAL FACILITIES REVENUE BONDS FOR THE TREASURE COAST CLASSICAL ACADEMY, INC. PROJECT
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EXECUTIVE SUMMARY:
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The Board of County Commissioners has been requested by the Capital Trust Agency on behalf of Treasure Coast Classical Academy, Inc. to approve the issuance of bonds by the Capital Trust Agency in an amount not to exceed $18,000,000, the proceeds of which will be loaned to the Treasure Coast Classical Academy, Inc. for the primary purpose of financing the proposed approximately 65,350 square- foot charter school facility for students in grades K-12, to be located at 1400 S.E. Cove Road, Stuart, Florida.
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DEPARTMENT: County Attorney
PREPARED BY: Name: Krista A. Storey
Title: Acting County Attorney
REQUESTED BY: Capital Trust Agency on behalf of Treasure Coast Classical Academy, Inc.
PRESET:
PROCEDURES: None
BACKGROUND/RELATED STRATEGIC GOAL:
The Board of County Commissioners (the "Board") has been requested by the Capital Trust Agency ("CTA"), on behalf of Treasure Coast Classical Academy, Inc. (the "Borrower") to approve a financing through the CTA. Specifically, the CTA intends to issue Educational Facilities Revenue Bonds in an amount not to exceed $18,000,000 (the "Bonds"), the proceeds of which will be loaned to the Borrower for the primary purpose of financing the Borrower's proposed approximately 65,350 square- foot charter school facility for students in grades K-12, to be located on approximately 14.3 acres of land at 1400 S.E. Cove Road, Stuart, Florida (the "Project").
Because the Project is to be located within the jurisdiction of the County, Section 147(f) of the Internal Revenue Code of 1986, as amended (the "Code") requires the Board to approve the issuance of such Bonds by the CTA in order for the interest thereon to be excluded from g...
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