Title:
title
Approve and authorize the Chairman to execute a resolution of the Board of County Commissioners of Seminole County, Florida, approving the issuance and sale of revenue bonds in one or more series for the Galileo Schools by the Seminole County Industrial Development Authority. (Andrea Wesser-Brawner, Chief Strategy & Innovation Officer)
end
Division:
division
Innovation and Strategic Initiatives - Economic Development
body
Authorized By:
Andrea Wesser-Brawner, Chief Innovation and Strategy Officer
Contact/Phone Number:
Andrea Wesser-Brawner/(407) 665-2909
Background:
The Galileo School Foundation, Inc. is currently developing an early learning daycare facility and plans to acquire additional land adjacent to its existing school campus. These projects will be financed through Educational Facilities Revenue Bonds issued by the Authority.
The documents have been reviewed on behalf of the County by Bond Counsel. There is no need for an additional public hearing by the County. Approval of the Resolution does not obligate Seminole County to incur liability, pecuniary or otherwise, in the subject transaction.
Requested Action:
On behalf of the Authority, staff requests the Board approve the Resolution and approve, solely for the limited purposes of Section 147(f) of the Internal Revenue Code, the issuance by the Seminole County Industrial Development Authority of not exceeding $5,500,000 of its Educational Facility Revenue Bonds for the principal purposes of making a loan or loans to the Galileo School Foundation, Inc. (the “Borrower”) to finance or reimburse the Borrower for the costs of the Project (as such terms are defined in the Inducement Resolution of the Authority), fund certain reserves, capitalize interest and to pay certain expenses incurred in connection with the issuance of the Bonds, which is located in the County and owned by The Galileo School Foundation, Inc.