HomeMy WebLinkAboutMINUTES - 06152010 - SD.4RECOMMENDATION(S):
CONDUCT a public hearing, as required by Section 147(f) of the Internal Revenue Code of
1986, as amended, to hear and consider information concerning the proposed issuance by
the California Statewide Communities Development Authority of refunding revenue bonds
in an aggregate principal amount not to exceed $30,000,000; and
ADOPT Resolution No. 2010/327, approving the tax-exempt financing and the issuance of
refunding revenue bonds to be issued by the California Statewide Communities
Development Authority to benefit Bentley School (a California not-for-profit corporation).
FISCAL IMPACT:
Pursuant to the Internal Revenue Code, the issuance of the Bonds must be approved by the
County because the Facilities are located within the territorial limits of the County. There is
no financial impact on the County.
BACKGROUND:
Bentley School, a California not-for-profit corporation, located at 1000
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 06/15/2010 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I Supervisor
Gayle B. Uilkema, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Federal D. Glover, District V
Supervisor
ABSENT:Susan A. Bonilla, District IV
Supervisor
Contact: Timothy Ewell, 925-335-1036
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTED: June 15, 2010
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc: REDEVELOPMENT AGENCY - J. KENNEDY, TREASURER-TAX COLLECTOR - B. POLLACEK, COUNTY ADMINISTRATION - L. DRISCOLL,
JONES HALL - S. FERGUSON, CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY - M. CHIN, AUDITOR-CONTROLLER
- S. YBARRA
SD. 4
To:Board of Supervisors
From:David Twa, County Administrator
Date:June 15, 2010
Contra
Costa
County
Subject:CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY/TAX EQUITY AND
FISCAL RESPONSIBILITY ACT (TEFRA) HEARING - BENTLEY SCHOOL
BACKGROUND: (CONT'D)
Upper Happy Valley Road in Lafayette has requested that the California Statewide
Communities Development Authority (the "CSCDA") participate in the issuance of
refunding revenue bonds, in an aggregate principal amount not to exceed $30,000,000
(the "Bonds").
A portion of such Bond proceeds is intended to finance the following: (i) the renovation
and construction of Bentley School’s high school campus, located at 1000 Upper Happy
Valley Road, with an adjacent parcel located on Sunnybrook Drive and an adjacent
parcel located on El Nido Ranch Road, in Lafayette, California, which include a
gymnasium, classrooms, a performing arts facility, a parking lot and a circulation road,
and (ii) certain improvements to Bentley School’s lower school campus located at 1
Hiller Drive in Oakland, California and at 245, 251 and 261 Tunnel Road in Berkeley,
California, which include modifications to the main entrance, expansion of the existing
library, and renovation of the administration building (collectively, the "Project"), all of
which are owned and operated by Bentley School.
In order for the interest on the bonds to be excluded from the gross income of the owner
of the bonds (i.e. tax-exempt), an "applicable elected representative" of the government
unit must approve the issuance of the bonds after a public hearing ("TEFRA hearing")
following reasonable public notice. The proposed bond issuance by the CSCDA is
classified as a private activity for purposes of the Internal Revenue Code. Because the
CSCDA's Board of Directors is not an elected body, the Code provides that a government
unit with elected representatives and jurisdiction over the area in which the project to be
financed is located, in this case, the Board of Supervisors of Contra Costa County, is an
"applicable elected representative" with respect to the bond issue.
The Code requires that the Board of Supervisors hold a TEFRA public hearing regarding
the issuance of the bonds and adopts a resolution approving the issuance of the bonds by
the CSCDA. The County is already a member of the CSCDA, which allows the CSCDA
jurisdiction to issue the bonds. Therefore, staff recommends that the Board of Supervisors
hold the public hearing, consider public input, and adopt the resolution regarding the
issuance of the bonds. This approval is with the expressed understanding that the County
shall have no obligation whatsoever to pay any principal, interest, fees or any other costs
associated with the Authority's issuance of these bonds for construction of improvements
at the Bentley School.
CLERK'S ADDENDUM
CLOSED the hearing and ADOPTED Resolution No. 2010/327 approving the
tax-exempt financing and the issuance of refunding revenue bonds in an aggregate
principal amount not to exceed $30,000,000 to be issued by the California Statewide
Communities Development Authority to benefit Bentley School.
ATTACHMENTS
Resolution No. 2010/327