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File #: 170948    Version: 1 Name: Issuance of Bonds - San Francisco Art Institute, a California Nonprofit Public Benefit Corporation - Not to Exceed $20,000,000
Type: Resolution Status: Passed
Introduced: 9/5/2017 In control: Clerk of the Board
On agenda: Final action: 10/5/2017
Enactment date: 10/5/2017 Enactment #: 366-17
Title: Resolution approving (a) in accordance with Internal Revenue Code, Section 147(f) the issuance of revenue bonds or a tax-exempt loan by the California Municipal Finance Authority (the “Authority”) in an aggregate issue price not to exceed $7,000,000 (the “Tax-Exempt Bonds”) to (i) refinance all or a portion of certain outstanding debt obligations that originally financed and refinanced the acquisition, construction, equipping and furnishing of facilities, within the City and County of San Francisco (the “City”), owned and managed by San Francisco Art Institute, a California nonprofit public benefit corporation (the “Borrower”), in connection with the provision of educational and other services in the City, including the instruction of students enrolled in its undergraduate and graduate fine arts degree programs, (ii) finance additional improvements to such facilities, (iii) pay capitalized interest on the Tax-Exempt Bonds, and (iv) pay certain expenses incurred in connection with the issuance of the Tax-Exempt Bonds; and (b) in accordance with the Joint Exercise of Powers Agreement, dated as of January 1, 2004, among the Authority and certain local agencies, including the City, as amended from time to time, the issuance of revenue bonds or a loan by the Authority in an aggregate issue price not to exceed $13,000,000 (the “Taxable Bonds” and, together with the Tax-Exempt Bonds, the “Bonds”) to (i) refinance all or a portion of certain outstanding debt obligations that originally financed and refinanced the construction, equipping and furnishing of facilities, within the City, leased and occupied by the Borrower, in connection with the provision of educational and other services in the City, including the instruction of students enrolled in its undergraduate and graduate fine arts degree programs, (ii) finance additional improvements to such facilities, (iii) pay capitalized interest on the Taxable Bonds, and (iv) pay certain expenses incurred in connection with the issuance of the Bonds.
Sponsors: Mark Farrell
Attachments: 1. Leg Ver1, 2. Proof of Publication 081117, 3. Comm Pkt 092117, 4. Public Correspondence, 5. Bd Pkt 092617, 6. Leg Final
Legislation Details
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