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File #: 200221    Version: 1 Name: Execution of Tax-Exempt Loan - California Municipal Finance Authority - Lycée Français de San Francisco - Not to Exceed $23,000,000
Type: Resolution Status: Passed
Introduced: 2/25/2020 In control: Clerk of the Board
On agenda: Final action: 3/27/2020
Enactment date: 3/27/2020 Enactment #: 122-20
Title: Resolution approving, in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended (“Code”), the execution of a tax-exempt loan or loans by the California Municipal Finance Authority (“Authority”) in one or more series pursuant to a plan of financing and in an aggregate principal amount not to exceed $23,000,000 (“Authority Loan”), the proceeds of which Authority Loan to be loaned by the Authority (“Borrower Loan”) to Lycée Français de San Francisco, a California nonprofit public benefit corporation and an organization described in, and exempt from tax under, Section 501(c)(3) of the Code (“Borrower”), to, among other things, (i) refinance all or a portion of certain outstanding debt obligations (collectively, “Prior Obligations”) of the Borrower that, among other things, originally financed and refinanced the acquisition, construction, improvement, equipping and furnishing of educational facilities located at 755 Ashbury Street (“Ashbury Campus”), within the City and County of San Francisco (“City”), and at 1201 Ortega Street (“Ortega Campus”), within the City, each owned and managed by the Borrower, in connection with the provision of educational and other services in the City, (ii) finance additional construction, improvement, equipping, furnishing, and maintenance of such facilities, including but not limited to seismic and other infrastructure upgrades at both the Ashbury Campus and the Ortega Campus and the expansion of the Ashbury Campus and the Ortega Campus to add classrooms, office space, and student athletic and extracurricular space, including reimbursement of certain previously incurred expenses with respect thereto in accordance with applicable provisions of the Code, (iii) pay some or all of the Borrower’s costs to terminate one or more interest rate swap agreements entered into in connection with one or more of the Prior Obligations, (iv) pay capitalized interest on the Borrower Loan, and (v) pay certain expenses incurred in connection with the issuance of the Borrower Loan (items (i) through (v), collectively, the “San Francisco Project.”
Sponsors: Gordon Mar
Attachments: 1. Leg Ver1, 2. CON Ltr 022520, 3. Proof of Pub 022420, 4. Comm Pkt 031120, 5. Comm Pkt 031820, 6. Board Pkt 032420, 7. Leg Final
Legislation Details
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