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AI- 5293   4. A. 2.    
Commissioners Court - Regular
Meeting Date: 05/14/2014  
Resolution approving revenue bonds for School of Science and Technology – Corpus Christi
Submitted By: Steve Waterman, Commissioners Court Admin
Department: Commissioners Court Admin  

Information
RECOMMENDATION
Discuss and consider adopting a resolution authorizing the County Judge to execute a certificate of approval concerning the issuance of revenue bonds designated as Danbury Higher Education Authority, Inc. Education Revenue and Refunding Bonds (Riverwalk Education Foundation, Inc.) Series 2014A and Taxable Revenue Bonds (Riverwalk Education Foundation, Inc.) Series 2014B by Danbury Higher Education Authority, Inc. in satisfaction of the requirements contained in Section 147(f) of the Internal Revenue code of 1986, as amended.
BACKGROUND

The purpose of this request is to obtain approval of the Commissioner Court of a tax exempt financing and refinancing for Riverwalk Education Foundation, Inc. ("Riverwalk") in an amount not to exceed $10,000,000.   Riverwalk will use the funding for construction and equipment of their facilities, including their Corpus Christi Campus located at 4737 Saratoga Boulevard.
 

DISCUSSION
The bonds will not constitute a liability of Nueces County and the County is not responsible for any expenses related to the bond issue, however, approval by the County is required under the Internal Revenue Code in order for the issuance to go forward.

Budget Information
Information about available funds
Budgeted: Funds Available: Adjustment: Amount Available:
Unbudgeted: Funds NOT Available: Amendment:
Account Code(s) for Available Funds
1:
Fund Transfers

Attachments
Letter of Request
Resolution
Certificate & Attachments

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