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Legislation Details
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On agenda:
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10/15/2024
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Final action:
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Title:
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Conduct a public hearing; and approve, adopt and authorize the Chair to sign a resolution approving the issuance by the Public Finance Authority (Wisconsin), in one or more series, of tax-exempt or taxable 501(c)(3) revenue bonds in an amount not to exceed $235,000,000 in order to (a) finance and/or refinance the acquisition, rehabilitation, and equipping of residential rental facilities for individuals and families of low and moderate income in Alabama, Florida, Kentucky, Nevada and West Virginia, including The Rubix Apartments located at 5300 East Craig Road, Las Vegas, Nevada 89115, (b) fund a debt service reserve fund for the Bonds, and (c) pay certain costs of issuance of the Bonds. (For possible action)
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CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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Petitioner: |
Anna Danchik, Comptroller |
Recommendation:
title
Conduct a public hearing; and approve, adopt and authorize the Chair to sign a resolution approving the issuance by the Public Finance Authority (Wisconsin), in one or more series, of tax-exempt or taxable 501(c)(3) revenue bonds in an amount not to exceed $235,000,000 in order to (a) finance and/or refinance the acquisition, rehabilitation, and equipping of residential rental facilities for individuals and families of low and moderate income in Alabama, Florida, Kentucky, Nevada and West Virginia, including The Rubix Apartments located at 5300 East Craig Road, Las Vegas, Nevada 89115, (b) fund a debt service reserve fund for the Bonds, and (c) pay certain costs of issuance of the Bonds. (For possible action)
body
FISCAL IMPACT:
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Fund #: |
N/A |
Fund Name: |
N/A |
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Fund Center: |
N/A |
Funded PGM/Grant: |
N/A |
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Amount: |
N/A |
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Description: |
N/A |
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Additional Comments: |
No fiscal impact. The bonds are not a financial responsibility of the County. |
BACKGROUND:
Pursuant to Section 147(f) of the Internal Revenue Code, prior to their issuance, the bonds are required to be approved by the “applicable elected representative” of the governmental unit having jurisdiction over the area in which the project is located, after a public hearing is held following reasonable public notice. Consequently, approval of the Board is needed to meet the requirements of Section 147(f).
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