Clark County - File #: 21-633

• File #: 21-633
• Status: Agenda Ready
• File created: 4/22/2021
• In control: Clark County Board of Commissioners
• On agenda: 5/4/2021
• Title: Conduct a public hearing and approve, adopt and authorize the Chair to sign a resolution approving a Public Finance Authority (Wisconsin) tax exempt 501(c)(3) revenue bond issue in an amount not to exceed $30,000,000 in order to finance, including through reimbursement, the acquisition of the land and educational facilities constituting the existing campus used by Signature Preparatory, Inc. (For possible action)

Date	Action By	Action	Result
5/4/2021	Clark County Board of Commissioners	Approved as Recommended; Agenda note: DISCUSSION: Following introduction of the item, the Board was addressed by Gabe Shirey, founder and Executive Director of Signature Preparatory, who advised that the charter school served approximately 850 students; located in east Henderson, the primary reason for the location was to serve the most underserved students in Clark County; was an abandoned Kmart building on ten acres; operated under the State Public Charter School Authority; over the last two years reading and math scores have increased approximately 20 percent, and added that when the school opened approximately 80 percent of the students were unable to pass a math or reading test; and requested approval to acquire the existing facility through tax exempt bonds.; Chair Kirkpatrick opened the public hearing and asked if there were any persons present in the audience wishing to be heard on the matter.; SPEAKER(S): Present; Ed Uehling requested clarification regarding the bond.; There being no other persons in the audience wishing to be heard on the matter, Chair Kirkpatrick closed the public hearing.; Commissioner Kirkpatrick and Jessica Colvin, Clark County Chief Financial Officer, advised that the bond’s financing was not backed by the County or State; and that the Internal Revenue Code required that the governing body approve the financing prior to the bond issuance.	Pass

CLARK COUNTY BOARD OF COMMISSIONERS

AGENDA ITEM

Petitioner:

Jessica L. Colvin, Chief Financial Officer

Recommendation: 

title

Conduct a public hearing and approve, adopt and authorize the Chair to sign a resolution approving a Public Finance Authority (Wisconsin) tax exempt 501(c)(3) revenue bond issue in an amount not to exceed $30,000,000 in order to finance, including through reimbursement, the acquisition of the land and educational facilities constituting the existing campus used by Signature Preparatory, Inc.  (For possible action)

body

FISCAL IMPACT:

Fund #:	N/A	Fund Name:	N/A
Fund Center:	N/A	Funded PGM/Grant:	N/A
Amount:	N/A
Description:	N/A
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).