Clark County - File #: 21-465

• File #: 21-465
• Status: Agenda Ready
• File created: 3/25/2021
• In control: Clark County Board of Commissioners
• On agenda: 4/6/2021
• Title: Conduct a public hearing and approve, adopt and authorize the Chair to sign a resolution approving an Arizona Industrial Development Authority (Arizona) tax exempt 501(c)(3) revenue bond issue in an amount not to exceed $38,500,000 in order to finance and/or refinance the acquisition of, and improvement to, charter school educational facilities for use by Somerset Academy of Las Vegas. (For possible action)

Date	Action By	Action	Result
4/6/2021	Clark County Board of Commissioners	Approved as Recommended; Agenda note: DISCUSSION: Chair Kirkpatrick opened the public hearing and asked if there were any persons in the audience wishing to be heard on the matter.; SPEAKER(S): Present; Following introduction of the item, the Board was addressed by a representative from Somerset Academy who advised that the item detailed a bond issuance that would allow the purchase two buildings the school currently occupied; an approximate savings of $5.2 million dollars over the first ten years would result from the bond issuance; and those savings would be used to increase teacher salaries, and to purchase technology and equipment.; There being no other persons present wishing to be heard on the matter, Chair Kirkpatrick closed the public hearing.	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 an Arizona Industrial Development Authority (Arizona) tax exempt 501(c)(3) revenue bond issue in an amount not to exceed $38,500,000 in order to finance and/or refinance the acquisition of, and improvement to, charter school educational facilities for use by Somerset Academy of Las Vegas.  (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).