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On agenda:
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7/20/2021
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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 a Public Finance Authority (Wisconsin) tax exempt 501(c)(3) revenue bond issue in an amount not to exceed $60,000,000 in order to finance and/or refinance the acquisition, construction, expansion, remodeling, renovation, improvement, furnishing and equipping of charter school educational facilities for use by Coral Academy of Science Las Vegas. (For possible action)
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| 7/20/2021 |
Clark County Board of Commissioners
| Approved
Agenda note: DISCUSSION: Following introduction of the item, the Board was addressed by Noah Stevens, representing Coral Academy of Science Las Vegas, who advised that the charter school had campuses located in Las Vegas and Henderson; the new campus will be constructed for a kindergarten through grade 12 charter school, for approximately 1,850 students, and 100 staff members; and further advised that the requested approval to increase the budget for the new project
was due to the increase in construction costs.
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 spoke regarding concerns including the education system, unions, public school closures, and student suicides.
Magaliene Enyard spoke regarding funding for public education.
There being no persons present in the audience wishing to be heard on the matter, Chair Kirkpatrick closed the public hearing.
Commissioner Gibson advised of the success of the Coral Academy of Science and increased land and construction costs. | Pass |
Action details
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Meeting details
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Video/Audio
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CLARK COUNTY BOARD OF COMMISSIONERS
AGENDA ITEM
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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 $60,000,000 in order to finance and/or refinance the acquisition, construction, expansion, remodeling, renovation, improvement, furnishing and equipping of charter school educational facilities for use by Coral Academy of Science Las Vegas. (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).
On April 6, 2021, the Board conducted a public hearing and approved a resolution authorizing a Public Finance Authority (Wisconsin) tax exempt 501(c)(3) revenue bond issue in an amount not to exceed $35,000,000. Due to an increase in construction costs, this resolution changes the not-to-exceed principal amount to $60,000,000.
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