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Open the Public Hearing and Consider Proposed Issuance of Educational Facilities Revenue Bonds by the Public Finance Authority to Benefit The Educational Foundation, Inc. or an Affiliate Thereof.
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Staff:
Department:
Ralph D. Karpinos, Town Attorney
Town Attorney's Office
Carolyn Worsley, Legal Services Administrator
Amy Oland, Director
Business Management Department
Overview: On January 30th, the Council called for this evening's public hearing at the request of The Educational Foundation, Inc., (the Foundation) a North Carolina nonprofit corporation better known as the Rams Club, regarding the Foundation's proposal to use The Public Finance Authority, a nationwide issuer of bonds, to finance athletic facilities projects on land owned by the University of North Carolina at Chapel Hill.
Both federal tax law and the statute under which the Authority was created require that tax-exempt bonds issued to finance these facilities be approved by the elected legislative body of the governmental unit that has jurisdiction over the area in which the facilities are located, after holding a public hearing.
The Foundation published a Notice of Public Hearing (attached) in the Durham Herald Sun as required by law.
The proposal is described more fully in the attached documents, "Additional Information from The Educational Foundation, Inc. Regarding the Proposal" and "January 24, 2019 Letter on Behalf of The Educational Foundation, Inc." Representatives from the Foundation and its counsel, McGuireWoods LLP, will be present at the hearing to answer questions. Staff also has asked the Town's own Bond Counsel, Bob Jessup from the Sanford Holshouser Law Firm, to be available on February 13th to answer questions.
After the hearing, the Council will be asked to consider the attached resolution prepared by the Foundation's counsel.
Recommendation:
That the Council open the Public Hearing, receive comments, close the Public Hearing, and adopt the resolution approvin...
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