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BOOK <br />11.E. RESOLUTION 99-047 AUTHORIZING $18.000.000 <br />INDUSTRIAL DEVELOPMENT REVENUE BONDS - FINANCING <br />FOR ST. EDWARD'S SCHOOL, INC. <br />The Board reviewed a Memorandum of May 12, 1999: <br />TO: Members of the Board <br />of County Commissioners <br />DATE: May 12,1999 <br />SUBJECT: $18,000,000 INDUSTRIAL DEVELOPMENT REVENUE BONDS <br />FINANCING FOR SAINT EDWARD'S SCHOOL INCORPORATED <br />FROM: Joseph A. <br />OMB Dire <br />DESCRIPTION AND CONDITIONS <br />Saint Edward's School, Inc. would like to issue tax exempt "Industrial Development Revenue <br />Bonds" in the amount of $18,000,000 for financing and refinancing of the acquisition, construction <br />and equipping of educational facilities in Indian River County, Florida. <br />Saint Edward's has completed the Industrial Development Revenue Bond application which has <br />been reviewed by staff and found to meet the requirements. They have paid the $1,000.00 <br />application fee and understand that they will have to pay a County charge equal to .5% of the face <br />value of the bonds issued not to exceed $10,000.00. <br />In order for Saint Edward's School to issue the Industrial Development Revenue Bonds, Indian <br />River county must approve an Inducement Resolution, Memorandum of Agreement and hold a <br />TEFRA (Tax Equity Fiscal Responsibility Act) public hearing. At this time, Saint Edward's is <br />requesting the Board of County commissioners approve the Inducement Resolution and <br />Memorandum of Agreement. The TEFRA public hearing will be held in the near future when the <br />final bond resolution is presented for approval. <br />RECOMMENDATION <br />Staff recommends the Board of County Commissioners approve and have the Chairman sign the <br />Inducement Resolution and Memorandum of Agreement. <br />MAY 189 1999 <br />