Travis County Commissioners Court
August 21, 2007
Item 3
Number 3 is a public hearing to receive comments regarding the proposed issuance of tax exempt note and related loan agreement by oglesby education facilities corporation for a catholic high school for Austin inc., d/b/a saint michael's catholic academy in a principal amount of $5 million.
>> move the public hearing be opened.
>> all in favor? That passes by unanimous vote.
>> good morning, cliff blunt. Just real briefly, this is a 5-million-dollar loan that's been proposed for saint michael's academy. This loan could not be financed through one of the Travis County entities because of the size. It's structured as a bank qualified loan, is the limit is $10 million for any issuer in a calendar year, so it could not have been financed by Travis County. So Travis County will not have any liability in any way on the loan. This is the public hearing required by the internal revenue code.
>> because saint michael's is locate understand Travis County?
>> yes, sir. One thing, the policy that was adopted I believe last week for the 3,000-dollar fee, this request was in before that policy was adopted and the school has requested that that fee either all or a portion of it be waived. So I'll just convey that request that's been made to me. When you get to the action item.
>> okay. Any objections called to your attention, mr. Blunt?
>> no, sir, I've not heard anything on this.
>> would anyone like to give testimony during this public hearing?
>> move the public hearing be closed.
>> second.
>> all in favor? That passes by unanimous vote. We will call this item up after consent this morning so it will be pretty soon. Do we have a policy on waiver of that fee for nonprofits or schools?
>> we receive these requests that any fee or expenses have been waived if it's been a bank qualified deal that the county cobt have financed.
>> remind me of what that is? Check your fairness vein and let us know whether $1,500 is real good. And if mr. Davis is listening, y'all think about for the next five or 10 minutes.
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Last Modified:
Wednesday, August 22, 2007, 18:30 AM