Travis County Commissioners Court
November 6, 2007
Item 4
Number 4 is a public hearing to receive comments -- back to number 3. Receive comments regarding revisions, including public access, to -- regarding the proposed issuance of tax exempt note and related loan agreement by oglesby education facilities corporation chaparral star academy, inc. D/b/a star charter school in a principal amount of $3,150,000. (action item #28)
>> move that the public hearing be opened.
>> second.
>> all in favor? That passes by unanimous vote.
>> good morning, I’m cliff blunt we would like to state that notice of this public hearing was published in the statesman more than 14 days ago as required by the internal revenue code. Harvey Davis and mr. Collins with the school may want to say a brief word.
>> I’m harvey Davis, manager for the county corporations. And I would like to introduce charles collins, who is president of the board of the star charter school and he would like to say a few words about the school.
>> I’ll be real brief. We started the school as a private school, 11 years ago, to -- to accommodate athletes who had significant activities outside of school. And nine years ago it became a charter school and have been very successful, both academically and financially. The school in fact will be contributing 500,000 to 700,000 of its own equity into the construction of our new school. And that's all come out of our operating revenues. And --
>> what is ogelsby and why is Travis County asked to do this?
>> Travis County cannot finance this transaction. It's being structured as a bank qualified debt in an entity that issues more than $10 million in debt on an annual basis cannot be an issuer for that type of transaction. So oglesby is a city that does not have that volume and agreed to issue the bonds for this project, loan the proceeds to the school. However even though that's legally permissible it cannot be approved until the county gives its approval through a public hearing. There's no liability for the county in any way.
>> we receive a small fee for doing this.
>> yes, sir.
>> we get our fee at closing or we already have it in the bank.
>> it will be paid at closing.
>> would anyone like to give testimony during this public hearing.
>> move to close the public hearing.
>> second? All in favor? That passes by unanimous vote. This will be action item no. 28 on today's agenda. By the way we received a presentation on this matter a few weeks back I guess, so ...
>> thank you.
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Last Modified:
Wednesday, November 7, 2007, 18:30 AM