Item 6D
Approving the issuance of an issuer note by the Italy Higher Education Facilities Corporation for Clariden School
Resolution No. 11-024
Resolution No. 11-024
IRS regulations
501(c)(3) use of tax exempt bonds
Approved by the “issuing” jurisdiction
City of Italy approved on April 11, 2011
Approved by the “host” jurisdiction
Resolution No. 11-024
City’s Obligation:
Southlake’s sole involvement is to give the approval required by the tax code §147(f)
Clariden School solely responsible for repayment of debt
Resolution No. 11-024
Resolution includes not to exceed limit of $2,500,000
Previously approved similar transaction
Resolution No. 02-060 on September 17, 2002 ($6,300,000)
Item 4C
Questions?