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San Marcos approves TEFRA procedural resolution to let Bay Point Academy proceed with tax‑exempt bond issuance
Summary
The San Marcos City Council on Tuesday approved a procedural TEFRA resolution so Bay Point Academy can move forward with a tax‑exempt bond issuance, while emphasizing the city will not underwrite or fund the borrowing.
The San Marcos City Council on Tuesday approved a resolution required under the Tax Equity and Fiscal Responsibility Act (TEFRA) to allow Bay Point Academy to proceed with qualifying for tax‑exempt bonds issued by the California Enterprise Development Authority.
City finance staff and bond counsel told the council that federal rules under Internal Revenue Code section 147(f) require a public hearing and approval by an elected body with geographic jurisdiction over where bond proceeds will be used. The county normally performs TEFRA proceedings in the…
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