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Board approves up to $1.5 million tax-exempt bond for Verge Center for the Arts
Summary
The Board conducted a TEFRA hearing and adopted a resolution approving tax-exempt bonds issued by the California Enterprise Development Authority for Verge Center for the Arts, payable solely by the nonprofit.
At a Tax Equity and Fiscal Responsibility Act (TEFRA) hearing on June 3, the Board of Supervisors adopted a resolution approving tax-exempt bonds not to exceed $1,500,000 for the benefit of Verge Center for the Arts.
County debt officer Colin Bettis explained the federal TEFRA hearing is required because Verge is a nonprofit seeking authority from the jurisdiction in which the project is located. Bettis said proceeds will finance or refinance debt tied to the building at 625 S Street in Sacramento and that the bonds will be payable solely by Verge Center for the Arts, not by the California Enterprise Development Authority or Sacramento County.
Liv Mo, executive director of Verge Center for the Arts, attended the hearing but no public speakers signed up. Chair Serna moved the item, it was seconded, and the board approved the resolution by unanimous vote of members present.
The resolution enables the California Enterprise Development Authority to proceed with issuing the bonds for Verge, subject to the authority's further execution and closing processes.
