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Council holds TEFRA hearing, authorizes tax‑exempt financing for Saint Margaret's project
Summary
The council opened a TEFRA hearing and unanimously authorized the use of tax‑exempt financing for Saint Margaret's Episcopal School, which expects to issue $55 million in bonds with $23M earmarked for a new commons building to replace Wallace Hall.
The San Juan Capistrano City Council opened a hearing Oct. 7 under the Tax and Equity Fiscal Responsibility Act (TEFRA) and adopted a resolution authorizing the use of tax‑exempt financing for Saint Margaret's Episcopal School.
Ken Alemam, the city’s chief financial officer, told council the school plans to issue $55,000,000 in tax‑exempt bonds. He said $23,000,000…
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