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Committee continues TEFRA request for Lycée Français loan; members request more student‑demographic and special‑education data
Summary
Committee paused action on a TEFRA resolution for CMFA tax‑exempt financing (up to $23 million) for Lycée Français de San Francisco after committee members asked for more information on student demographics, special‑education services and instructor credentials; school representatives said they enroll about 950 students across three campuses and offer roughly $1 million in annual financial aid covering about 25% of students.
The committee heard Item 6, a TEFRA resolution under Internal Revenue Code section 147(f) to permit California Municipal Finance Authority (CMFA) to issue tax‑exempt obligations of up to $23 million for the Lycée Français de San Francisco to refinance outstanding debt, fund campus improvements (Ashbury and Ortega campuses) and reimburse prior expenses.
Vishal Trivedi (Controller’s Office) and representatives from CMFA explained that federal tax law requires a…
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