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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 governing‑body hearing for tax‑exempt conduit financings located in the jurisdiction. Claire Clay, director of finance for Lycée Français, said the school enrolls about 950 students across three campuses, with average tuition around $25,000 (preschool somewhat lower; high school about $30,000) and about $1,000,000 in financial‑aid awards supporting roughly 25% of students. Clay said the school can provide additional demographic and special‑education data if the committee requests it.
Committee members asked multiple questions about student racial/ethnic composition, the number of students receiving special education services, and whether instructors are state‑credentialed; Clay said some information is tracked under the French accreditation system and that the school would follow up with more precise statistics. CMFA staff said market timing makes timely approval desirable — they were seeking to close in early April and cautioned that delays could affect market terms.
Given outstanding information requests, Chair Sandra Lee Feuer moved to continue Item 6 to the next Budget and Finance Committee meeting so the school could provide requested demographic and special‑education data; the motion carried by unanimous consent in the committee transcript. The item was continued to the committee’s meeting on March 17 and, if recommended, would be forwarded to the Board for a March 24 consideration.
