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Board holds required public hearing, approves resolution for North Hills Christian School tax‑exempt bond financing
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Summary
After a brief public hearing with no public comments, the Rowan County Board of Commissioners approved a resolution to hold the public hearing required under federal tax rules and to allow issuance of tax‑exempt revenue bonds up to $18 million for North Hills Christian School.
The Rowan County Board of Commissioners held a statutorily required public hearing Feb. 16 on a proposed tax‑exempt revenue bond issuance to benefit North Hills Christian School. Connor Cruz of McGuireWoods, counsel for the school, explained the structure: a public finance authority in Wisconsin would issue 501(c)(3) revenue bonds for the school, which would refinance prior campus improvements and fund a new addition. He emphasized the action is procedural under federal tax law and that the county’s approval does not create county liability.
“The county is being asked to hold a public hearing and approve the resolution as presented,” Cruz said, explaining the request fulfills Treasury/IRS procedural requirements so interest on the bonds can be tax‑exempt under the federal tax code.
Commissioners opened the floor for public comment; no speakers came forward and the hearing was closed. The board then approved the resolution as read — authorizing issuance of Public Finance Authority education revenue bonds for North Hills Christian School in a principal amount not to exceed $18,000,000. The motion was made, seconded and carried by voice vote.
The board’s action is procedural: Cruz noted the proposed issuance is a benefit for the private school and that the county will not be obligated to repay the debt. Staff and counsel said the 'not to exceed' amount provides flexibility while the school awaits construction bids and finalizes financing terms.
Next steps: the school and its bond counsel will complete the required closing steps for the bond transaction; county staff will file minutes and documentation required under federal tax regulations and local procedures.
