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County asked to acknowledge tax‑exempt conduit bonds for Biomed Science Academy STEM School; bond counsel says county bears no financial responsibility
Summary
Attorneys for the Portage County Port Authority requested the board's acknowledgement required by federal tax rules for up to $20 million in conduit bonds to finance a new K–6 STEM school facility at Kent State; counsel said the county will not issue or guarantee the bonds and the debt will be paid solely from the school's repayments.
Attorneys representing the Portage County Port Authority told the board on April 13 that federal tax rules require the applicable elected representative of the local government to acknowledge certain tax‑exempt conduit financings. The Port Authority is seeking that routine acknowledgement for conduit bonds to finance facilities for the Biomed Science Academy STEM School.
"So my name is Abby Burke. I'm an attorney at Red Slope Andrews. This is Justin…
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