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1 <br />2 <br />REQUEST FOR COUI�TCIL ACTIQ� <br />3 Date: 12/17/2007 <br />4 Ite�n T+�o: <br />6 Department Apprflval: Manager Approved: � Ag�nda Sectian: <br />7 '�: "�'�' <br />Consent 8.e <br />9 Item Descrip�ion: Cansider �etting a Publzc Heaxzng �o Acknowledge t�e Expenditure oi Tax- <br />10 exem�t ��nds �or Concordia Acadern�. <br />12 <br />13 <br />19 <br />1S <br />16 <br />17 <br />18 <br />Ia�traduction <br />Under Fer�eral and State S�a�u�es, municipaii�ies are autl�orized ta pledge th�ir bond issuance <br />authority to nan-profit grnups for the bene£'rt of educatzonal faciiitzes. I� a�uniei�ali#� ex�ects <br />to issue nr receiv� tax-exe�npt bond proceeds, either ciirrectly ar zz�direetl thrau h se ara�e <br />establzshments, it is required by �ederal lar�v to hold a p�blic h�aring. <br />19 The Colorado Edueational and Cultural Facilities Aut�ority is �roceeding wit� the issuat�ce af <br />20 tax-e�emp� bonds for ihe benefit of Concordia Aead�;my (as well as other faeilities) located at <br />21 2400 North DaIe Str�et in ftoseviI�e. <br />22 <br />23 The purpose of the �ublic hearing is to aliow for p�blic cQm�ner�t o� the proceeds to be <br />24 e�pended, No special action is required by Co�zzci� at the k�earing. The prncess entails apening a <br />25 p�blic hearin�, al�owixzg �'or pubizc cornment (ii any), azad clasing the public heari�g. <br />2f <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />Attac�ment <br />Enclased is a resoiution set�ing t;he public hearin$, as prepared by Bnnd Couns�l. <br />�taff Recorr�a�aaendatian <br />Staff recommends the Council set a public heari�g to acknowledge the expenditure af tax- <br />exez�pt £unds by Concordia Academy. <br />Cnuncii Action Req�esied <br />Mation to ado�� the attached resolution establishing a public hearing for January 14�, 2008, for <br />the purposes of acknawledging the expenditure af �ax-exempt iunds by Concoxdia Academy, <br />