Supervisors approve TEFRA hearing authorization for up to $6 million in bonds for Santa Cruz Montessori

At a TEFRA public hearing the board opened comment, heard none, and then approved a resolution consenting to the proposed issuance of revenue bonds of up to $6 million by the California Municipal Public Financing Authority on behalf of Santa Cruz Montessori School. Peter Delafs, principal administrative analyst in the County Executive Office, explained that under IRS rules a local elected body within the project's territory must hold a public hearing to allow public comment on the proposed financing; he emphasized the county holds no liability for repayment.

Delafs said the proceeds would refinance outstanding 2013 nonprofit revenue bonds and support renovation and equipment at Santa Cruz Montessori School's facility in Aptos. After a short discussion the board voted 5–0 to adopt the resolution and approve joining the authority as a non‑charter member to facilitate the issuance.