Bonds sought to help fund St. Stephen’s school expansion
Written by Miami Today on September 12, 2017
Miami-Dade County commissioners are being asked to approve issuance by the Miami-Dade County Industrial Development Authority of $10.5 million in bonds to help fund the expansion of St. Stephen’s Episcopal Day School.
The bond money would be combined with an equity contribution of $2.5 million from the school and pledges of about $3.5 million to facilitate the financing of an existing mortgage with Chase Bank that originated in 2011 for school expansions.
Neither the county nor the industrial development authority would be liable for repayment of the principal or interest on the bonds.
Industrial development revenue bonds are securities issued by a local government agency to acquire or construct facilities for use by private business and industry. The facilities are then sold by the agency to qualifying industries for the installment purchase payments necessary to retire the bonds.
The debt service on the bonds is paid solely from the revenues or payments received from the borrower.
The Miami-Dade Industrial Development Authority serves as a conduit. The loan is made to the authority; the authority relends the bond proceeds to the recipient to pay the cost of the capital project.
In this case, the project was to equip and construct the Main Highway Pavilion as well as to construct and equip a new arts & innovation center.
St. Stephen’s Episcopal Day School, a not-for-profit, operates at 2750 McFarlane Road and 3439 Main Highway in Coconut Grove. It has 314 students at full enrollment and a staff of about 85.
Bond issue approval was to come before county commissioners last week after an earlier hearing held by the industrial development authority.
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