Drafter
Clerk 05/07/2014
Title
AN MOTION authorizing the King County council to accept a restricted donation of $6,500 dollars from The Bear Creek School.
Body
WHEREAS, The Bear Creek School, a Washington nonprofit corporation located in unincorporated King County, has requested the Public Finance Authority to issue one or more series of its Revenue Bonds, and
WHEREAS, in order to achieve interest savings, the school desires that the bonds be issued in compliance with a requirement of the Internal Revenue Code of 1986, as amended, ("the Internal Revenue Code") so that interest on the bonds will be excludable from the gross income of the holders, and
WHEREAS, Section 147(f) of the Internal Revenue Code requires, as a condition to receiving tax-exempt treatment of the interest on the bonds, that a governmental unit, having jurisdiction over the area in which the facilities are located, approve the bonds, and
WHEREAS, the King County council constitutes such an authorized governmental unit, and
WHEREAS, the school has requested that the council to conduct the public participation required by section 147(f) of the Internal Revenue Code, which includes the council approving the bonds after holding a public hearing that has been noticed, and
WHEREAS, to avoid any potential claim that, by engaging in this public participation process, the county might be in violation Article I, Section 11 of the Washington state Constitution, which prohibits the use of governmental money or property in the support of religion, the school is making a donation in the amount of $6,500 dollars which is a reasonable estimate of the cost of publishing notice and of staff time devoted to the public participation process as set forth in the school's letter of May 6, 2014, and
WHEREAS, under K.C.C. 2.80.010 donations of more than two thousand dollars must be accepted on behalf of King County by motion, and
WHEREAS, the school has stated that the purpose of the donation is to reimburse the council's costs of publication and staff time for the public participation process and that remainder, if any be applied, at the Council's discretion;
NOW THEREFORE, BE IT MOVED by the Council of King County:
The King County council accepts the donation of $6,500 dollars by the Bear Creek School for the purposes set forth in the school's letter of May 6, 2014.