Title
Resolution Approving the Issuance of Bonds by the Wisconsin Public Finance Authority for University Corporation for Advanced Internet Development (a/k/a Internet2)
Memorandum
The Wisconsin Public Finance Authority (WPFA), has been approached by Internet2 to assist in financing property in Ann Arbor, located at 100 Phoenix Drive, Suite 111. The existing property is one out of 63 locations within a multi-state improvement project, in which the internet networks that consist of fiber optical cables, routers and supporting equipment will be added to improve the transmission of data over the internet. This portion of the project is currently expected to be $350,000.00 out of a $20,000,000.00 project.
The WPFA is a political subdivision of the State of Wisconsin authorized to issue taxable and tax-exempt bonds for public benefit project nationwide. The WPFA was formed and is sponsored by the National League of Cities and National Association of Counties. More information on the WPFA can be found at www.pfauthority.org
. In order to complete the financing the local agency where the project is proposed must approve the WPFA financing.
The City of Ann Arbor has been asked to adopt a resolution approving of the issuance of tax-exempt bonds for the financing of the proposed project. Such approval is required for compliance with the federal tax laws under TEFRA, as well as the Wisconsin statutes requiring local approval. This approval will not constitute any other approval of the local agency. Each financing completed by the PFA has been structured so that the local agency completing the TEFRA hearing process has no liability with respect to the issuance of bonds or the repayment of any debt service relating to such bonds. More importantly, the local agency completing the TEFRA hearing process is not a party to any of the financing documents relating to the issuance of the bonds nor is it named in any of the disclosure docu...
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