Title
Resolution Calling a Public Hearing Concerning the Issuance of Bonds by the Wisconsin Public Finance Authority for the Benefit of the University Corporation for Advanced Internet Development (a/k/a Internet2)
Memorandum
The Public Finance Authority (PFA), 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 out of a $20,000,000 project.
The PFA is a political subdivision of the State of Wisconsin authorized to issue taxable and tax-exempt bonds for public benefit project nationwide. The PFA was formed and is sponsored by the National League of Cities and National Association of Counties. More information on the PFA can be found at www.pfauthority.org
. In order to complete the financing the local agency where the project is proposed must approve the PFA financing. The following is a brief discussion relating to this public hearing process under the Tax and Equity Fiscal Responsibility Act of 1982 ("TEFRA").
The TEFRA hearing process is a public accountability procedure involving the legislative body of the local agency in which the proposed project is located. During such process, the legislative body conducts a public hearing providing members of the community the opportunity to speak on behalf of or against the nature and location of the proposed project to be financed with tax-exempt bonds. Notice of such hearing must be published in a newspaper of general circulation at least 14 days prior to the date of the public hearing.
The City of Ann Arbor will be asked to adopt a resolution approving of the issuance of tax-exemp...
Click here for full text