Titletitle
FedEx Freight Bond Issuance
end
recommendation
Economic Development
a) Approve the letter for approval of public finance authority revenue bond financing for the FedEx Freight project; and
b) Authorize the Chairman to sign the letter.
Budgeted Action:
No action needed.
Background:
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This lender uses Public Finance Authority (PFA) to provide bond financing for the FedEx Freight project in Charlotte County. As part of that process, the PFA has requested that the local jurisdiction provide a letter acknowledging and approving the financing. This is simply intended to satisfy a requirement under Wisconsin law that allows the PFA to issue bonds for projects located outside of Wisconsin. The statute requires the governing body or highest-ranking administrator of the jurisdiction where the project is located to acknowledge and approve the use of the PFA financing. The letter specifically states that Charlotte County would have no responsibility or liability related to the bonds, would not be guaranteeing repayment, and would not be making any commitment regarding future permits or approvals. It is simply an acknowledgment that the County has no objection to the financing mechanism being used for the project.