In a special meeting of the SDUHSD board of directors, among other matters, they discussed what would happen to their bond obligations if they sold the La Costa Valley middle school property for private use (not developing a school on the site.)
http://www.sduhsd.net/pdfs/Minutes,%20Public%20Facilities%20Authority%20Mtg,%206-27-06.pdf
|
The board briefly discussed the “Extraordinary Pre-Payment” provision in the event of the sale of the La Costa Valley sitefor private use. Mr. Sohaili explained that the Authoritywould be obligated to use a portion of sales proceed to redeem bonds in the amount of the original purchase price($5.8 million) plus a portion for “private use” as defined by anIRS formula.
|
1 response so far ↓
Economic Stimulas Rebate for La Costa Valley? « La Costa Valley’s (Unofficial) Community Blog // May 6, 2008 at 1:09 pm
[...] http://lacostavalley.wordpress.com/2006/06/27/sduhsd-has-been-planning-ahead-in-case-they-sold-the-m... [...]
You must be logged in to post a comment.