SUBJECT
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Adopt resolution approving plan of finance concerning the issuance by the Polk County Industrial Development Authority (the "Authority") of its revenue bonds for Berkley Accelerated Middle School Project, in a maximum stated principal amount not exceeding $22,500,000 for the purpose of providing funds to make a loan for the financing or refinancing of the acquisition, renovation, expansion, design, construction, equipping, and/or furnishing of educational facilities to be operated by Berkley Accelerated Middle School, Inc.
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DESCRIPTION
The Polk County Industrial Development Authority (the "Authority") previously adopted on May 14, 2026, its Resolution approving the issuance of the Authority's Industrial Development Revenue Bonds (Berkley Accelerated Middle School Project) in a maximum stated principal amount not to exceed $22,500,000 (the "Bonds"), to provide funds, as part of a plan of finance, to make a loan to Berkley Accelerated Middle School, Inc., a Florida not-for-profit corporation, (the "Borrower") to (i) in a maximum principal amount not to exceed $1,500,000 to refinance an existing loan from SouthState Bank, N.A. ("SouthState"), which financed the acquisition of properties located at (a) 0 Berkley Rd., Auburndale, Florida 33823, (b) 1932 CR 655 Auburndale, Florida 33823, (c) 4690 Berkley Rd., Auburndale, Florida 33823, (d) 5020 Berkley Rd., Auburndale, Florida 33823, (e) Classic View Dr., Auburndale, Florida 33823, and (f) Berkley Rd., Auburndale, Florida 33823, all of which are located east of the intersection of Berkley Road and Pace Road, (ii) in a maximum principal amount not to exceed $6,000,000 to refinance an existing loan from SouthState, which refinanced various obligations of the Borrower which were used to finance or refinance the acquisition, construction, renovation, expansion, design, equipping and/or furnishing of certain educational facilities of the Borrower located at 5316 Berkley Rd., Auburndale, Florida 33823, (i...
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