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 The Schools of McKeel Academy Project, in a maximum stated principal amount not exceeding $30,000,000 for the purpose of providing funds to make a loan to the Schools of McKeel Academy, Inc. and McKeel Academy Mulberry, LLC for the financing or refinancing of the acquisition, renovation, expansion, design, construction, equipping, and/or furnishing of educational facilities to be operated by The Schools of McKeel Academy, Inc. and McKeel Academy Mulberry, LLC.
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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 (The Schools of McKeel Academy Project) in a maximum stated principal amount not to exceed $30,000,000 (the "Bonds"), to provide funds, as part of a plan of finance, to make a loan to The Schools of McKeel Academy, Inc., a Florida not-for-profit corporation ("TSMA"), and McKeel Academy Mulberry, LLC, a Florida limited liability company (and together with TSMA, collectively, the "Borrowers") to (i) in a maximum principal amount not to exceed $4,000,000 to refinance TSMA's obligations with respect to an outstanding loan from SouthState Bank, N.A., which was used to refinance existing obligations and to finance certain renovations and construction of new educational facilities located at 411 North Florida Avenue, Lakeland, Florida 33801; (ii) in a maximum principal amount not to exceed $17,000,000 to finance or refinance the acquisition, renovation, expansion, design, construction, equipping, and/or furnishing of certain educational facilities of the Borrowers located at 2210, 2222 and 2310 Edgewood Drive in Lakeland, Florida 33803; (iii) in a maximum principal amount not to exceed $7,000,000 to finance the acquisition, renov...
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