Approval of a Resolution of the Board of County Commissioners of Seminole County, Florida, approving, solely for the limited purposes of Section 147(f) of the Internal Revenue Code, the issuance by the Seminole County Industrial Development Authority (the "Authority") of not exceeding $5,000,000 of its Educational Facilities Revenue Bonds (City Church of Orlando Project) Series 2021 for the principal purposes of making a loan or loans to City Church of Orlando, Inc. (the "Borrower") to finance or reimburse the Borrower for the costs of acquiring, constructing and equipping the Project (as such term is defined in the attached Resolution or Exhibits thereto), fund certain reserves, capitalize interest, if applicable, and to pay certain expenses incurred in connection with the issuance of the Bonds, which is located in the County; and providing an effective date. Countywide (A. Bryant Applegate, County Attorney)

The documents have been reviewed on behalf of the County by Bond Counsel.

There is no need for an additional public hearing by the County.

Approval of the Resolution does not obligate Seminole County to incur liability, pecuniary or otherwise, in the subject transaction and does not impact requirement that the Project have or obtain all necessary land use or zoning approvals or permits.

The approval is solely for the purposes of the applicable provisions of the Internal Revenue Code governing the issuance of tax-exempt bonds (I.R.C., s. 147(f)).

On behalf of the Authority, staff recommends the Board approve the Resolution and approve, solely for the limited purposes of Section 147(f) of the Internal Revenue Code, the issuance by the Authority of not exceeding $5,000,000 of its Educational Facilities Revenue Bonds (City Church of Orlando Project) Series 2021 for the principal purposes of making a loan or loans to City Church of Orlando, Inc. (the "Borrower") to finance or reimburse the Borrower for the costs of acquiring, constructing and equipping the Project (as such term is defined in the attached Resolution), fund certain reserves, capitalize interest, if applicable, and to pay certain expenses incurred in connection with the issuance of the Bonds, which is located in the County and operated by the Borrower.