A deadlocked vote Tuesday retained Columbia County’s only charter college from securing a $13 million bond challenge that would conserve the faculty from individual bankruptcy. 

The Faculty for Arts Infused Studying asked for that the Improvement Authority of Columbia County concern tax-exempt income refunding bonds as a means of acquiring out the preliminary financial loan that very first funded the school’s opening in 2017.

Federal tax law requires the Columbia County Board of Commissioners to approve the bonds, mentioned Columbia County Lawyer Chris Driver.  

Refunding bonds are issued to change or refinance fantastic debt. With desire premiums as significant as 12.5% on SAIL’s loan, “at some point the school would run out of cash,” said Abigail Caffee, who chairs the school’s governing board. 

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The bonds would allow for SAIL to place $8.5 million again into the university “and again into instruction,” she mentioned. “So we are inquiring your approval on this tax-exempt purchase so that we can go ahead and get out a deal that would have normally bankrupted us.” 

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The 2-2 vote by the commissioners fell quick of satisfying the phrases of Area 147(f) of the Inner Profits Code, which needs the county to publicly grant “host approval” of private activity bonds – even nevertheless the county would bear no financial obligation for them.