Kutak Rock is Counsel in Major Campground ProjectNews | April 18, 2017
On April 5, 2017, Kutak Rock LLP served as bond counsel in connection with the Colorado Educational and Cultural Facilities Authority (the “Authority”) issuing $35,000,000 in aggregate principal amount of its Revenue Bonds (National Jewish Federation Bond Program – United Jewish Appeal – Federation of Jewish Philanthropies of New York, Inc.) Taxable Series 2017B (the “Bonds”). The proceeds from the sale of the Bonds were loaned by the Authority to the United Jewish Appeal-Federation of Jewish Philanthropies of New York, Inc., a not-for-profit corporation organized and existing under the laws of the State of New York (the “Institution”) to: (a) construct, renovate, improve and equip various capital projects at camp facilities, owned by the Institution and leased to and operated by Henry Kaufmann Campgrounds, Inc., that are located in Pearl River, New York, Wheatley Heights, New York and Staten Island, New (the “Campgrounds”) and (b) pay certain issuance expenses. The Campgrounds are used as (i) day camps operated by Jewish community centers in the New York area and (ii) camps for children with cancer and their siblings operated by the Sunrise Association.
The Institution is a New York not-for-profit corporation formed in 1986 as a result of the merger of the Federation of Jewish Philanthropies of New York (established in 1917) and the United Jewish Appeal of Greater New York (incorporated in 1942). It is the Jewish communal planning and fundraising agency for the five boroughs of New York City and Nassau, Suffolk and Westchester Counties in New York, and the largest community-based local philanthropy in the United States. Its mission is to care for Jews everywhere and New Yorkers of all backgrounds, respond to crises close to home and far away, and shape the Jewish future.
The Jewish Federations of North America’s National Jewish Federation Bond Program (“NJFB”) helps Federations and Jewish agencies find cost-effective and efficient ways to grow and expand. NJFB helps Jewish organizations support their capital initiatives with new financing, or reduce their overhead by refinancing existing debt at a lower rate. Since its inception in 2003, the NJFB program has completed over 76 financing transactions totaling over $1.37 billion.