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HEARING - Planning and Building Department recommending the Board consider the following:
1) Conduct a public hearing under the requirements of the Tax and Equity Fiscal Responsibility Act (TEFRA) in connection with the proposed issuance of one (1) or more series of tax-exempt and/or taxable of revenue bonds by the California Municipal Finance Authority, a joint exercise of powers authority and public entity of the State of California, in an amount not-to-exceed $3,750,000, to refinance all or a portion of the Association of Bay Area Governments, Finance Authority for Nonprofit Corporations $22,000,000 Variable Rate Demand Revenue Bonds (Eskaton Village - Roseville), Series 2006 and $23,500,000 Variable Rate Demand Revenue Refunding Bonds (Eskaton Properties, Incorporate) Series 2008A and costs related thereto, which financed an assisted living facility located at 3421 Palmer Drive, Cameron Park, California, within the County of El Dorado; and
2) Adopt and authorize the Chair to sign Resolution 137-2022 approving the issuance of Bonds by the CMFA for the benefit of Eskaton Properties, Incorporated, a nonprofit, public benefit corporation organized and existing under the laws of the State of California and an organization described in section 501(c)(3) of the Code, to provide for the financing of the project, such adoption is solely for the purposes of satisfying the requirements of TEFRA, the Code and the California Government Code Section 6500 (and following). (Supervisorial District 2).
FUNDING: California Municipal Finance Authority.
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DISCUSSION / BACKGROUND
The California Municipal Finance Authority (CMFA) was created on January 1, 2004, pursuant to a Joint Exercise of Powers Agreement to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. To date, over 300 municipalities, including El Dorado County (County), have become members of CMFA.
The CMFA...
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