Title
HEARING - Community Development Services, Planning and Building Department, recommending the Board conduct a public hearing under the requirements of the Tax Equity and Fiscal Responsibility Act and the Internal Revenue Code of 1986, as amended, to adopt and authorize the Chair to sign Resolution 119-2017, approving the issuance of bonds by the California Municipal Finance Authority, in the aggregated principal amount not to exceed $37,000,000, to finance a project for the benefit of Retirement Housing Foundation, and approving the Tax Equity and Fiscal Responsibility Act hearing related to the issuance of the bonds, which the County will have no financial, legal, moral obligation, liability, or responsibility for repayment of the revenue Bonds.
(Est. Time: 5 Min.)
FUNDING: California Municipal Finance Authority Revenue Bonds (Retirement Housing Foundation Obligated Group) Series 2017
Body
DEPARTMENT RECOMMENDATION
Community Development Services (CDS), Planning and Building Department, recommending the Board conduct a public hearing under the requirements of the Tax Equity and Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended, to consider adoption of Resolution 119-2017, approving the issuance of bonds by the California Public Finance Authority in the aggregated principal amount not to exceed $37,000,000, to finance a project for the benefit of Retirement Housing Foundation (RHF), a California nonprofit public benefit corporation, and approving the TEFRA hearing related to the issuance of the bonds, which the County will have no financial, legal, moral obligation, liability, or responsibility for repayment of the revenue Bonds.
DISCUSSION / BACKGROUND
The County was approached by the California Municipal Finance Authority (CMFA) to conduct a TEFRA Hearing as required under Section 147(f) of the Internal Revenue Code of 1986, as amended, with respect to the proposed issuance by CMFA of its revenue Bonds.
Bixby...
Click here for full text