Title
HEARING to consider adoption of Resolution 171-2014 approving the issuance by the California Statewide Communities Development Authority of one or more series of tax-exempt obligations for the benefit of California Shock Trauma Air Rescue. (Tax Equity and Fiscal Responsibility Act) (Est. Time: 5 Min.)
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Fiscal Impact/Change to Net County Cost
No Change. There is no financial obligation or cost to the County. The tax-exempt obligations are special, limited obligations of the Authority payable solely by California Shock Trauma Air Rescue, the borrower, and will not be direct obligations of the Authority, the County or any member of the Authority. Neither the faith or credit, nor the taxing power of the County, any member of the California Statewide Communities Development Authority, the State or any political subdivision is pledged to the repayment of the obligations.
Background
California Shock Trauma Air Rescue (“CALSTAR”) is a California nonprofit 501(c) (3) public benefit corporation that provides a medical transportation system available on a 24-hour basis that brings rapid, on-site medical care to critically ill or injured patients. CALSTAR has requested a plan of finance for the issuance of one or more series of tax-exempt revenue bonds, notes or other evidence of indebtedness in an aggregate principal amount not expected to exceed $50,000,000 (the “Obligation”) through the California Statewide Communities Development Authority (“CSCDA”).
The Board of Supervisors held a similar public hearing on behalf of CSCDA for CALSTAR on October 16, 2012, and adopted Resolution 153-2012, approving the issuance of one or more series of revenue notes in an aggregate principal amount not to exceed $55,000,000. Detail from the October 2012 hearing is attached.
State law provides the ability for cities and counties to join together under cooperative agreements to form joint powers authorities to issue debt obligations to fund projects that provide a public ...
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