REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, Finance Director/City Controller
Finance Department
BY: LESLIE VELASQUEZ, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
Tax Equity and Financial Responsibility Act (TEFRA) public hearing.
1. TEFRA HEARING - To hear and consider financing of the acquisition, development, construction, furnishing and equipping of a student housing facility and related working capital, The new bond will be issued by the Authority. As a jurisdiction in which the facilities are located, the Council must consider authorizing the Authority to issue the obligations for such purposes.
2. ***RESOLUTION- Approving the Issuance by the California Public Finance Authority of not to exceed $80,000,000 aggregate principal amount of the California Public Finance Authority's Revenue Bonds for the purpose of financing the cost of (1) the acquisition, development, construction, furnishing, and equipping of a student housing facility and related working capital, (2) funding reserve funds and capitalized interest with respect to the bonds, if necessary, and (3) payment of certain costs of issuance of the bonds for the benefit of P3 Foundation Inc. or a related or successor entity, and other matters relating thereto herein specified. (Subject to Mayor's Veto)
Body
RECOMMENDATION
Adopt the resolution approving the issuance of the Bonds by the California Public Finance Authority (the "Authority"), for the benefit of P3 Foundation Inc., (the "Borrower"), 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).
EXECUTIVE SUMMARY
The Borrower is seeking to obtain financing and the acquisition, development, construction, furnishing and equipping of a student housing facility (the "Project"). The new bonds will be issued by the Authority. As a jurisdicti...
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