The REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
Tax Equity and Financial Responsibility Act (TEFRA) public hearing.
TEFRA HEARING - To hear and consider information concerning the proposed issuance of tax-exempt bonds by California Municipal Finance Authority for the purpose of financing and refinancing the acquisition, construction, development and equipping of a 114-unit qualified residential rental project.
1. ***RESOLUTION - Approving a plan of finance of the California Municipal Finance Authority to issue and reissue revenue bonds for a qualified residential rental project for the benefit of Dakota Fresno LP, and certain other matters relating thereto. (Subject to Mayor's Veto)
Body
RECOMMENDATION
Adopt the resolution approving the issuance of the Bonds by the California Municipal Finance Authority (the "Authority") for the benefit of Dakota Fresno LP, a California limited partnership, or another ownership entity created by one or more of its general partners, UP Dakota, LLC, a California limited liability company, RHCB Dakota LLC, a California limited liability company, and/or Housing on Merit XXVI LLC, a California limited liability company (collectively, the "General Partner"), or by another affiliate of a General Partner (Such Limited partnership or other ownership entity, 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 refinancing of the acquisition, construction, development and equipping of a 114-unit qualified residential rental project (the "Project"). The new bonds will be issued by the Authority. As a jurisdiction in which the ...
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