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 refinancing of the Franciscan/Towne & Country mobile home park.
1. ***RESOLUTION - Approving the issuance of Tax-Exempt Revenue Bonds pursuant to a plan of finance in an aggregate principal amount not to exceed $71,000,000 by the California Municipal Finance Authority for the purpose of financing and refinancing the acquisition and improvement of apartment complexes and mobile home parks by one or more California limited liability companies 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 one or more California limited liability companies ("LLCs"), whose sole member is or will be Caritas Affordable Housing, Inc. (the "Corporation" and, together with the LLCs, the "Borrower"), a California nonprofit public benefit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (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).
EXECUTIVE SUMMARY
The Borrower has requested that the Authority serve as the municipal issuer of the Bonds in an aggregate principal amount not to exceed $57,000,000 of tax-exempt revenue bonds (the "Bonds"). The proceeds of the Bonds will be used to refinance all or a portion of costs of the acqui...
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