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 Terraces at San Joaquin Gardens.
1. ***RESOLUTION - Approving the issuance of the California Municipal Finance Authority revenue and refunding bonds, Series 2025 (HumanGood - California Obligated Group) in an aggregate principal amount not to exceed $205,000,000 for the purpose of financing and equipping of the Terraces at San Joaquin Gardens and certain other matters relating thereto. (Subject to Mayor's Veto)
Body
RECOMMENDATION
Adopt the resolution approving the issuance of the Bonds by the CMFA for the benefit of HumanGood, HumanGood NorCal, HumanGood SoCal or HumanGood Fresno, each a California nonprofit public benefit corporation (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
A portion of the proceeds of the Bonds will be used to finance expenditures for various renovations to existing infrastructure and upgrades to housing units and amenities at the following continuing care community owned and operated by the Corporation and located in the City of Fresno (the "City"): The Terraces at San Joaquin Gardens located at 5555 North Fresno Street, within Council District 4, Fresno, California, 93710 (the "Project").
Should the City authorize the issuance of Bonds, the City would have no obligation or liability associated with these facilities or with these obligations.
BACKGROUND
The...
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