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 and refinancing of the acquisition, rehabilitation, improvement and equipping of multifamily rental housing (the "Project"). The new bonds 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 a plan of finance of the California Municipal Finance Authority to issue and reissue revenue bonds for a qualified multifamily rental housing for the benefit of 3720 E Ventura Ave., L.P., 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 3720 E Ventura Ave., LP (Corporaton for Better Housing, General Partner) (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, rehabilitation, improvement and equipping of multifamily rental housing (the "Project"). The new bonds 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.
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 Borrower has requested...
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