REPORT TO THE CITY COUNCIL
FROM: SANTINO DANISI, MBA, City Controller/Finance Director
Finance Department
BY: KALEB NEUFELD, Assistant City Controller
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 Enterprise Development Authority for the purpose of financing the acquisition, construction, installation and equipping of a healthcare facility located at 4615 & 4623 North First Street, Fresno, California 93726 (the Facility) and paying certain costs of issuance in connection with such financing by United Health Centers of the San Joaquin Valley.
1. ***RESOLUTION - Approving the issuance by the California Enterprise Development Authority of not to exceed $10,000,000 aggregate principal amount of the California Enterprise Development Authority's Revenue Bonds for the purpose of financing the cost of developing, constructing, installing, equipping and furnishing of a facility for the benefit of United Health Centers of the San Joaquin Valley and other matters relating thereto (Subject to Mayor's veto).
Body
RECOMMENDATIONS
Staff recommends that the Council first hold a Tax Equity and Financial Responsibility Act (TEFRA) public hearing and then, upon conclusion, adopt the accompanying Resolution approving the issuance of tax-exempt bonds (Bonds) by the California Enterprise Development Authority (Authority) on behalf of United Health Centers of the San Joaquin Valley (Applicant) in the aggregate principal amount not to exceed $10,000,000.
EXECUTIVE SUMMARY
The Applicant is seeking to obtain financing for the developing, constructing, installing, equipping and furnishing of a Facility (as defined below) which will serve as a health clinic. The new tax-exempt Bonds will be issued by the Authority. As the governing body of a jurisdiction in which the Facilities are located, the Council mus...
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