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 of an affordable rental housing facility that includes 60 apartment units.
1. ***RESOLUTION - Approving the issuance of Tax-Exempt revenue bonds pursuant to a plan of finance in an aggregate principal amount not to exceed $20,000,000 by the California Municipal Finance Authority for the purpose of financing and refinancing a project of Pleasant View 2024 Limited Partnership, 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 Pleasant View 2024 Limited Partnership (the "Borrower"), a Michigan limited partnership 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 an affordable rental housing facility that includes 60 apartment units (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 Bo...
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