REPORT TO THE CITY COUNCIL
October 25, 2018
FROM: MAVET MORA, Assistant Finance Director/Assistant City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
TEFRA HEARING - To hear and consider information concerning the proposed issuance of Revenue Bonds by California Municipal Finance Authority (CMFA) for the purpose of financing the acquisition, construction, expansion, equipping and furnishing of The Vineyards senior living center by The California Home for the Aged, Inc.
1. ***RESOLUTION - Approving a tax-exempt bond financing to be issued by CMFA to benefit The California Home for the Aged, Inc. in the aggregate principal amount not to exceed $27.5 million for The Vineyards senior living facility (Subject to Mayor's veto)
Body
RECOMMENDATION
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 the Revenue Bonds by CMFA on behalf of the California Home for the Aged, Inc. (Applicant), doing business as California Armenian Home, in the aggregate principal amount not to exceed $27.5 million for The Vineyards senior living facility.
EXECUTIVE SUMMARY
The Applicant is seeking to obtain financing for the acquisition, construction, expansion, equipping and furnishing of The Vineyards senior living facility, located in southeast Fresno. The new tax exempt bonds will be issued by CMFA. As a jurisdiction in which the facilities are located, the Council must hold a public hearing in accordance with Section 147(f) of the Internal Revenue Code, for the purpose of receiving any public testimony regarding the projects before it considers authorizing CMFA to issue obligations for such purposes.
Should the City authorize the issuance of Bonds, the City would have no obligation or liability associated with these f...
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