REPORT TO THE CITY COUNCIL
June 20, 2019
FROM: MICHAEL LIMA, Finance Director/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 tax-exempt bonds by the California Enterprise Development Authority for the purpose of financing the development, construction, installation, equipping and furnishing of two facilities by United Health Centers of the San Joaquin Valley, and certain other matters relating thereto
1. ***RESOLUTION - A Resolution of the Council of the City of Fresno, California, approving the issuance by the California Enterprise Development Authority of not to exceed $12,000,000 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 two facilities for the benefit of United Health Centers of the San Joaquin Valley, and other matters relating thereto herein specified (Requires 5 affirmative votes) (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 tax-exempt bonds (Bonds) by the California Enterprise Development Authority (Authority) on behalf of the United Health Centers of the San Joaquin Valley (Applicant) in the aggregate principal amount not to exceed $12 million.
EXECUTIVE SUMMARY
The Applicant is seeking to obtain financing for the development, construction, installation, equipping and furnishing of a facility which will serve as the Applicant's headquarters and training facility. The Bonds will be issued by the Authority. As a jurisdiction in which the Facilities are located, the Council must hold a public hearing in accordance with ...
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