REPORT TO THE CITY COUNCIL
October 15, 2020
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 California Enterprise Development Authority for the purpose of financing, refinancing and/or reimbursing to the Borrower the cost of designing, developing, constructing, installing and equipping, renovating and remodeling of two facilities by United Health Centers of the San Joaquin Valley.
1. ***RESOLUTION - Approving the issuance by the California Enterprise Development Authority of revenue bonds in an aggregate principal amount not to exceed $12,000,000 for the purpose of financing, refinancing, and/or reimbursing the cost of designing, developing, constructing, installing, equipping, renovating, and remodeling two facilities for the benefit of United Health Centers of the San Joaquin Valley and other matters relating thereto (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 United Health Centers of the San Joaquin Valley (Applicant) in the aggregate principal amount not to exceed $12,000,000.
EXECUTIVE SUMMARY
The Applicant is seeking to obtain financing for the design, development, construction, installation, equipping, renovation, and remodeling of various facilities, which will serve as health clinics. 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 must hold a public hearing in accordance with Section 147(f) of the Internal Revenue Code f...
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