REPORT TO THE CITY COUNCIL
October 22, 2020
FROM: MICHAEL LIMA, Finance Director/City Controller
Finance Department
BY: PHILLIP HARDCASTLE, Principal Accountant - Debt Administration
Finance Department
SUBJECT
Title
***RESOLUTION- Approving the issuance of revenue bonds by the California Municipal Finance Authority for the purpose of refinancing the California Statewide Communities Development Authority Revenue Bonds, Series 2012A and certain other matters pertaining thereto (Subject to Mayor's veto)
Body
RECOMMENDATION
Adopt the resolution approving the issuance of bonds refunding the California Statewide Communities Development Authority Bonds, Series 2012A (Bonds) by the California Municipal Finance Authority (CMFA) for the benefit of HumanGood Fresno (Applicant), formerly known as The Terraces at San Joaquin Gardens, to provide for the financing of the Project. Such adoption is solely for the purposes of satisfying the requirements Section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority.
EXECUTIVE SUMMARY
The Applicant is seeking to obtain financing for the refinancing of the Bonds, which were initially issued for the acquisition, construction, expansion, remodeling, renovation, furnishing and equipping The Terraces at San Joaquin Gardens. The new taxable bonds will be issued by CMFA. As a jurisdiction in which the facilities are located, the Council must consider 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 facilities or with these obligations.
BACKGROUND
HumanGood Fresno, a nonprofit, public benefit corporation organized and existing under the laws of the State of California and an organization described in section 501(c)(3) of the Internal Revenue Code of 1986, as amended, has requested that the CMFA participate in a bond issuance t...
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