City Council

PUBLIC HEARING\nPH 1. TEFRA Hearing/Approval of Exempt Facility Bonds for Caritas Affordable Housing\nRecommendation:\nAdopt Resolution No. _______ pursuant to Section 147(f) of the Internal Revenue Code of\n1986 approving the issuance of tax-exempt revenue bonds (the “Bonds”) by the California\nMunicipal Finance Authority (the “CMFA”) in an aggregate principal amount not to exceed\n$166,000,000 for the purpose of financing and refinancing the acquisition and improvement\nof the acquisition, construction, improvement and equipping of certain properties consisting\nof mobile home parks and an apartment complex (the “Project”).\nThe Bonds will be tax-exempt private activity bonds for purposes of the Internal Revenue\nCode and, as such, require the approval of the elected body of the governmental entity having\njurisdiction over the area where the project to be financed is located. In order for the City to\napprove CMFA’s issuance of the Bonds, the City must conduct a Tax Equity and Fiscal\nResponsibility Act (“TEFRA”) hearing to allow for public comment on the use of the tax-\nexempt bond financing.\nNEW BUSINESS