City Council

PUBLIC HEARING PH 1. TEFRA Hearing/Approval of Exempt Facility Bonds for Caritas Affordable Housing Recommendation: Adopt Resolution No. _______ pursuant to Section 147(f) of the Internal Revenue Code of 1986 approving the issuance of tax-exempt revenue bonds (the “Bonds”) by the California Municipal Finance Authority (the “CMFA”) in an aggregate principal amount not to exceed $166,000,000 for the purpose of financing and refinancing the acquisition and improvement of the acquisition, construction, improvement and equipping of certain properties consisting of mobile home parks and an apartment complex (the “Project”). The Bonds will be tax-exempt private activity bonds for purposes of the Internal Revenue Code and, as such, require the approval of the elected body of the governmental entity having jurisdiction over the area where the project to be financed is located. In order for the City to approve CMFA’s issuance of the Bonds, the City must conduct a Tax Equity and Fiscal Responsibility Act (“TEFRA”) hearing to allow for public comment on the use of the tax- exempt bond financing. NEW BUSINESS