LA County Board

39. Mortgage Revenue Bonds or Notes for the Development and Recommendation: Adopt and instruct the Chair to sign a resolution, as required under United States Department of Treasury regulations, declaring an intent by Mercy Housing California 116, L.P. (Borrower), or an approved affiliate or assign thereof, to undertake bond financing in an amount not to exceed $20,300,000 to finance the acquisition, construction, rehabilitation, and/or development of the Mercy Claremont project, a 74-unit affordable housing Claremont. Authorize the Executive Director of the Los Angeles County Development Authority to submit an application to the California Debt Limit Allocation Committee for a private activity bond allocation in an aggregate amount not exceeding $20,300,000, for the purposes described herein and to take whatever further action relating to the aforesaid financial assistance may be deemed reasonable and desirable, provided that the terms and conditions under which the bonds or notes are to be issued and sold shall be approved by the Los Angeles County Development Authority in the manner provided by law prior to the sale thereof. (Supervisorial District 5) (Los Angeles County Development Authority) ADOPT (26-5215)