City Council

29. City Council: Staff recommends that the City Council: 26-1309 1) Conduct the public hearing under the requirements of Tax and Equity Fiscal Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended (the “Code”); and 2) Adopt a resolution approving the issuance of qualified 501(c)(3) bonds as defined in Section 145 of the Internal Revenue Code of 1986 (the “Code”) by CSCDA for the benefit of Bedford Sunterra Apartments, LLC (the “Borrower”), in an aggregate principal amount not to exceed $105,000,000, (the “Bonds”) for the purpose of financing or refinancing the acquisition, rehabilitation, improvement and equipping of Sunterra multifamily rental housing located at 3851 Sherbourne Drive within the City of Oceanside, California (the “City”). A) Mayor opens public hearing B) Mayor requests disclosure of Councilmember and constituent contacts and correspondence C) Clerk presents correspondence and/or petitions D) Testimony beginning with Salvador Roman, Senior Management Analyst E) Discussion F) Recommendation - adopt resolution