Special Notice/Hearing: 7 days newspaper publication
per 26 CFR ? 1.147(f)-1
Vote Required: Majority
To: Honorable Board of Supervisors
From: John D. Nibbelin, County Attorney
Subject: Public Hearing and Resolution Approving California Municipal Finance Authority Tax-Exempt Bonds for the benefit of Mercy Housing California 121, L.P.
RECOMMENDATION:
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Conduct a public hearing under the Tax Equity and Fiscal Responsibility Act (TEFRA) regarding the issuance of tax-exempt bonds by the California Municipal Finance Authority for the benefit of Mercy Housing California 121, L.P.:
A) Open public hearing
B) Close public hearing
C) Adopt a resolution approving a plan of finance of the issuance of California Municipal Finance Authority revenue bonds in an aggregate principal amount not to exceed $11,000,000 to finance and refinance the acquisition, rehabilitation, development and equipping of a 42-unit qualified residential rental project to be owned and operated by Mercy Housing California 121, L.P. and located at 903 Oceana Boulevard within the City of Pacifica, County of San Mateo, California.
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BACKGROUND:
The California Municipal Finance Authority (the "CMFA" or "Authority") was created on January 1, 2004 pursuant to a joint exercise of powers agreement ("Agreement") to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. To date, over 350 municipalities, including the County of San Mateo (the "County"), have become members of CMFA.
The Agreement provides that the CMFA is a public entity, separate and apart from each member executing such agreement. The debts, liabilities and obligations of the CMFA do not constitute debts, liabilities or obligations of the members executing such Agreement.
DISCUSSION:
Mercy Housing Calwest, a California nonprofit public benefit corporation (the "Developer"), on behalf of Mercy Housing California 121, L.P., a Calif...
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