Special Notice / Hearing: 7 days newspaper publication (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 Issuance of California Statewide Communities Development Authority Tax-Exempt Revenue Bonds for the benefit of Sequoia Living, Inc.
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 Statewide Communities Development Authority:
A) Open public hearing
B) Close public hearing
C) Adopt a resolution approving the issuance of one or more series of tax-exempt revenue bonds by the California Statewide Communities Development Authority in an aggregate principal amount not to exceed $165,000,000, including a portion thereof in an amount not to exceed $65,000,000 for the purpose of financing and/or refinancing the acquisition, construction, renovation, equipping and furnishing of certain capital projects at The Sequoias at Portola Valley and certain other matters relating thereto.
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BACKGROUND:
The California Statewide Communities Development Authority (the "Authority") was created on June 1, 1988 pursuant to a joint exercise of powers agreement (the "Agreement") to promote economic development by enabling local government and eligible private entities access to tax-exempt financing for projects that will provide public benefits. To date, hundreds of cities and 57 counties, including the County of San Mateo, have become members of the Authority.
The Agreement provides that the Authority is a public entity, separate and apart from each member executing such agreement. The debts, liabilities and obligations of the Authority do not constitute debts, liabilities or obligations of the members executing such Agreement.
DISCUSSION:
Sequoia Living, Inc., a California nonprofit public benefit corporation (the "Bo...
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