Special Notice / Hearing: Public Hearing
Vote Required: Majority
To: Honorable Board of Supervisors
From: Ken Cole, Department of Housing
Subject: Public Hearing and Resolution Approving California Municipal Finance Authority Revenue Bonds for the benefit of BRIDGE Housing Corporation.
RECOMMENDATION:
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Recommendation to:
A) Open public hearing; and
B) Close public hearing; and
C) Adopt a resolution authorizing:
1. The issuance of a note in the amount of $10,500,000 (the "Note") by the California Municipal Finance Authority ("CMFA"), made to Nairobi Housing Associates, L.P. It is the purpose and intent that this resolution constitute approval of the issuance of the Note in accordance with section 147(f) of the Internal Revenue Code of 1986, as amended, by the Board of Supervisors in accordance with section 4 of the Joint Exercise of Powers Agreement Relating to the California Municipal Finance Authority, dated as of January 1, 2004 ("Agreement"); and
2. The issuance of the Note shall be subject to the approval of the California Municipal Finance Authority of all financing documents relating thereto to which CMFA is a party, and that the County of San Mateo ("County") shall have no responsibility or liability whatsoever with respect to the Note or the loan to the CMFA that it evidences; and
3. That the President of the Board of Supervisors, the Clerk of the Board of Supervisors and all other proper officers and officials of the County are hereby authorized and directed to execute such other documents and certificates, and to perform such other acts, as may be necessary or convenient to effect the purposes of this resolution and the issuance of the Note hereby approved.
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BACKGROUND:
The California Municipal Finance Authority (the "CMFA") was created on January 1, 2004 pursuant to a joint exercise of powers agreement to promote economic, cultural, and community development, through the financing of economic development and charitabl...
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