File #: 20-761    Version: 1 Name:
Type: Informational Report Status: Passed
File created: 6/12/2020 In control: County Administrative Office
On agenda: 6/23/2020 Final action: 6/23/2020
Title: Public Hearing for Conduit Financing for the Open Door Community Health Centers Project
Sponsors: Amy Nilsen
Attachments: 1. Staff Report, 2. Att 1 - TEFRA Resolution.pdf, 3. Att 2 - CMFA JPA Agreement-Humboldt.pdf, 4. Att 3 - CMFA Membership List 03 20 2020.pdf, 5. Resolution 20-56, 6. Executed CMFA JPA Agreement-Humboldt

To: Board of Supervisors

From: County Administrative Office

Agenda Section: Public Hearing

SUBJECT:
title
Public Hearing for Conduit Financing for the Open Door Community Health Centers Project
end

RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Open the public hearing;
2. Receive a staff report;
3. Receive comments from the public;
4. Close the public hearing;
5. Adopt the attached resolution approving the issuance of bonds by the California Municipal Finance Authority (CMFA) for the benefit of Open Door Community Health Centers (Open Door), to provide for the financing of the project, and authorizing the Chair of the Board to execute the Joint Exercise of Powers Agreement with CMFA.

Body
SOURCE OF FUNDING:
N/A

DISCUSSION:
Open Door requested that the CMFA serve as the municipal issuer of the bonds in an aggregate principal amount not to exceed $35 million of tax-exempt revenue bonds. The proceeds of the bonds will be used for the purpose of making a loan to Open Door to enable them to:

(a) finance the construction costs of a new 34,000 square foot, two story, replacement community health center to be located at 1150 Foster Street, Arcata, California, and

(b) refinance a loan from the United States Department of Agriculture, made in 2018, to finance a community health center located at 3750 Rohnerville Rd, Fortuna, CA 95540 ((a) and (b) collectively known as the "Project").

In order for all or a portion of the bonds to qualify as tax-exempt bonds, the County of Humboldt must conduct a public hearing under the Tax and Equity Fiscal Responsibility Act (TEFRA) providing for the members of the community an opportunity to speak in favor of or against the use of tax-exempt bonds for the financing of the Project. Prior to such TEFRA hearing, reasonable notice must be provided to the members of the community. Following the close of the TEFRA hearing, an "applicable elected representative" of the governm...

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