To: Board of Supervisors
From: County Administrative Office
Agenda Section: Public Hearing
SUBJECT:
title
Public Hearing under the Tax and Equity Fiscal Responsibility Act (TEFRA) 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 relating to CMFA.
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SOURCE OF FUNDING:
N/A
DISCUSSION:
Open Door Community Health Centers 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 the Borrower to enable the Borrower 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,
(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, and
(c) refinance a New Market Tax Credit Note issued in 2014 to finance a community health center located at 2200 Tydd Street and 2189 Tydd Street Eureka, California.
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 (the "TEFRA Hearing") 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, reaso...
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