County of Monterey - File #: RES 19-109

• File #: RES 19-109
• Name: Conduct Public Hearing for TEFRA
• Type: BoS Resolution
• Status: Passed - County Administrative Office
• File created: 8/13/2019
• In control: Board of Supervisors
• On agenda: 8/27/2019
• Final action: 8/27/2019
• Title: a. Conduct a public hearing under the requirements of the Tax Equity and Financial Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended; and b. Adopt a resolution approving the issuance of California Statewide Communities Development Authority (CSCDA) revenue obligations, in the aggregate principal amount not to exceed $45,000,000 for the purpose of for the financing and refinancing of various healthcare-related capital improvements of the Community Hospital of the Monterey Peninsula (CHOMP) and affiliated entities and certain matters relating thereto.
• Sponsors: County Administrative Office

Date	Action By	Action	Result
8/27/2019	Board of Supervisors	adopted - county administrative office

Title
a. Conduct a public hearing under the requirements of the Tax Equity and Financial Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended; and
b. Adopt a resolution approving the issuance of California Statewide Communities Development Authority (CSCDA) revenue obligations, in the aggregate principal amount not to exceed $45,000,000 for the purpose of for the financing and refinancing of various healthcare-related capital improvements of the Community Hospital of the Monterey Peninsula (CHOMP) and affiliated entities and certain matters relating thereto.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Conduct a public hearing under the requirements of the Tax Equity and Financial Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended; and
b. Adopt a resolution approving the issuance of California Statewide Communities Development Authority (CSCDA) revenue obligations, in the aggregate principal amount not to exceed $45,000,000 for the purpose of for the financing and refinancing of various healthcare-related capital improvements of the Community Hospital of the Monterey Peninsula (CHOMP) and affiliated entities and certain matters relating thereto.

SUMMARY:
Community Hospital of the Monterey Peninsula (CHOMP), a California nonprofit public benefit corporation, requests that the California Statewide Communities Development Authority (CSCDA) participate in the issuance of revenue obligations in an aggregate principal amount not to exceed $45,000,000 for the financing and refinancing of various healthcare-related capital improvements, including the construction, renovation and remodeling of certain real property and the purchasing and installation of certain equipment.

CSCDA requests that the Board of Supervisors approve the issuance of revenue obligations by the CSCDA to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code of 1986 (the "Code") and the...