Title
a. Conduct a public hearing under the requirements of 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 up to $18,000,000 in tax-exempt revenue bonds by the California Municipal Finance Authority (CMFA) for Goodwill Central Coast to finance the acquisition of a building to be owned by the Borrower and refinance previously issued revenue bonds.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Conduct a public hearing under the requirements of 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 up to $18,000,000 in tax-exempt revenue bonds by the California Municipal Finance Authority (CMFA) for Goodwill Central Coast to finance the acquisition of a building to be owned by the Borrower and refinance previously issued revenue bonds.
SUMMARY AND DISCUSSION:
Goodwill Central Coast, a California nonprofit public benefit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Borrower"), has requested that the California Municipal Finance Authority issue up to $18,000,000 in tax-exempt revenue bonds for the purposes of: (i) refinancing the California Statewide Communities Development Authority Revenue Bonds (Goodwill of Santa Cruz), Series 2008, which bonds financed acquisition, construction and equipping of a training facility for disabled and disadvantaged persons and a retail store owned by the Borrower and located at 1550 41st Avenue, Capitola, California, (ii) financing costs of acquisition, renovation and equipping of an approximately 98,000 square foot building to be owned by the Borrower and located at 1566 Moffett Street in Salinas, California, within Monterey County, California (the "County"), to house the Borrower's administrative headquarters as well as serve as its pr...
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