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a. Conduct a hearing under the requirements of the Tax Equity and Financial Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended for the Community Hospital of the Monterey Peninsula (CHOMP), a California nonprofit public benefit corporation, to finance the construction improvement, renovation, and equipping of certain acute-care hospital facilities and related facilities located within the County of Monterey and certain costs with respect thereto; and
b. Adopt a resolution approving the issuance of up to $35,000,000 in tax-exempt revenue bonds by the California Statewide Communities Development Authority for the benefit of CHOMP, to provide financing for the project
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RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Conduct a hearing under the requirements of the Tax Equity and Financial Responsibility Act (TEFRA) and the Internal Revenue Code of 1986, as amended for the Community Hospital of the Monterey Peninsula (CHOMP), a California nonprofit public benefit corporation, to refinance the 2003 California Statewide Communities Development Authority issuance which financed the construction improvement, renovation, and equipping of certain acute-care hospital facilities and related facilities located within the County of Monterey and certain costs with respect thereto; and
b. Adopt a resolution approving the issuance of up to $35,000,000 in tax-exempt revenue bonds by the California Statewide Communities Development Authority (CSCDA) for the benefit of the Community Hospital of the Monterey Peninsula (CHOMP), to provide refinancing for the project debt.
SUMMARY:
The Community Hospital of the Monterey Peninsula (CHOMP) is working with the California Statewide Communities Development Authority (CSCDA) to issue up to $35,000,000 of tax-exempt revenue bonds to refinance the 2003 CSCDA debt which constructed improvements, renovations, and equipping of certain acute-care hospital facilities and related facilities ...
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