County of Monterey - File #: RES 17-073

• File #: RES 17-073
• Name: TEFRA for CHOMP - Series 2017A & 2017B $97M
• Type: BoS Resolution
• Status: Passed
• File created: 5/22/2017
• In control: Board of Supervisors
• On agenda: 6/6/2017
• Final action: 6/6/2017
• 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) health facility revenue bonds (Community Hospital of the Monterey Peninsula), series 2017A and 2017B, in the aggregate principal amount not to exceed $97,000,000 for the purpose of refinancing the acquisition, construction, improvement, and equipping of health facilities of the Community Hospital of the Monterey Peninsula (CHOMP) and affiliated entities and certain matters relating thereto.

Date	Action By	Action	Result
6/6/2017	Board of Supervisors	adopted	Pass

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) health facility revenue bonds (Community Hospital of the Monterey Peninsula), series 2017A and 2017B, in the aggregate principal amount not to exceed $97,000,000 for the purpose of refinancing the acquisition, construction, improvement, and equipping of health facilities 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) health facility revenue bonds (Community Hospital of the Monterey Peninsula), series 2017A and 2017B, in the aggregate principal amount not to exceed $97,000,000 for the purpose of refinancing the acquisition, construction, improvement, and equipping of health facilities of the Community Hospital of the Monterey Peninsula (CHOMP) and affiliated entities and certain matters relating thereto.

SUMMARY:
Community Hospital of the Monterey Peninsula, a California nonprofit public benefit corporation (the "Corporation"), has requested that the California Statewide Communities Development Authority (the "Authority") participate in the issuance of one or more series of revenue notes and revenue refunding bonds (the "Bonds") in an aggregate principal amount not to exceed $97,000,000 for the refinancing of the acquisition, construction, improvement, and equipping of certain acute-care hospital and related facilities of the Corporation and affiliated entities (the...