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 Golden State Finance Authority senior housing revenue bonds, on behalf of Montecito Salinas AR, L.P., a California limited partnership in the aggregate principal amount not to exceed $13,800,000 to finance the acquisition, rehabilitation, and equipping of a 132-unit senior rental housing project located at 1598 Mesquite Drive, Salinas, California, 93905, Monterey County, known as Montecito at Williams Ranch Apartments, and certain other 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 Golden State Finance Authority senior housing revenue bonds, on behalf of Montecito Salinas AR, L.P., a California limited partnership in the aggregate principal amount not to exceed $13,800,000 to finance the acquisition, rehabilitation, and equipping of a 132-unit senior rental housing project located at 1598 Mesquite Drive, Salinas, California, 93905, Monterey County, known as Montecito at Williams Ranch Apartments, and certain other matters relating thereto.
SUMMARY:
Montecito Salinas AR, L.P., a California limited partnership, has requested that the Golden State Finance Authority (the "Authority") participate in the issuance of one or more series of senior housing revenue bonds (the "Bonds") in an aggregate principal amount not to exceed $13,800,000 to finance the acquisition, rehabilitation, and equipping of a 132-unit senior rental housing project located at 1598 Mesquite Drive, Salinas, California, 93905, Monterey County, known as Montecito at Williams Ranch Apartments.
DISCUSSION:
The Authority ha...
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