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 Enterprise Development Authority revenue bonds, in the aggregate principal amount not to exceed $15,000,000 for the purpose of financing and refinancing the cost of acquisition, construction, improvement, rehabilitation of Clinica de Salud del Valle de Salinas healthcare facilities.
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 Enterprise Development Authority revenue bonds, in the aggregate principal amount not to exceed $15,000,000 for the purpose of financing and refinancing the cost of acquisition, construction, improvement, rehabilitation of Clinica de Salud del Valle de Salinas healthcare facilities.
SUMMARY:
Clinica de Salud del Valle de Salinas (the "Borrower"), a California nonprofit public benefit corporation, and the California Enterprise Development Authority (the "Issuer") request that the Board of Supervisors conduct a TEFRA hearing and approve a resolution in accordance with Internal Revenue Code Section 147(f) authorizing the issuance of tax-exempt revenue bonds by the Issuer not to exceed $15,000,000. A TEFRA hearing is required by the Internal Revenue Code before tax-exempt debt can be issued for the benefit of a private nonprofit corporation. The hearing allows the public to comment on the use of tax-exempt funds by the Borrower.
The Issuer requests the Board of Supervisors approve the issuance of the bonds by the Issuer to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code of 1986 (the "Code") and the requirements of Section 9 of ...
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