Agenda Item Wording:
title
Public Hearing: Conduct Tax Equity and Fiscal Responsibility Act (TEFRA) hearing, adopt Resolution 2022-28 approving the form of Associate Membership Agreement between the City of Visalia and the California Enterprise Development Authority and adopt Resolution 2022-29 approving the issuance of the not-to-exceed $10,000,000 of California Enterprise Development Authority revenue bonds for the benefit of United Health Centers of the Health Centers of the San Joaquin Valley.
body
Deadline for Action: 5/2/2022
Submitting Department: Community Development
Contact Name and Phone Number: Devon Jones, 4190
Department Recommendation:
1. Adopt Resolution 2022-28 approving associate membership of the City of Visalia in the California Enterprise Development Authority and approving the form of Associate Membership Agreement.
2. Conduct a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 to receive comments relating to the issuance by the California Enterprise Development Authority (the "Authority") of not to exceed $10,000,000.00 of the Authority's Revenue Bonds (the "Bonds") for the benefit of United Health Centers of the San Joaquin Valley, a California nonprofit public benefit corporation (the "Borrower").
3. Adopt Resolution 2022-29 approving the issuance of the Bonds by the Authority to finance, refinance or reimburse the cost of healthcare facilities for the benefit of the Borrower.
Background Discussion:
The Authority - The Authority is a joint exercise of powers authority (JPA) established by the California Association for Local Economic Development (CALED) whose purpose is to issue tax-exempt and taxable conduit revenue bonds to fund commercial and industrial development projects within member jurisdictions. Federal and state laws provide the ability for cities and counties to join together under cooperative agreements to form joint powers authorities to issue tax-exempt and taxable bond...
Click here for full text