This resolution approves the issuance of up to $35 million in tax-exempt bonds to finance the acquisition, construction, renovation, and furnishing of facilities for senior residential and care services. It is part of a financial plan by the California Statewide Communities Development Authority.
Resolution approving for purposes Internal Revenue Code of 1986, Section 147(f), as amended, the issuance of tax-exempt obligations pursuant to a plan of finance by California Statewide Communities Development Authority in an aggregate principal amount not to exceed $35,000,000 for the purpose of financing (including reimbursing) the acquisition, construction, renovation, equipping and furnishing of senior residential and care services and certain other matters relating thereto, as defined herein.
How it got here
This legislation originated from a request by the Hebrew Home for Aged Disabled for financing through tax-exempt obligations to support senior residential and care services.
A notice was published on the City’s website announcing a public hearing regarding the proposed issuance of tax-exempt obligations for the Hebrew Home for Aged Disabled.
The Office of Public Finance held a public hearing where community members could comment on the proposed issuance of bonds for the project.
The Budget and Finance Committee recommended the resolution for the issuance of tax-exempt obligations.
The Board of Supervisors adopted the resolution approving the issuance of tax-exempt obligations for the Hebrew Home for Aged Disabled.
The Mayor approved the resolution, finalizing the legislative process for the issuance of the bonds.
Reconstructed from attached documents & the official record
