This resolution allows the California Statewide Communities Development Authority to issue up to $45 million in bonds to refinance seismic upgrades and other improvements at health care facilities operated by the Chinese Hospital Association. It is a financial measure aimed at enhancing safety and infrastructure in those facilities.
Resolution approving for purposes of Internal Revenue Code, Section 147(f), the Issuance and Sale of Limited Obligation Improvement Bonds by the California Statewide Communities Development Authority in an aggregate principal amount not to exceed $45,000,000 to refinance the acquisition, construction and installation of seismic strengthening improvements and other authorized improvements in certain health care facilities owned and operated by Chinese Hospital Association, a California nonprofit public benefit corporation.
How it got here
This legislation originated from a request by the Chinese Hospital Association to refinance improvements through the issuance of bonds by the California Statewide Communities Development Authority.
A notice was published announcing a telephonic public hearing regarding the issuance of tax-exempt obligations for the Chinese Hospital Association.
The public hearing was conducted to discuss the proposed issuance of bonds, with no public comments received.
Supervisor Peskin introduced the resolution to approve the issuance of bonds for the Chinese Hospital Association at the Board of Supervisors meeting.
The Board of Supervisors adopted the resolution approving the issuance of limited obligation improvement bonds.
The Mayor approved the resolution passed by the Board of Supervisors, finalizing the approval for the bond issuance.
Reconstructed from attached documents & the official record
