This resolution approves the issuance of up to $165 million in tax-exempt bonds by The Sequoias San Francisco to finance and refinance the acquisition, construction, renovation, and furnishing of senior residential and care services. It is part of a plan by the California Statewide Communities Development Authority to support these facilities.
Resolution approving for purposes of Section 147(F) of the Internal Revenue Code of 1986, 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 $165,000,00 to be issued by The Sequoias San Francisco, for the purpose of financing (including reimbursing) and refinancing the acquisition, construction, renovation, equipping and furnishing of senior residential and care services and certain other matters relating thereto.
How it got here
This legislation originated from a request by Sequoia Living, Inc. for financing through tax-exempt obligations to support senior residential and care services in San Francisco.
The Office of Public Finance requested Supervisor Sherrill to introduce a resolution for the issuance of tax-exempt obligations by the California Statewide Communities Development Authority on behalf of Sequoia Living, Inc.
A notice for a public hearing regarding the issuance of tax-exempt obligations was published, as required by the Tax Equity and Fiscal Responsibility Act (TEFRA).
The Office of Public Finance held a public hearing on the proposed issuance of bonds, with no public comments received.
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 Sequoia Living, Inc.
The Mayor approved the resolution, finalizing the authorization for the issuance of the bonds.
Reconstructed from attached documents & the official record
