This resolution allows the California Enterprise Development Authority to issue up to $5 million in revenue bonds to refinance costs related to the acquisition and improvement of administrative facilities owned by the Mission Economic Development Agency. It is intended to support the agency's operations as a nonprofit public benefit corporation.
Resolution approving for purposes of Internal Revenue Code of 1986, as amended, Section 147(f) of the Issuance and Sale of Revenue Obligations by the California Enterprise Development Authority in an aggregate principal amount not to exceed $5,000,000 to refinance the cost of acquisition, rehabilitation, improvement, installation and equipping of a portion of administrative facilities owned and operated by Mission Economic Development Agency, a California nonprofit public benefit corporation.
How it got here
This legislation originated from a request by the Mission Economic Development Agency to refinance its administrative facilities through tax-exempt revenue obligations.
A notice was published on the City’s website announcing a public hearing regarding the issuance of tax-exempt obligations for the Mission Economic Development Agency.
The Office of Public Finance conducted a public hearing where no public comments were received regarding the proposed issuance of obligations.
Supervisor Fielder requested the introduction of a resolution to approve the issuance of tax-exempt obligations by the California Enterprise Development Authority on behalf of the Mission Economic Development Agency.
The Budget and Finance Committee recommended the resolution for approval.
The Board of Supervisors adopted the resolution approving the issuance of revenue obligations not to exceed $5 million.
The Mayor approved the resolution, finalizing the authorization for the issuance of the obligations.
Reconstructed from attached documents & the official record
