City Council Agenda
Memo to:
Manteca City Council
From:
Shay Narayan, Director of Finance, Barbara Harb, Interim Director of Development Services, Vielka Guarascio, Homeless & Housing Services Manager
Prepared by:
Shay Narayan, Director of Finance and Vielka Guarascio, Homeless & Housing Services Manager
Date:
October 1, 2024
Subject:
Conduct a public hearing under the Tax and Equity Fiscal Responsibility Act (TEFRA) in connection with the proposed issuance of revenue bonds by the California Municipal Finance Authority (CMFA)
Recommendation:
title
Conduct the public hearing under the requirements of TEFRA and the Internal Revenue Code of 1986, as amended ("Code") and adopt a resolution approving the issuance of the Bonds by the CMFA for the benefit of Bold Communities ("Sponsor" and, together with the LP, "Borrower"), to provide financing of the potential Project (not a project pursuant to CEQA guidelines 15378(b)(4))
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Background:
The California Municipal Finance Authority (CMFA) was created on January 1, 2004, pursuant to a joint exercise of powers agreement to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California. The CMFA was formed to assist local governments, non-profit organizations and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California. The CMFA's representatives and its Board of Directors have considerable experience in bond financings. To date, over 200 municipalities have become members of CMFA.
The Borrower requested that the CMFA serve as the municipal issuer of the Bonds in an aggregate principal amount not to exceed $40,000,000 (together with a like amount of refunding bonds) ("Bonds") of tax-exempt revenue bonds. The proceeds of the Bonds will be used to finance and refinance the acquisition, construction, development and equipping of a 100-unit qualified residential ...
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