Report Prepared by: Bradley R Grant - Finance Officer
Title
SUBJECT: Conduit Financing for Golden Valley Health Centers Project
REPORT IN BRIEF
Consider conducting 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) in an amount not to exceed $9,500,000, for the purpose of financing and refinancing the acquisition, construction, improvement and equipping of health facilities for Golden Valley Heath Centers located at 847 West Childs Avenue, in the City of Merced, California.
RECOMMENDATION
City Council - Adopt Resolution 2016-07, a Resolution of the City Council of the City of Merced, California, approving the issuance of Revenue Bonds by the California Municipal Finance Authority for the purpose of financing and refinancing the acquisition, construction, improvement and equipping of health facilities for Golden Valley Health Centers, and certain other matters relating thereto.
Body
ALTERNATIVES
1. Approve, as recommended by staff, or
2. Approve, subject to conditions other than recommended by staff (identify specific conditions to be addressed in City Council motion), or
3. Deny further action by staff, or
4. Refer back to staff for reconsideration of specific items as requested by City Council, or
5. Continue item to a future City Council meeting (date and time to be specified in the motion).
AUTHORITY
Article II, Section 200 of the Merced Municipal Charter, Tax Equity and Fiscal Responsibility Act and internal Revenue Code of 1986, as amended (the "Code") and the California Government Code Section 6500 (and following).
CITY COUNCIL PRIORITIES
Quality of life
DISCUSSION
Golden Valley Health Centers (GVHC) requested that CMFA serve as the municipal issuer of tax-exempt bonds in an aggregate principal amount not to exceed $9,500,000.
The CMFA was created on January 1, 2004 pursuant ...
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