DATE:
June 3, 2025
17
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING (TEFRA): APPROVE THE ISSUANCE OF REVENUE AND REFUNDING BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF HUMANGOOD - CALIFORNIA OBLIGATED GROUP, IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $205,000,000 OF WHICH NOT TO EXCEED $80,000,000 IS FOR PROJECTS IN SAN DIEGO COUNTY (DISTRICTS: 3 and 5)
Body
OVERVIEW
The County has received a request from the California Municipal Finance Authority ("CMFA" or the "Authority") to conduct a public hearing as required by the Internal Revenue Code and to approve the Authority's issuance of one or more series of revenue bonds in an aggregate principal amount not to exceed $205,000,000, which includes multiple municipalities throughout California, (the "Bonds"). The County Board is being asked to approve the issuance of revenue bonds in an aggregate amount not to exceed $80,000,000 to finance and refinance expenditures for various renovations to existing infrastructure and upgrades to housing units and amenities at the following continuing care communities owned and operated by HumanGood SoCal (the "Borrower") and located in the County of San Diego (the "County"): White Sands located at 7450 Olivetas Avenue, La Jolla, California, 92037 and Redwood Terrace located at 710 West 13th Avenue, Escondido, California, 92025.
The Board of Supervisors previously held a Tax Equity and Fiscal Responsibility Act of 1982 ("TEFRA") hearing and approved a TEFRA resolution for this financing on December 15, 2015 (22). The project has since finished construction. The Authority is seeking approval for an issuance of an amount not to exceed $40,000,000 to finance renovations to existing infrastructure, and upgrades to housing units and amenities at White Sands La Jolla and Redwood Terrace Escondido. The Authority is also seeking approval for an amount not to exceed $40,000,000 for the refunding of outstanding bonds related to the ...
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