DATE:
May 18, 2021
12
TO:
Board of Supervisors
SUBJECT
Title
CONTINUED ITEM FROM 05/04/2021 (21):
NOTICED PUBLIC HEARING:
ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF LA MAESTRA FAMILY CLINIC, INC., IN AN AGGREGATE AMOUNT NOT TO EXCEED $15,000,000 (DISTRICTS: 1, 2, 4)
Body
OVERVIEW
On May 4, 2021 (21), the Board of Supervisors continued the item to May 18, 2021.
The County has received a request from the California Municipal Finance Authority ("CMFA" or "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 $15,000,000 (the "Bonds"), for the benefit of La Maestra Family Clinic, Inc. (the "Borrower"), a California nonprofit, public benefit corporation. The Borrower has applied for the financial assistance of the Authority to: (a) prepay an outstanding taxable loan which was incurred to finance a health clinic at 4066, 4074, 4082 Fairmount Avenue, in San Diego, California, (b) finance improvements to the Fairmount Building, (c) finance the acquisition and renovation of a building at 205-217 Highland Avenue, National City, California, and (d) refinance the acquisition and finance the renovation of a building at 181 Rea Avenue in El Cajon, California.
The Authority is authorized to assist in financing for nonprofit public benefit organizations or for-profit corporations with a public benefit project wishing to issue revenue bonds, including the Borrower. In order to initiate such a financing, the Borrower is asking the County of San Diego, a member jurisdiction in which the project resides to: (1) conduct a public hearing to satisfy the public approval requirement of Section 147(f) of the Internal Revenue Code; and (2) approve the Authority's issuance of the Bonds. Although the Authority will be the issuer of the Bonds for the Borrower, the financing cann...
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