DATE:
December 5, 2023
27
TO:
Board of Supervisors
SUBJECT
NOTICED PUBLIC HEARING (TEFRA):
ISSUANCE OF BONDS, IN ONE OR MORE SERIES, FROM TIME TO TIME PURSUANT TO A PLAN OF FINANCE, BY THE CALIFORNIA PUBLIC FINANCE AUTHORITY FOR THE BENEFIT OF SHARP HEALTHCARE AND ITS AFFILIATES IN AN AGGREGATE AMOUNT NOT TO EXCEED $1.0 BILLION (DISTRICTS: D1, D2, D3 and D4)
OVERVIEW
The County has received a request from the California Public Finance Authority ("CALPFA" or "Authority") to conduct a public hearing as required by the Internal Revenue Code and to approve issuance by the Authority of its bonds, in one or more series, from time to time pursuant to a plan of finance, in an aggregate principal amount not to exceed $1.0 billion (the "Bonds"), for the benefit of Sharp HealthCare, a California nonprofit public benefit corporation (the "Borrower"), and its affiliates. The Borrower has applied for the financial assistance of the Authority to finance approximately $400 million in capital improvements at health care facilities operated by Sharp Memorial Hospital (located at 7901 Frost Street and 3003 Health Center Drive) (the "New Project"). The Borrower has also applied for the financial assistance of the Authority to refund approximately $600 million in outstanding principal amount of bonds issued by the Association of Bay Area Governments (ABAG) Finance Authority for Nonprofit Corporations and CalPFA for the benefit of the Borrower and its affiliates, as well as corporate taxable bonds directly issued by the Borrower (collectively, the "Prior Bonds"), all of which financed and/or refinanced capital expenditures at the facilities of Sharp Memorial Hospital, Sharp Chula Vista Medical Center, Grossmont Hospital Corporation, and the administrative office building of the Borrower. The financing of the New Project and refunding of the Prior Bonds are collectively referred herein as the "Project."
The Authority is authorized to assist in financing for nonprofit pub...
Click here for full text