DATE:
September 14, 2021
05
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING:
ISSUANCE OF REVENUE BONDS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF HUMANGOOD, HUMANGOOD NORCAL, HUMANGOOD SOCAL OR HUMANGOOD FRESNO IN AN AGGREGATE MAXIMUM AMOUNT NOT TO EXCEED $150,000,000 (DISTRICTS: 3 & 4)
Body
OVERVIEW
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 $150,000,000 (the "Bonds"), for the benefit of HumanGood, HumanGood NorCal, HumanGood SoCal or HumanGood Fresno, each a California nonprofit public benefit corporation (the "Borrower"). The Borrower has applied for the financial assistance of the Authority. The proceeds of the Bonds will be used to finance or reimburse the cost of constructing, building, remodeling, renovating, rehabilitating, upgrading, furnishing and equipping certain of the Borrower's continuing care retirement communities located in several jurisdictions throughout the state of California, including in the County of San Diego and to pay a portion of the interest on the Bonds, to provide working capital to the Borrower, to fund a debt service reserve fund and to pay certain expenses incurred in connection with the issuance of the Bonds. A portion of the proceeds of the Bonds in a principal amount not to exceed $55,000,000 will be used to finance expenditures for various renovations and upgrades to the continuing care retirement communities located in the County of San Diego: White Sands located at 7450 Olivetas Avenue, La Jolla, California, 92037 ($25,000,000) and Redwood Terrace located at 710 West 13th Avenue, Escondido, California, 92025 ($30,000,000).
The Authority is authorized to assist in financing for nonprofit public benefit organizations or ...
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