DATE:
October 19, 2021
18
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING: ISSUANCE OF REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF COMMUNITY HEALTH SYSTEMS, INC. IN AN AGGREGATE MAXIMUM AMOUNT NOT TO EXCEED $7,000,000 (DISTRICT: 5)
Body
OVERVIEW
The County has received a request from the California Enterprise Development Authority ("CEDA" 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 tax-exempt and/or taxable revenue obligations in an aggregate principal amount not to exceed $7,000,000 (the "Revenue Obligations"), for the benefit of Community Health Systems, Inc. (the "Borrower"), a California nonprofit public benefit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986. The Borrower has applied for the financial assistance of the Authority. A portion of the proceeds (not to exceed $3,500,000) will be used to finance and refinance the cost of acquisition, construction, improvement, furnishing and equipping of property located at 1328 South Mission Road, Fallbrook, California 92028, consisting of a commercial medical office building, and paying certain costs of issuance in connection with the financing and other related costs. The remaining portion of the proceeds will be used to finance and refinance the cost of acquisition and improvements of a second commercial medical office building located outside of San Diego County.
The Authority is authorized to assist in financing of nonprofit public benefit organizations or for-profit corporations with a public benefit project wishing to issue or reissue Revenue Obligations, 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 r...
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