DATE:
September 27, 2022
26
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING: ISSUANCE OF TAX-EXEMPT AND/OR TAXABLE REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF THE ELIZABETH HOSPICE, INC. AND/OR SUCCESSOR ENTITY IN AN AGGREGATE MAXIMUM AMOUNT NOT TO EXCEED $10,000,000 (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 revenue obligations in an aggregate principal amount not to exceed $10,000,000 (the "Obligations"), for the benefit of The Elizabeth Hospice, Inc., a California nonprofit public benefit corporation (the "Borrower"). The Borrower has applied for the financial assistance of the Authority. The proceeds of the Obligations will be used to finance the cost of the acquisition, construction, installation, furnishing and equipping of the real property located at 800 West Valley Parkway, Escondido, California 92025 (the "Project"). A portion of such proceeds of the Obligations will be used to pay the costs of issuance and other related costs in connection with the financing.
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 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 requirement of Section 147(f) of the Internal Revenue Code; and (2) approve the Authority's issuance of the Obligations. Although the Authority will be the issuer of the Obligations for the Borrower, the financing cannot proceed without the approval of an applicable legislative body.
Today's rec...
Click here for full text