To: Board of Supervisors
From: John Kopchik, Director, Conservation and Development
Report Title: Tax-Exempt Revenue Bonds, TEFRA Hearing - Orbisonia Village, Bay Point
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
1. ADOPT a resolution approving the issuance of Tax-Exempt Revenue Bonds (the "Bonds") by California Municipal Finance Authority (CMFA), a joint exercise of powers authority and public entity of the State of California, in an amount not to exceed $70,000,000 for the benefit of Orbisonia Village, a mixed-use and multifamily rental housing project located at 530 South Broadway Avenue, Bay Point (the "Borrower") for the purpose of (a) financing, refinancing and/or reimbursing the cost of the acquisition, construction, installation, renovation and equipping of the real property and improvements; (b) funding a reserve fund for the Bonds, to the extent deemed necessary by the Borrower; and (c) pay certain costs of issuance and other transaction costs in connection with such financing (collectively, the "Project").
2. FIND and DECLARE that the recitals contained in the proposed resolution are true and correct.
3. ACKNOWLEDGE that such approval and adoption is solely for the purposes of satisfying the requirements of the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) as codified in Section 147(f) of the Internal Revenue code of 1986, as amended (the "Code") and California Government Code Section 6500 (the "Act") to facilitate the Project.
4. ACKNOWLEDGE that adoption of this resolution does not relieve or exempt the Borrower from obtaining required permits or approvals, nor obligate the County to incur any obligation to provide financial assistance with respect to the Bonds or the Project.
5. AUTHORIZE and DIRECT the Director of the Department of Conservation and Development, or designee to take any and all actions and execute and deliver any and all certificates, agreements and other documen...
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