DATE: September 26, 2017
TO: Board of Supervisors
SUBMITTED BY: Jean M. Rousseau, County Administrative Officer
SUBJECT: Conduit Financing for Omni Family Health (Not a County Liability)
RECOMMENDED ACTION(S):
TITLE
1. Conduct a public hearing under the Tax Equity and Fiscal Responsibility Act ("TEFRA') and the Internal Revenue Code of 1986, as amended (the "Code") regarding the issuance of tax-exempt conduit bonds for Omni Family Health in an amount not to exceed $15,000,000 for acquisition, construction, improvement and equipping of health and medical facilities located in Fresno and Reedley.
2. Adopt the resolution approving the issuance of the Bonds by the California Municipal Financing Authority (CMFA) for the benefit of Omni Family Health, a California nonprofit, public benefit corporation and an organization described in section 501(c)(3) of the Internal Revenue Code of 1986 (the "Borrower"), which adoption is solely for the purposes of satisfying the requirements of TEFRA, the Code and California Government Code Section 6500 (and following).
REPORT
The County has received a request from the CMFA and Omni Family Health ("OFH") to conduct a public hearing concerning the issuance, in an amount not to exceed $15,000,000 ("Bonds"), of conduit bonds to finance the acquisition, construction, improvement and equipping health and medical facilities for OFH located in Fresno and Reedley in the County of Fresno ("Project"). The recommended actions are solely for the purposes of satisfying the requirements of TEFRA, the Code.
The Code requires that prior to issuance of the Bonds, the applicable elected representatives of a qualifying governmental unit with jurisdiction over the area where the project is located must hold a noticed public hearing and adopt a resolution approving the issuance of the Bonds by the CMFA. Since the OFH facilities being financed are all located within the County, OFH has asked the County Board of Supervisors to conduct the publi...
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