DATE: January 29, 2019
TO: Board of Supervisors
SUBMITTED BY: Jean M. Rousseau, County Administrative Officer
SUBJECT: Conduit Financing for United Health Centers of the San Joaquin Valley (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 United Health Centers of the San Joaquin Valley in an amount not to exceed $30,000,000 for financing and refinancing the acquisition, construction, improvement and equipping of health and medical facilities located in Kerman, Parlier, Sanger, Fowler and Reedley.
2. Adopt the resolution approving the issuance of the Bonds by the California Municipal Financing Authority (CMFA) for the benefit of United Health Centers of the San Joaquin Valley, 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 United Health Centers of the San Joaquin Valley ("UHC") to conduct a public hearing concerning the issuance, in an amount not to exceed $30,000,000 ("Bonds"), of conduit bonds to finance and refinance the acquisition, construction, improvement and equipping health and medical facilities for OFH located in Kerman, Parlier, Sanger, Fowler, 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 a...
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