Memorandum
Date: July 9, 2024
To: The Honorable Lake County Board of Supervisors
From: Administrative Office
By: Jarod Suzuki, California Municipal Finance Authority
Subject: 11:30 A.M. - Public Hearing - Consideration of Conduit financing for the Caritas Affordable Housing Project
Executive Summary:
Issue
Conduct a public hearing under the Tax and Equity Fiscal Responsibility Act ("TEFRA") on July 9, 2024 in connection with the proposed issuance of revenue bonds by the California Municipal Finance Authority (the "CMFA"), a joint exercise of powers authority and public entity of the State of California, in an amount not to exceed $166,000,000, (the "Bonds"), to (a) pay costs of the 2024 New Money Project (as defined below) and (b) refund all or a portion of the Authority's outstanding Mobile Home Park Senior Revenue Bonds (Caritas Affordable Housing, Inc. Projects), Series 2014A (the "2014A Bonds"), and Mobile Home Park Subordinate Revenue Bonds (Caritas Affordable Housing, Inc. Projects), Series 2014B (the "2014B Bonds" and, together with the 2014A Bonds, the "2014 Bonds"), which 2014 Bonds were issued to finance and refinance the 2014 Project (as defined below, and as referred to herein collectively with the 2024 New Money Project, the "Project")
Adopt a resolution to approve the financing of the Project by the CMFA.
Recommendations
1) Conduct the public hearing under the requirements of TEFRA and the Internal Revenue Code of 1986, as amended (the "Code").
2) Adopt the resolution approving the issuance of the Bonds by the CMFA for the benefit of Caritas Affordable Housing, Inc. (the "Corporation" and, together with the LLCs, the "Borrowers"), to provide for the financing of the Project, such adoption is solely for the purposes of satisfying the requirements of TEFRA, the Code and the California Government Code Section 6500 (and following).
BACKGROUND:
The Borrower requested that the CMFA serve as the municipal issuer of the Bonds in an aggre...
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