HomeMy WebLinkAboutMINUTES - 12142010 - SD.8RECOMMENDATION(S):
1. a) OPEN a public hearing, as required by Section 147(f) of the Internal Revenue Code of
1986, as amended;
b) CONSIDER public testimony concerning the proposed issuance by the California
Enterprise Development Authority of bonds in an aggregate principal amount not to exceed
$10,750,000; and
c) CLOSE public hearing.
2. ADOPT Resolution No. 2010/590, approving the issuance of bonds by the California
Enterprise Development Authority to benefit the Home for Jewish Parents.
FISCAL IMPACT:
Pursuant to the Internal Revenue Code, the issuance of the Bonds must be approved by the
County because the Facilities are located within the territorial limits of the County. There is
no financial impact on the County.
APPROVE OTHER
RECOMMENDATION OF CNTY
ADMINISTRATOR
RECOMMENDATION OF BOARD
COMMITTEE
Action of Board On: 12/14/2010 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District
II Supervisor
Mary N. Piepho, District III
Supervisor
Federal D. Glover, District
V Supervisor
Contact: Tim Ewell (925)
335-1036
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes
of the Board of Supervisors on the date shown.
ATTESTED: December 14, 2010
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc:
SD. 8
To:Board of Supervisors
From:David Twa, County Administrator
Date:December 14, 2010
Contra
Costa
County
Subject:TEFRA HEARING - HOME FOR JEWISH PARENTS
BACKGROUND:
The Home for Jewish Parents, a California nonprofit public benefit corporation, has
requested that the California Economic Development Authority (the "Authority")
participate in the issuance of bonds, in an aggregate principal amount not to exceed
$10,750,000 (the "Bonds").
A portion of such Bond proceeds is intended to (i) refinance outstanding Association of
Bay Area Governments (ABAG) Finance Authority Certificates of Participation (Home
for Jewish Parents), Series 1997, the proceeds of which were used to construct, install,
equip and furnish assisted living, skilled nursing and specialized care facilities located at
4000 Camino Tassajara, Danville, California 94506 (the “Refinanced Facilities”), (ii)
finance the costs of acquisition, construction, installation, rehabilitation, equipping and
furnishing of assisted living, skilled nursing and specialized care facilities at one or more
of the following locations: 348 Rheem Boulevard, Moraga, California, 3721 Mt. Diablo
Boulevard, Lafayette, California, 1625 Oak Park Boulevard, Pleasant Hill, California
94523, and 11 Altarinda Road, Orinda, California (the “New Facilities” and, together
with the Refinanced Facilities, the “Facilities”), and (iii) pay certain costs of issuance in
connection with the financing.
The resolution states that the bond issuance could be composed of tax exempt and/or
taxable bonds, depending on which option is in the best financial interest of the Home for
Jewish Parents. In order for tax-exempt bonds to be issued, an "applicable elected
representative" of the government unit must approve the issuance of the bonds after a
public hearing ("TEFRA hearing") following reasonable public notice. Because the
Authority's Board of Directors is not an elected body, the Internal Revenue Code
provides that a government unit with elected representatives and jurisdiction over the area
in which the project to be financed is located, in this case, the Board of Supervisors of
Contra Costa County, is an "applicable elected representative" with respect to the bond
issue.
The Internal Revenue Code requires that the Board of Supervisors hold a TEFRA public
hearing regarding the issuance of the bonds and adopt a resolution approving the issuance
of the bonds by the Authority. Staff recommends that the Board of Supervisors hold the
public hearing, consider public input, and adopt the resolution regarding the issuance of
the bonds. This approval is with the expressed understanding that the County shall have
no obligation whatsoever to pay any principal, interest, fees or any other costs associated
with the Authority's issuance of these bonds.
CONSEQUENCE OF NEGATIVE ACTION:
The California Enterprise Development Authority will not be able to issue bonds on
behalf of the Home for Jewish Parents delaying or canceling planned improvements to
facilities in multiple locations within the county (identified in the Background section).
CHILDREN'S IMPACT STATEMENT:
No impact.
CLERK'S ADDENDUM
CLOSED public hearing; ADOPTED Resolution No. 2010/590 approving the issuance
of bonds by the California Enterprise Development Authority to benefit the Home for
Jewish Parents.
ATTACHMENTS
Resolution No. 2010/590
Clerk's Certificate - Home for Jewish Parents