title
Conduct Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing, and Adopt a Resolution Approving the Issuance of California Enterprise Development Authority Revenue Obligations for the Benefit of Vine Creek Apartments Affordable Housing Project
recommendation
That the City Council:
1. Conduct a public hearing as required by Section 147(f) of the Internal Revenue Code of 1986 to receive comments relating to the issuance by the California Enterprise Development Authority (the “Authority”) of not to exceed $25,000,000 of the Authority’s Revenue Obligations (the “Obligations”) for the benefit of Temecula Pacific Associates, a California Limited Partnership (the “Borrower”); and
2. Adopt a resolution approving the issuance of the Obligations by the Authority to finance for the benefit of the Borrower; entitled:
RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA APPROVING THE ISSUANCE OF THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY EXEMPT FACILITY BONDS IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $25,000,000 FOR THE PURPOSE OF FINANCING OR REFINANCING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT AND EQUIPPING OF VINE CREEK APARTMENTS AND CERTAIN OTHER MATTERS RELATING THERETO HEREIN SPECIFIED