Title
HEARING – Consider recommendations regarding California Municipal Finance Authority Financing of Tax-Exempt Facility Bonds on Behalf of San Marcos Ranch Associates, LP, as follows: (EST. TIME: 5 MIN.)
a) Hold a public hearing in compliance with the Tax Equity and Fiscal Responsibility Act (TEFRA) of 1982 regarding the issuance by the California Municipal Finance Authority of tax-exempt facility bonds, to finance or refinance San Marcos Ranch Associates, LP’s multifamily rental housing facility for low-income households located in Santa Barbara, and consider public comment;
b) Adopt a Resolution approving the issuance of facility bonds by the California Municipal Finance in an aggregate principal amount not-to-exceed $90,000,000.00 to finance or refinance a multifamily rental housing facility for low-income households, for the benefit of San Marcos Ranch, and certain other matters relating thereto; and
c) Determine that the above actions involve government funding mechanisms and/or fiscal activities and are not a project under the California Environmental Quality Act (CEQA), pursuant to Section 15378(b)(4) of the CEQA Guidelines.
COUNTY EXECUTIVE OFFICER’S RECOMMENDATION: POLICY