DOCHS has applied to CSCDA for its assistance in financing the acquisition of certain medical facilities through the issuance of revenue bonds in an amount not to exceed $450 million. CSCDA is a joint exercise of powers authority consisting of numerous California counties, cities and special districts, including the County of San Mateo. CSCDA is authorized in its Joint Exercise of Powers Agreement ("Agreement") to assist California charitable organizations through the issuance of revenue bonds. Said Agreement also requires a public approval by each participating member of CSCDA in which any portion of the project being financed is located. The federal tax law also requires a public hearing to be conducted by a government unit having jurisdiction over the area in which the financed facility is located and approval by the governing body prior to the issuance of tax-exempt bonds.
Orrick, Herrington & Sutcliffe LLP, bond counsel to CSCDA, has prepared and caused to be published the required notice of public hearing. Orrick also prepared the form of resolution submitted to the County of San Mateo Board of Supervisors for its consideration.
The County is not liable for payment with respect to the bonds.
A representative from DOCHS will be present at the Board of Supervisors meeting to respond to any questions.
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