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COUNTY OF SAN MATEO
Inter-Departmental Correspondence
County Counsel
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DATE:
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May 20, 2010
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BOARD MEETING DATE:
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June 8, 2010
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SPECIAL NOTICE/HEARING:
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14 Day Notice
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VOTE REQUIRED:
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Majority
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TO:
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Honorable Board of Supervisors
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FROM:
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County Counsel
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SUBJECT:
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Public Hearing and Resolution Approving California Municipal Finance Authority Revenue Bonds for the benefit of YMCA
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RECOMMENDATION:
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A)
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Conduct a public hearing under the Tax Equity and Fiscal Responsibility Act (“TEFRA”) regarding the issuance by the California Municipal Finance Authority of bonds in an amount not to exceed $8,500,000 for the purpose of refinancing the construction, improvement and equipping of a community center and related facilities (the “Project”) which are owned and operated by the Young Men's Christian Association of San Francisco (“YMCA”) and located at 1877 South Grant Avenue, San Mateo, California; and
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B)
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Adopt a resolution approving and authorizing revenue bond financing to be issued by the California Municipal Finance Authority for the benefit of the YMCA of San Francisco.
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BACKGROUND:
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The California Municipal Finance Authority (“CMFA”), is a joint exercise of powers authority consisting of over 107 California municipalities, including the County of San Mateo. The CMFA was formed to promote economic, cultural and community development, through the financing of economic development and charitable activities throughout California by assisting local governments, non-profit organizations and businesses with the issuance of taxable and tax-exempt bonds aimed at improving the standard of living in California. The CMFA’s representatives and its Board of Directors have considerable experience in bond financing.
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DISCUSSION:
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The YMCA, a California nonprofit corporation and an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, has requested that the CMFA serve as the municipal issuer of bonds (the “Bonds”) in an aggregate principal amount not to exceed $8,500,000. The Bonds are for the purpose of, among other things, refinancing a portion of the ABAG Finance Authority For Nonprofit Corporations Variable Rate Demand Revenue Bonds (YMCA of San Francisco Refunding) Taxable Series 2004A (the "Refunded Bonds") which were issued to finance and refinance the construction, improvement and equipping of community center and related facilities (the “Project”) which are owned and operated by the YMCA and located at 1877 South Grant Avenue, San Mateo, California within San Mateo County. TEFRA 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.
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A Notice of Public Hearing was published in San Mateo County on or before May 25, 2010, notifying all interested persons that a public hearing would be held on June 8, 2010 by the County for the purpose of approving the financing.
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Approving and authorizing the issuance of the Bonds will contribute to the Shared Vision 2025 outcome of collaborative community by supporting fiscal accountability.
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FISCAL IMPACT:
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There will be no fiscal impact to the County associated with any bonds that are issued.
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