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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />SEPTEMBER 4, 2018 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF TAX <br />EXEMPT BONDS FOR THE BENEFIT OF <br />THE CHRISTIAN AND MISSIONARY <br />ALLIANCE, AND RESOLUTION <br />APPROVING THE ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 5,3) <br />Cl*MANAGER <br />APPLICANT REQUESTED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1s' Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />1. Conduct a Tax Equity and Financial Responsibility Act (TEFRA) Hearing in consideration <br />of the issuance of tax exempt bond financing by the California Municipal Finance Authority <br />(the "Authority') on behalf of Town and Country Manor of the Christian and Missionary <br />Alliance (the "Borrower'), for the benefit of Town and Country Manor (the "Project") for the <br />acquisition, construction, improvement and equipping of certain retirement, nursing, assisted <br />living and parking facilities of the continuing care retirement community owned and operated <br />by the Borrower, located at 555 East Memory Lane, Santa Ana, California 92706. <br />2. Adopt a resolution approving the issuance of revenue bonds by the Authority in an amount not <br />to exceed $45,000,000 for the acquisition, construction, improvement and equipping of certain <br />retirement, nursing, assisted living and parking facilities of the continuing care retirement <br />community owned and operated by the Borrower, located at 555 East Memory Lane, Santa <br />Ana, California 92706. <br />Town and Country Manor of the Christian and Missionary Alliance, a nonprofit public benefit <br />corporation organized and existing under the laws of the State of California and an organization <br />described in Section 501(c)(3) of the Internal Revenue Code of 1986 (the "Borrower"), has <br />requested that the California Municipal Finance Authority (the "CMFA") issue and sell revenue <br />bonds in an aggregate principal amount not to exceed $45,000,000 (the "Bonds") for the purpose <br />of making a loan to the Borrower to enable the Borrower to finance and refinance the acquisition, <br />construction, improvement and equipping of certain retirement, nursing, assisted living and <br />parking facilities of the continuing care retirement community owned and operated by the <br />Borrower, located at 555 East Memory Lane, Santa Ana, California 92706. <br />7513-1 <br />