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Extension of Pre-Loan Commitment for North Harbor Village and TEFRA Resolution <br />March 2, 2021 <br />Page 4 <br />4 <br />9 <br />5 <br />an opportunity was provided to interested parties to present arguments both for and <br />against the issuance of the revenue bonds. Staff held the staff-level TEFRA Hearing <br />because the Internal Revenue Service requires the use of a toll-free number and it is an <br />administrative burden for the Clerk of the Council to create a toll-free number specifically <br />for this TEFRA resolution. Therefore, as an alternative, a staff-level TEFRA Hearing was <br />held. No public comments were received during the staff-level TEFRA Hearing and staff <br />is recommending approval of the resolution for the issuance of the revenue bonds (Exhibit <br />4). <br />The bonds to be issued by the CMFA are the sole responsibility of the Borrower. The City <br />has no financial or legal liability for the project or repayment of the bonds and does not <br />constitute any type of indebtedness for the City. <br /> <br />FISCAL IMPACT <br />Upon future approval of the loan agreement, if needed, funds in the amount of $1,687,047 <br />will be available in the Community Development Block Grant, Loans and Grants account <br />(No. 13518782-69152). <br />The City received a payment of $896.78 to hold a TEFRA Hearing for this project, which <br />was deposited into account No. 01102002-53902. The Board of Directors of the <br />California Foundation for Stronger Communities, a California non-profit public benefit <br />corporation (the “Foundation”), acts as the Board of Directors for the CMFA. Through its <br />conduit issuance activities, the CMFA shares a portion of the issuance fees it receives <br />with its member communities and donates a portion of these issuance fees to the <br />Foundation for the support of local charities. With respect to the City of Santa Ana, it is <br />expected that a portion of the issuance fee will be granted by the CMFA to the general <br />fund of the City. Such a grant may be used for any lawful purpose of the City. <br />EXHIBIT(S) <br />1. March 5, 2019 Staff Report <br />http://clerk/WebLink/1/doc/106298/Page1.aspx <br />2. Original Pre-Loan Commitment Letter <br />3. Two-Year Extension of Pre-Loan Commitment Letter <br />4. TEFRA Resolution <br />Submitted By: Steven Mendoza, Assistant City Manager <br />Approved By: Kristine Ridge, City Manager