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Garden Court Apartments Rehabilitation Project <br />July 16, 2024 <br />Page 6 <br />voice their opinions regarding the use of tax-exempt bonds for the Project's financing. <br />After the TEFRA Hearing concludes, an "applicable elected representative" of the <br />governmental unit hosting the Project, in this case, the City, must provide approval for <br />the CMFA to issue the Bonds for the Project's financing. <br />The Bonds to be issued by the CMFA are the sole responsibility of the Borrower. The <br />City bears no financial or legal liability for the Project or bond repayment and incurs no <br />indebtedness. <br />The TEFRA Resolution (Exhibit 3) and the approval of the Amended and Restated <br />Regulatory Agreement are distinct processes with no direct correlation. Each carries its <br />own significance and implications within the context of the broader framework. While the <br />TEFRA Resolution primarily focuses on tax-exempt financing projects or investments, <br />the approval of the Amended and Restated Regulatory Agreement pertains to the <br />modification and enhancement of contractual terms and obligations. These two actions <br />operate on separate tracks, addressing different aspects of the Project. <br />The Board of Directors of the California Foundation for Stronger Communities, a <br />California non-profit public benefit corporation (the "Foundation"), serves as the Board <br />of Directors for the CMFA. Through its conduit issuance activities, the CMFA shares a <br />portion of its issuance fees with its member communities and allocates a portion of <br />these fees to the Foundation to support local charities. <br />FISCAL IMPACT <br />A TEFRA Hearing Fee for this project in the amount of $1,011 was received and will be <br />deposited into the Miscellaneous Service Charge account (no. 01102002-53902). <br />EXHIBIT(S) <br />1. Amended and Restated Regulatory Agreement <br />2. Draft Relocation Plan, as of June 27, 2024 <br />3. TEFRA Resolution <br />Submitted By: Michael L. Garcia, Executive Director of Community Development <br />Approved By: Alvaro Nunez, Acting City Manager <br />