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75B - PH GOODWILL TEFRA
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75B - PH GOODWILL TEFRA
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Last modified
1/3/2012 4:27:38 PM
Creation date
10/1/2008 9:25:16 AM
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City Clerk
Doc Type
Agenda Packet
Item #
75B
Date
10/6/2008
Destruction Year
2013
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<br />Issuance of Tax Exempt Bonds for <br />Goodwill Industries of Orange <br />County Facilities <br />October 6, 2008 <br />Page 2 <br /> <br />Authority, which was established in 2004, was formed to assist nonprofit <br />organizations and businesses with the issuance of taxable and tax exempt <br />bonds. <br /> <br />The Authority is seeking to issue variable rate revenue demand bonds in <br />an amount not to exceed $8,000,000. No more than $7,250,000 of proceeds <br />will be used for acquisition. Certain leasehold improvements, fixtures, <br />and equipment at the Borrower's retail store facility located at 3021 <br />West Lincoln Avenue, Anaheim, California, will account for no more than <br />$710,000 of proceeds of the Bonds, and certain building improvements at <br />the Borrower's administrative offices located at 410 North Fairview <br />Street, Santa Ana, California, will account for the balance of Bond <br />proceeds. <br /> <br />The Project is to be owned and operated by the Borrower, provided that <br />approximately 10,000 square feet of the industrial property referred to <br />above will be leased to Landmark Services, Inc. for the document <br />destruction services. Both the Borrower and Landmark, are California <br />nonprofit public benefit corporations and organizations described in <br />Section 501 (c) (3) of the Code. <br /> <br />In order for all or a portion of the Bonds to qualify as tax-exempt <br />bonds, the City of Santa Ana must conduct a public hearing (the "TEFRA <br />Hearing") providing for the members of the community an opportunity to <br />speak in favor of or against the use of tax-exempt bonds for the <br />financing of the Project. Following the close of the TEFRA Hearing, the <br />City must provide its approval for the issuance of the Bonds by the <br />Authority for financing the Project. <br /> <br />The bonds to be issued by the Authority are the sole responsibility of <br />the borrower. The City has no financial or legal liability for the <br />project or repayment of the bonds and does not constitute any type of <br />indebtedness for the City. <br /> <br />FISCAL IMPACT <br /> <br />There is no fiscal impact to the City. <br /> <br />':\- (\1)~~ ~'l' c> ~ ~ . ~ .:,) <br />Francisco Gutierrez <br />Executive Director <br />Finance & Management Services Agency <br /> <br />758-2 <br />
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