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Public Hearing - Mortgage Revenue Bond <br />Inducement and Issuance of Tax~Exempt <br />onds for Fairview Gardens Senior Housing <br />September 2, 2003 <br />Page 3 <br />In addition to receiving approval by the Housing Authority, the Tax <br />Equity and Fiscal Responsibility Act {TEFRA) imposes public hearing <br />requirements for tax-exempt bonds. Before bonds can be sold, the <br />legislative body within the jurisdiction where the project is located <br />Trust hold a public hearing at which time the public may discuss the <br />project and the issuance of the bonds. Notice of the public hearing was <br />published in the 0. C. Register on August 18, 2003. Any future bonds <br />issued by the Housing Authority shall not be an obligation of the <br />Authority or the City. <br />FISCAL IMPACT <br />There is no fiscal impact associated wa.th this action. <br />~~ / <br />~~ <br />Joh~x P. Reekstin <br />Executive Director <br />Community Development Agency <br />JPR/SLB/kla <br />Ti:Aclinns12003CCIPl {-.ITCC-fiA•ivlortgRcvT3and[ndcE'airvwGrdctSrl [sg•9-2-03 <br />