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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />MARCH 1, 2016 <br />TITLE: <br />PUBLIC HEARING ON ISSUANCE OF TAX EXEMPT <br />BONDS FOR THE BENEFIT OF MATER DEI HIGH <br />SCHOOL AND RESOLUTION APPROVING THE <br />ISSUANCE OF BONDS <br />(STRATEGIC PLAN NO. 3,2) <br />CITY MANAGE <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on I" Reading <br />® Ordinance on 2na Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />I�I��gpf��iG1�7 <br />1. Conduct a Tax Equity and Financial Responsibility Act Hearing in consideration of the <br />issuance of tax exempt bond financing by the California Municipal Finance Authority on <br />behalf of the Roman Catholic Bishop of Orange, for the benefit of Mater Dei High School, <br />for the purpose of financing or refinancing the acquisition, construction and improvement <br />of certain educational facilities. <br />2. Adopt a resolution approving the issuance of revenue bonds by the California Municipal <br />Finance Authority in an amount not to exceed $9,200,000 for the purpose of financing or <br />refinancing the acquisition, construction and improvement of certain educational facilities. <br />DISCUSSION <br />The proceeds of the bonds will be used by the Roman Catholic Bishop of Orange (the <br />"Borrower "), for the benefit of Mater Dei High School (the "School "), pursuant to a plan of <br />financing for: (1) the Project, as defined below, in the approximate amount of $6,640,660; (2) <br />refinancing all or a portion of the Authority's outstanding Tax Exempt Revenue Bond (Mater Dei <br />High School Project) Series 2012B, issued for the Prior Project, as defined below, in the <br />approximate amount of $2,559,340; and (3) payment of costs of issuance and certain interest <br />with respect to the bonds. <br />The term "Project" means financing or refinancing the consensual acquisition by the Borrower <br />from current owners pursuant to negotiated contracts of sale of all or a portion of the land located <br />at the following addresses and the demolition of structures thereon or on the land identified as <br />the Prior Project and grading, construction and site preparation of such land for temporary <br />surface parking for the School: <br />75A -1 <br />